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Extraction Summary
1
People
3
Organizations
0
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial conference report summary
File Size:
Summary
This document is a page from a Bank of America Merrill Lynch report for the '2016 Future of Financials Conference'. It summarizes U.S. Bancorp (USB) management's views on regulatory costs, ROE targets, innovation with Zelle, and M&A strategy, and includes a poll on 2017 bank catalysts. Despite the user's query, the document itself contains no references to Jeffrey Epstein or any related individuals or entities.
People (1)
| Name | Role | Context |
|---|---|---|
| Davis | Management (likely at USB) |
Mentioned as being optimistic about the growth of USB's P2P initiative with Zelle and discussing spending on innovati...
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| Bank of America Merrill Lynch | ||
| USB (U.S. Bancorp) | ||
| Zelle |
Timeline (1 events)
17 November 2016
Bank of America Merrill Lynch held its '2016 Future of Financials Conference', where USB management presented their outlook.
Not specified
Bank of America Merrill Lynch
USB Management
Relationships (1)
The document mentions 'its P2P initiative with Zelle', indicating a collaborative project between USB and Zelle.
Key Quotes (3)
"On the topic of regulation, management noted that it is still too early to know what type of regulatory relief banks of USB's size may receive so management has not slowed down any of its investments in regulatory costs."Source
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Quote #1
"In terms of innovation projects, 86% of those polled noted that it should invest in innovations projects that are self-funded."Source
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Quote #2
"In terms of potential M&A, management noted that it would look for in market opportunities and double down where it has scale."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (1,802 characters)
Continued investments in regulatory costs despite potential regulatory relief.
On the topic of regulation, management noted that it is still too early to know what
type of regulatory relief banks of USB's size may receive so management has not
slowed down any of its investments in regulatory costs.
On the topic of regulation, management noted that it is still too early to know what
type of regulatory relief banks of USB's size may receive so management has not
slowed down any of its investments in regulatory costs.
Long term 13.5- 16.5% ROE target unchanged. Despite the outlook for higher
rates, management noted that it was not going to change the range at this point of
time but noted that USB could reach the top end sooner than later if its outlook
proves accurate.
rates, management noted that it was not going to change the range at this point of
time but noted that USB could reach the top end sooner than later if its outlook
proves accurate.
Risk management compliance expenses sustaining at this level. Management
noted that while compliance related expenses could trend lower following the new
administration, it will continue to invest and the impact will likely not be
meaningful.
noted that while compliance related expenses could trend lower following the new
administration, it will continue to invest and the impact will likely not be
meaningful.
In terms of innovation projects, 86% of those polled noted that it should
invest in innovations projects that are self-funded. Davis noted that given the
importance of innovation, it would not just self-fund those expenses and would look
to spend money for long term benefits. In terms of its P2P initiative with Zelle,
Davis was optimistic around its growth.
invest in innovations projects that are self-funded. Davis noted that given the
importance of innovation, it would not just self-fund those expenses and would look
to spend money for long term benefits. In terms of its P2P initiative with Zelle,
Davis was optimistic around its growth.
In terms of potential M&A, management noted that it would look for in market
opportunities and double down where it has scale.
opportunities and double down where it has scale.
Chart 45: What do you consider to be the most important catalyst for large-cap banks in 2017?
60%
50%
40%
30%
20%
10%
0%
50%
40%
30%
20%
10%
0%
52%
8%
0%
4%
36%
8%
0%
4%
36%
Rising interest
rates
rates
Revenue growth
that's not interest
rate driven
that's not interest
rate driven
Further
realignment of
cost structures
realignment of
cost structures
Stronger return of
capital to
shareholders
capital to
shareholders
Less overhang
from regulatory
and litigation
challenges
from regulatory
and litigation
challenges
Source: BofA Merrill Lynch Global Research
Bank of America
Merrill Lynch
Merrill Lynch
2016 Future of Financials Conference | 17 November 2016
31
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