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1、DeutscheBankMarketsResearchNorthAmericaIndustryDateUnitedStatesUSBanks10November2017FinancialBanksIndustryUpdateMattO-Connor,CFAQuestionBank:4Q17EditionResearchAnalyst(+1)212250-8489matthew.o-connor@db.comWhatisQuestionBank?RobertPlacet,CFAQuestionBankincludes200+questionshighl
2、ightingkeyissuesfacingtheAssociateAnalystindustryandbankswecover(BAC,BBT,C,CFG,FHN,FITB,GS,HBAN,JPM,(+1)212250-2619KEY,MS,MTB,PNC,RF,STI,USB,WFC).Wealsoincludeaone-pagerobert.placet@db.comsummaryofmgmtoutlookcommentsonnetII/NIM,loangrowth,expensesandcredit(p.2);the1-2keyquestio
3、nsforeachbank(p.3-5);industryBernardVon-Gizyckiissues/questions(p.6-8);and1-2pagesofquestionsforeachbank(p.9-42).ResearchAssociateCompanyspecifichighlights(+1)212250-5881BAC:Noninterestbearingdepositsrepresentahigh~35%oftotaldeposits.Asbernard.von-gizycki@db.comratescontinuetor
4、ise,howmuchremixingtointerestbearingdepositsislikely?BBT:Mgmthasnotedmuchmoreexpenseflexibilityheadingintonextyear.RickyDoddsDoesmgmtexpecttokeepcostsrelativelyflaty/yandifsowhataretheResearchAssociatedrivers(e.g.lowerheadcount,branchclosuresetc)?(+1)212250-2490C:3Qrevenuetrend
5、sinU.S.cardwereslightlyweakerthanexpected.Canricky.dodds@db.comcardrevenuesgrowdespiteheadwindsfrompromodrags,lossofHiltonpartnership,andweakretailsalesatsomepartnersetc.?CFG:HowdoestherecentliftingoftheOCCconsentorderimpactmgmt’sapproachtoacquisitionsgoingforwardandcanCFGsusta
6、initsrecentmomentumheadinginto2018,exmacrofactors?Valuation/RisksFITB:4Qoutlookwasabitweakerdrivenbyhigherexpensesvs.ouroriginalWebaseourTPsonatargetest.Howshouldwethinkabouttheexpensetrajectoryasweheadinto2018&multipleof~11x2018eforhowmuchoftheexpensesavesrelatedtoNorthStarare
7、nowintherun-rate?MarketSensitivebanksandGS:HowwillapotentialsofteningoftheVolckerruleimpacttheinvestingand~13.5xforLargeRegionals.lendingandsalesandtradingbusinesses?Theserepresenta65%andHBAN:Howdoesmgmtexpecttodrivepositivenetincomegrowthy/ydespite80%relativemultiplevs.thedrag
8、sfromlowerPAAs,creditnormalizationandmoremodestloangro
