HOUSE_OVERSIGHT_014325.jpg
1.51 MB
Extraction Summary
2
People
3
Organizations
1
Locations
2
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial research / conference presentation slide
File Size:
1.51 MB
Summary
This document is a financial analysis slide from a Bank of America Merrill Lynch conference on November 17, 2016, concerning the bank BB&T. It details BB&T's positive outlook on the US economy, its short-term pause from M&A activity, and its positioning for rising interest rates. This document is related to financial market analysis and has no connection to Jeffrey Epstein.
People (2)
| Name | Role | Context |
|---|---|---|
| Chris Henson | COO |
COO of BB&T. Mentioned as being upbeat about the US economy and providing commentary on BB&T's balance sheet and inte...
|
| Mr Henson | COO |
Referenced as noting that BB&T should see strength in its core banking operations and that the bank expects to see up...
|
Organizations (3)
| Name | Type | Context |
|---|---|---|
| BB&T (BBT) |
The subject of the financial analysis. The report discusses its market outlook, M&A strategy, and positioning for ris...
|
|
| Bank of America Merrill Lynch |
The author of the research document, as indicated by the logo and source citations.
|
|
| ASB |
Mentioned in Chart 15 regarding a potential partnership with online lenders, but no further details are provided.
|
Timeline (2 events)
2016-11-17
2016 Future of Financials Conference, where this presentation slide was likely presented.
Unknown
Post-November 2016
The document discusses the outlook for the US economy 'post the US elections'.
US
Locations (1)
| Location | Context |
|---|---|
|
The document discusses the growth outlook for the US economy following the US elections.
|
Relationships (1)
The document identifies Chris Henson as the COO of BB&T.
Key Quotes (3)
"COO Chris Henson was upbeat with regards to the growth outlook for the US economy post the US elections..."Source
HOUSE_OVERSIGHT_014325.jpg
Quote #1
"Management reiterated that it is out of the M&A game for now as it looks to execute on delivering its targeted synergies from recent deals."Source
HOUSE_OVERSIGHT_014325.jpg
Quote #2
"management expects to eventually engage in M&A deals with BBT having the infrastructure for double its size..."Source
HOUSE_OVERSIGHT_014325.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,338 characters)
Chart 15: Would you want to see ASB partner with emerging online lenders to augment organic growth?
70%
60%
50%
40%
30%
20%
10%
0%
Yes, partnership with online lenders provides a good source of loan growth
No, given the uncertainty around how these loans will perform during a credit downturn
Source: BofA Merrill Lynch Global Research
BB&T (BBT), B-1-7, Buy
• Pent up demand in small and middle market corporates. COO Chris Henson was upbeat with regards to the growth outlook for the US economy post the US elections, particularly from middle market companies that have been extremely cautious around making investments over the last few years. Mr Henson noted that as business confidence rises on back of potentially stronger job growth and lower tax reductions, BBT should see strength across its core banking operations.
• Out of M&A in the near term but looking to grow long term. Management reiterated that it is out of the M&A game for now as it looks to execute on delivering its targeted synergies from recent deals. That said, management expects to eventually engage in M&A deals with BBT having the infrastructure for double its size, noting that scale has become important in the current regulatory landscape. When asked where investors would like BBT to focus on doing deals, 59% noted that it would like management to pursue fee related businesses while 23% would like management to prioritize dividend maximization.
Chart 16: Do you expect the deal activity in financial services to pick up in 2017?
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Yes 87%
No 13%
Source: BofA Merrill Lynch Global Research
Chart 17: Once M&A is back on the table, where would you like to see BBT focus on doing deals?
70%
60%
50%
40%
30%
20%
10%
0%
Depository deals 18%
Fee-related businesses 59%
Would rather they prioritize maximizing the dividend 23%
Source: BofA Merrill Lynch Global Research
• Well positioned from rising rates. Given the outlook for higher interest rates on both the short and long end of the curve, Mr. Henson noted that while BBT tries to maintain a relatively neutral balance sheet, it would expect to see upside in the margin on back of higher rates. Additionally, higher long rates could also help drive
Bank of America Merrill Lynch
2016 Future of Financials Conference | 17 November 2016 11
HOUSE_OVERSIGHT_014325
70%
60%
50%
40%
30%
20%
10%
0%
Yes, partnership with online lenders provides a good source of loan growth
No, given the uncertainty around how these loans will perform during a credit downturn
Source: BofA Merrill Lynch Global Research
BB&T (BBT), B-1-7, Buy
• Pent up demand in small and middle market corporates. COO Chris Henson was upbeat with regards to the growth outlook for the US economy post the US elections, particularly from middle market companies that have been extremely cautious around making investments over the last few years. Mr Henson noted that as business confidence rises on back of potentially stronger job growth and lower tax reductions, BBT should see strength across its core banking operations.
• Out of M&A in the near term but looking to grow long term. Management reiterated that it is out of the M&A game for now as it looks to execute on delivering its targeted synergies from recent deals. That said, management expects to eventually engage in M&A deals with BBT having the infrastructure for double its size, noting that scale has become important in the current regulatory landscape. When asked where investors would like BBT to focus on doing deals, 59% noted that it would like management to pursue fee related businesses while 23% would like management to prioritize dividend maximization.
Chart 16: Do you expect the deal activity in financial services to pick up in 2017?
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Yes 87%
No 13%
Source: BofA Merrill Lynch Global Research
Chart 17: Once M&A is back on the table, where would you like to see BBT focus on doing deals?
70%
60%
50%
40%
30%
20%
10%
0%
Depository deals 18%
Fee-related businesses 59%
Would rather they prioritize maximizing the dividend 23%
Source: BofA Merrill Lynch Global Research
• Well positioned from rising rates. Given the outlook for higher interest rates on both the short and long end of the curve, Mr. Henson noted that while BBT tries to maintain a relatively neutral balance sheet, it would expect to see upside in the margin on back of higher rates. Additionally, higher long rates could also help drive
Bank of America Merrill Lynch
2016 Future of Financials Conference | 17 November 2016 11
HOUSE_OVERSIGHT_014325
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document