Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| And boy, what we're seeing is we have terrific credit card products, as an example, and we're seeing very good progress as the – as our clients are offered – our Union Bank clients are offered those things |
| And that's going to help us drive more revenues and go into the bottom line so that we continue to be – enhance our industry-leading returns |
| We're well protected, and we feel like we have a lot of things there |
| Last year was very much a transition year in terms of we've had to integrate Union Bank, we grew our capital and now we're in a position where looking forward, we're going to take our diversified business model along with our underwriting capabilities and financial discipline and really drive and enable our industry-leading returns |
| So it's just been a great growth story for us over the last several years |
| So you put that all together, we feel very good |
| We have a lot of good momentum there |
| The fees side, we feel very good about, very comfortable |
| And one of the things that we found to exactly John’s example was small businesses are bullish on the long-term prospects of their business |
| Bank, right? And so there's enormous upside for credit card |
| As you've heard in our earnings call, we've been pleased to see growth in consumer deposits, right, while maintaining competitive rates |
| And we're constantly improving it and innovating to make sure that it's serving the needs of our clients |
| And we talk about digital being great and that human connection because that's what really helps solidify our relationship with a business client or a consumer |
| And then on expenses, we feel very good about $17 billion |
| And we have the ability now to become more operationally efficient with those investments and things of that order and increase our capabilities |
| It really is the power of payments and banking together integrated into software that's really compelling |
| and France, so huge opportunity |
| And so all of a sudden, you're seeing really good takeup, and I hear from, literally every week, from clients who just love this combination of software payments and banking all coming together |
| But give us a sense of the revenue synergies, how impactful that acquisition has been for your business? Tim Welsh Well, it's tremendously exciting for us |
| And we have been very bullish on picking up and taking share on the consumer side, and it’s a lot – a function of all the capabilities and features that he and his team are building |
| We're seeing great growth in that, interest rate derivatives, foreign exchange, syndications, fixed income, underwriting and things of that variety |
| I'll talk about trust and investment management fee, a very big category for us that has continued to show great growth |
| And this, again this is the power of the diversified business model |
| And guess what, we grew deposits as a result of that, right? So that was a very positive thing to see |
| And of course, it's all easy because they get new digital tools, and they've been very excited about that |
| That's why it's so critical, this transaction with Union Bank, where we got the ability to generate $900 million of savings that's now fully in the run rate |
| And so that’s going to be an advantage |
| And the reason for that growth is not only our terrific branch network, but also those digital capabilities I mentioned, plus we have this alliance with State Farm that you may have heard about that allows us to offer deposit products all through the State Farm agents all across the country |
| So you're seeing it's this digital plus human helps generate the growth all across these different parts of the business |
| And that kind of human interaction is hugely valuable and can continue in the future |
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| We’ve heard from a few banks that loan growth has started out weak for the year |
| And so that’s going to be just an overall pressure for the industry just as a whole |
| It's just – it's a book where there's going to be some pressure on underlying borrowers or tenants and things like that just because of the higher rates that you mentioned and other things that come about |
| And then going into this year, we were uncertain about interest rates |
| On the wholesale side or business side of things, we're seeing that, again, people are – balance sheets are healthy, but there's cost avoidance that CFOs and others want to avoid, and so high interest rates are a headwind to taking out loans |
| So I mean, there’s just a lot of uncertainty |
| And for all the reasons, as John articulated, it’s an uncertain time |
| What we're seeing is we couldn't be more excited about having these Union teammates come on board |
| Inflation is moderating, and soft landing is our base case |
| It's not a lost content story for us |
| We are very proactive in our management of credit |
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