EquityResearch4September2019COREBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE68.Restricted-InternalU.S.Large-CapBanks2019ConferencePreview:InterestRateImpactandResponseinFocusWearehostingour17thannualGlobalFinancialServicesConferenceinNewYorkCitynextweek.Wehaveover200financialcompaniesparticipating,whichisarecordforasell-sidefinancialsconference.Inadditiontocompanypresentations,wehave10topicalpanels,andafulldayfintechtrack,withover30confirmedcompanies.Equityinvestorregistrationisrunningdown7%fromthistimelastyear,lessthanthereductionininvitessent.ThisdeclineismodestlylessthanthedeclinesseeninregistrationforourConsumerStaples(-18%)andEnergy(-14%)conferencesthisweek.ThemostrequestedcompaniesamongthosehostingmeetingswithinvestorsareBAC,WFC,COFandGS.Adjustedformarketcap,fromourcoverage,CFG,CMA,ALLYandMTBreceivedoutsizedattention.Thelargestpercentageincreasesinmeetingrequestsrelativetolastyear,withinourcoverage,lookstobeforBAC,PNC,FITBandGS,whileNTRS,KEY,CMAandSTTsawthelargestpercentagereductionsinmeetingrequests.The3Q19EPSestimatebiaspostthiseventhastypicallybeenlowerandweexpectthisyeartobenodifferentgiventhechangetointerestratebackdropsincethe2Q19earningsconferencecalls.WhiletheFed’s25bpcutatitsJuly31meetingwasexpected,theyieldcurvehasflattenedmorethananticipated,weighingonassetyieldsthisquarter.Still,wewouldn’texpectthesedownwardrevisionstocomeasashocktoinvestors.SincetheannouncementatthestartofAugustthattheU.S.wouldbeplacingadditionaltariffsongoodsandproductscomingfromChina,theBKXhasdropped9%,comparedtoamuchlower2%declineintheS&P500,asitcausedashiftininterestrateexpectations.Inaddition,in4ofthepast5yearspostthisConference,wehaveloweredour3Qe...
