Brookfield Asset Management Ltd. (NYSE:BAM) Morgan Stanley U.S. Financials, Payments and CRE Conference Call June 13, 2023 12:00 PM ET Company Participants Bruce Flatt - CEO Unidentified Company Representative For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. Note that taking photographs and the use of recording devices is also not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative. Oka ...

Pfizer Inc. (NYSE:PFE) Goldman Sachs 44th Annual Global Healthcare Conference Call June 13, 2023 11:00 AM ET Company Participants William Pao - Chief Development Officer and Executive Vice President Conference Call Participants Chris Shibutani - Goldman Sachs Chris Shibutani Good morning, everybody. Let's start on time. I hate to penalize people who are on time, especially in the morning. So welcome to day two, the Goldman Sachs Healthcare Conference. Hope everyone had a very positive and productive first d ...

Summary of U.S. Bancorp Conference Call Company Overview - **Company**: U.S. Bancorp (NYSE: USB) - **Date**: June 13, 2023 - **Participants**: Andrew Cecere (Chairman, President, and CEO), Terry Dolan (Vice Chair and CFO), Betsy Graseck (Morgan Stanley) Macro Environment and Trends - **Consumer Spending**: Increased spending on travel and entertainment, but a slowdown in retail discretionary items noted [4][5] - **Deposit Balances**: Starting to revert to pre-COVID levels, with expectations to reach these levels by Q3 [4] - **Loan Demand**: Decreased compared to the previous year, with flat utilization rates [5] - **Economic Outlook**: Anticipation of one more rate increase in summer, followed by flat rates; projection of a soft, moderate recession [5] Financial Guidance - **Net Interest Margin (NIM)**: Expected to be lower due to elevated cash balances; guidance for full year remains at 3% to 3.05% [7][8] - **Net Charge-Offs**: Expected to increase to about 50 basis points by mid-2024 [8] - **Tax Rate**: Anticipated to be around 24% for Q2 and full year, slightly up due to capital optimization activities [9] Strategic Priorities 1. **Union Bank Integration**: Successful integration completed, with significant digital enablement and cost takeouts projected at $900 million by 2024 [11][12] 2. **Digital Capabilities**: Continued investment in digital platforms and customer engagement [13] 3. **Payments Ecosystem**: Focus on enhancing payment capabilities, particularly for small and mid-sized businesses [14][15] Revenue Opportunities - **Union Bank Customer Base**: Potential to increase penetration in payments and card services, with expectations of 20% new customers and 25%-30% new revenue [16] - **Investment in Technology**: $2.5 billion annual spend on technology, with a focus on operational efficiency and cloud migration [18][23] - **AI Integration**: Active exploration of AI use cases across various business lines, with a more significant impact expected in 2-3 years [24][26] Capital Management - **CET1 Ratio**: Targeting 10.5% by year-end 2024, with a comfortable position of 9% by the end of this year [31][32] - **Risk Weighted Asset Optimization**: Identified actions to achieve 50 basis points of capital accretion without significant operational impact [35][36] - **TLAC Requirements**: Anticipated need to issue $10 billion to $20 billion in debt to meet new TLAC rules [45][46] Deposit and Loan Insights - **Deposit Mix**: Expectation of non-interest bearing deposits to decrease to low 20s percentage [53] - **Loan Growth**: Modest growth anticipated due to cautious business sentiment; focus on credit card growth and limited commercial real estate growth [77] Credit Quality - **Commercial Real Estate Exposure**: Represents 14% of the portfolio, with office space being a focus area due to pandemic impacts; manageable risk with 2% of loans in office space [80][81] Conclusion - U.S. Bancorp is navigating a complex macroeconomic environment with strategic initiatives focused on integration, digital capabilities, and payment ecosystems. The company is preparing for potential economic challenges while maintaining a strong capital position and exploring growth opportunities in its customer base and technology investments.

