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: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: I'm trying to figure out, given your outlook for positive operating leverage, why the stock has opened so weakly. So maybe following
up on Vivek's question, I think that The Street had anticipated a much lower or lesser seasonal step-down in payments. So what
happened with the interchange rate in the quarter?
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: And the lower interchange rate that you mentioned on Slide 12, was there anything unusual there?
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
JANUARY 19, 2022 / 2:00PM, USB.N - Q4 2021 U.S. Bancorp Earnings Call
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Got it. Okay. And just to take another step back. On your net interest income guide for 3 rate hikes, mid-single-digit, what kind of
deposit betas are you assuming? I think everybody is very well aware that your corporate trust deposits are quite rate-sensitive. But
has there been a change in your mix since the '15, '18 rate cycle?
And in general, what have you baked into your NII guide for deposit repricing? And what do you expect to actually happen?
Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst
: Got it. And just maybe a last one for Andy. As we think about USB in a cost-inflationary environment, but in an environment where
-- as you said to Mike, where your investment spend is steady state, what is really the underlying -- forget to '22, but going forward
next 3 years, what is the underlying expense growth of this company?
And you had mentioned, I think, at a conference in 2021 that low 50s is something that you could achieve from an efficiency
standpoint. Is that something that can only be achieved with the deals that you have pending?
|
