The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: I want to talk about ITS (sic) [I&TS] first and just take a crack at understanding the revenue trend there, where NII has been negative
for the past couple of quarters. You talked about funding against costs. Just wondering if there's anything in the balance sheet mix
of that business that maybe detracted from profit growth there? I see the deposit growth has been, in dollar terms, much larger than
the asset growth over the past couple of years?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: And presumably that liquidity helps you in other areas of your bank?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Okay. Well, back to Doug, the trading -- and Rod had talked about trading and credit being a driver of the fixed income results that
we saw. How much of an influence was the improved dynamics in the high-yield market this quarter? And then if you have any
thoughts on the Fed's recent statements on the high-yield market and raising some concerns there. How you're positioned versus
what they're worried about?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Just 2 quickies here hopefully. Rod, on Page 20 of your slide deck, you have a breakdown of the U.S. earnings or the U.S. operations.
17%, I think over the last 12 months of earnings and 23% of revenue. When you think 2, 3 years out, where do you think those
percentages will go to and where will they converge on? Do you think the revenue and the earnings will kind of converge on some
number, presumably with earnings going up as opposed to revenues coming down, but do you see just that higher growth outside
of Canada or inside Canada?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: So is it safe to say that the driver of the medium-term EPS growth is going to have to come from outside of the U.S.?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Okay. And maybe for Neil, I don't know. Neil, when I look at the wholesale bank or the wholesale loan book breakdown, 2 industry
groups that seem to be delivering pretty robust year-over-year growth are financial services and investments. What would be included
in those and what businesses would they be supporting and in which geographies?
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