Summary of GSK plc Conference Call Company Overview - **Company**: GSK plc (NYSE:GSK) - **Event**: Goldman Sachs 44th Annual Global Healthcare Conference Call - **Date**: June 13, 2023 - **Participants**: Tony Wood (Chief Scientific Officer), Chris Shibutani (Goldman Sachs) Key Points Industry Focus - GSK is focusing on several therapeutic areas: infectious diseases, HIV, immunology, respiratory, and oncology [5][6][9] R&D Strategy - GSK has identified a strong position in vaccines, particularly in protein subunit vaccines and adjuvants, and is investing in technologies like structure-based vaccinology and mRNA [6][7][8] - The acquisition of Affinivax is aimed at entering the pneumococcal vaccine market, which is the second largest after COVID vaccines [7] - GSK is developing capabilities in mRNA technology through collaboration with CureVac, focusing on high-dose flu and COVID vaccines [8] Vaccine Development - GSK is competitive in the high-dose flu and COVID vaccine market but acknowledges being slightly behind in timing compared to competitors like Moderna [11] - The company is conducting multivalent flu studies to establish a presence in the high-dose flu market [11] - GSK's RSV vaccine has shown a 94% efficacy in at-risk populations, with ongoing studies to expand data for older adults [15][17] HIV Treatment and PrEP - GSK's strategy in HIV focuses on long-acting regimens and the integration of cabotegravir, which has strong resistance characteristics [25][26] - The market for PrEP is underpenetrated, with only 25% of eligible patients receiving treatment in the U.S. [29] Competitive Landscape - GSK's Shingrix vaccine offers 10-12 years of protection, presenting a high barrier for new entrants [32] - In the meningococcal vaccine space, GSK emphasizes the importance of vaccine efficacy and strain coverage compared to competitors [34] Antibiotics and Oncology - GSK continues to explore opportunities in antibiotics despite challenges, focusing on acquisitions that can make economic sense [39] - Oncology remains an area of interest, with ongoing evaluations of existing products and potential new deals [41] Future Outlook - GSK is preparing for the 2023 vaccine season and is confident in its manufacturing capabilities [19] - The company is exploring expansion into different age groups for its vaccines but does not plan to revisit maternal vaccines at this time [21] Additional Insights - GSK is focused on the balance between vaccine efficacy and convenience in the context of combination vaccines [23] - The company is monitoring the competitive landscape closely, particularly in the context of emerging technologies and products from competitors [41] This summary encapsulates the critical insights from the GSK conference call, highlighting the company's strategic focus, competitive positioning, and future outlook in the healthcare industry.

JPMorgan Chase & Co. (NYSE:JPM) Morgan Stanley US Financials, Payments and CRE Conference Call June 13, 2023 1:00 PM ET Company Participants Jennifer Piepszak - Co-Chief Executive Officer, Consumer & Community Bank Conference Call Participants Betsy Graseck - Morgan Stanley Betsy Graseck Okay. Great. I have a disclosure to read, then we'll get into it. For important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. The taking of photographs ...

Bristol-Myers Squibb Company (NYSE:BMY) Goldman Sachs 44th Annual Global Healthcare Conference June 13, 2023 11:40 AM ET Company Participants Lynelle Hoch - SVP, Global Cell Therapy Franchise Roland Chen - SVP, Cardiovascular Development Conference Call Participants Chris Shibutani - Goldman Sachs Chris Shibutani Okay. Let's get under way. Good morning, everybody. Welcome to the second day of the 44th Annual Goldman Sachs Healthcare Conference. We are very pleased to have Bristol-Myers join us. Today from t ...

Mastercard Incorporated (NYSE:MA) RBC 2023 Financial Technology Conference June 13, 2023 11:15 AM ET Company Participants Raj Seshadri - President of Data & Services Conference Call Participants Dan Perlin - RBC Capital Markets Dan Perlin Thanks, everyone, for joining us today. I hope you're finding that the conference is providing some proof points that, as we said, fintech is finding its mojo again. So thank you all for being here. We are delighted to have as our keynote today, our good friends at Masterc ...

Union Pacific Corporation (NYSE:UNP) 2023 Wells Fargo Industrials Conference June 13, 2023 9:00 AM ET Company Participants Jennifer Hamann - EVP & CFO Eric Gehringer - EVP, Operations Conference Call Participants Allison Poliniak - Wells Fargo Allison Poliniak So good morning, everybody. Welcome to the Wells Fargo Industrial Conference. My name is Allison Poliniak. I'm the Senior Analyst following Industrial Technology and more importantly, for patients (ph) here at the company. We're delighted to have our ...

Affirm Holdings, Inc. (NASDAQ:AFRM) RBC Capital Markets 2023 Financial Technology Conference June 13, 2023 8:00 AM ET Company Participants Rob O'Hare - Senior Vice President, Finance Conference Call Participants Dan Perlin - RBC Capital Markets Dan Perlin Good morning, everyone. My name is Dan Perlin, I head up the fintech practice here at RBC, and let me just say thank you so much for joining us today. Putting these conferences on is a herculean task, and so as IÂ'd like to say, you know, we just want to l ...

Wells Fargo & Company (NYSE:WFC) Morgan Stanley US Financials, Payments and CRE Conference Call June 13, 2023 8:00 AM ET Company Participants Mike Santomassimo - Chief Financial Officer Conference Call Participants Unidentified Analyst Okay, great. Thanks everyone. I have a disclosure to read and then we'll get started. For important disclosures, please see Morgan Stanley Research disclosure website at morganstanley.com/researchdisclosures. The taking a photograph and use of recording devices is also not al ...