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kaggle-ho-014349House Oversight

Zion Bank investor sentiment and expense forecasts from BofA Merrill Lynch research

Zion Bank investor sentiment and expense forecasts from BofA Merrill Lynch research The passage contains only market research data and broker commentary on Zion Bank's capital ratios, expense expectations, and investor preferences. It does not mention any high‑profile individuals, government agencies, or potential misconduct, offering no actionable investigative leads. Key insights: Investor poll on what would boost Zion shares in 2017.; CCAR capital payout expectations versus efficiency targets.; Zion's projected 2016 expenses of $1.58 bn with a slight increase in 2017.

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Zion Bank investor sentiment and expense forecasts from BofA Merrill Lynch research The passage contains only market research data and broker commentary on Zion Bank's capital ratios, expense expectations, and investor preferences. It does not mention any high‑profile individuals, government agencies, or potential misconduct, offering no actionable investigative leads. Key insights: Investor poll on what would boost Zion shares in 2017.; CCAR capital payout expectations versus efficiency targets.; Zion's projected 2016 expenses of $1.58 bn with a slight increase in 2017.

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kagglehouse-oversightfinancial-marketsbankinginvestor-sentimentcapital-ratiosexpense-forecasts

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Chart 52: What do you consider as the single most important catalyst for ZION shares in 2017? 35% 30% 29% 20% 15% 10% 5% 0% Greater comfort More aggressive Stronger revenue Continued Higher interest around potential capital return to growth regardless expense savings rates energy losses shareholders ofwhathappens to achieve an to interest rates efficiency ratio in the low 60%s for FY17 Source: BofA Merrill Lynch Global Research Chart 53: Compared to this year’s CCAR capital ask which implies a total Chart 54: ZION expects total expenses in 2016 to come in below payout of ~60%, what level would you like to see ZION’s 2017 CCAR $1.58bn and then slightly increase in 2017. Would you prefer absolute payout increase to? expenses be flat to down in 2017? 80% 70% 60% 40% 35% 30% 25% 21% 21% 50% 20% 40% 69% 31% 15% 30% 10% 20% 5% 10% O% 0% Remain at 60% 10% 80% Greater than Yes Indifferent; I’m more focused on 80% the efficiency target Source: BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research Brokers Top 5 Takeaways eniaman Sachs (GS), B-1-7, Buy GS’ Harvey Schwartz, CFO, and Harit Talwar, Head of Digital Finance presented at our conference. Overall, Harvey and Harit were optimistic about the consumer lending opportunity with Marcus as well as the overall outlook for the firm. e | When asked about what would get investors more interested in GS stock, 51% of the investors responding to the poll voted for a stronger revenue backdrop, while 34% voted for normalizing regulations and ability to return more capital. Bankof America a 2016 Future of Financials Conference | 17 November 2016 35 Merrill Lynch

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