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    Amit Goel • Mediobanca

    Amit Goel's questions to UBS Group AG (UBS) leadership

    Amit Goel's questions to UBS Group AG (UBS) leadership • Q2 2025

    Question

    Amit Goel asked for the rationale behind keeping the parent bank's CET1 ratio above its target range during periods of U.S. dollar weakness and questioned the strategic synergies of the U.S. Wealth business.

    Answer

    CFO Todd Tuckner explained that a weaker dollar inflates the leverage ratio denominator, making the leverage ratio more constraining and thus requiring a higher CET1 ratio to maintain prudent buffers. Group CEO Sergio Ermotti emphasized the U.S. Wealth business is a core strategic asset, citing its contribution to global diversification, synergies with the IB and CIO, and a clear path to higher profitability.

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    Amit Goel's questions to UBS Group AG (UBS) leadership • Q1 2025

    Question

    Amit Goel asked about the pace and rationale for reducing the group's equity double leverage ratio toward pre-acquisition levels. He also inquired about volume expectations in the Personal & Corporate Banking business, considering recent exchange rate movements.

    Answer

    Todd Tuckner, Group Chief Financial Officer, explained that lowering the equity double leverage ratio is a prudent measure that provides greater operational flexibility. For the P&C business, he projected a flattish outlook for lending volumes and a stable outlook for deposits, noting that interest rate movements would be the most significant driver of NII.

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    Amit Goel's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Amit Goel of Mediobanca inquired about the long-term plan to raise the U.S. wealth business's PBT margin from the targeted 15% to peer levels of 25-30%. He also asked if the 2027 target for mid-teens margin was a delay from a previous 2026 expectation.

    Answer

    CFO Todd Tuckner stated the goal is to narrow the gap with peers, not necessarily match them, to improve overall group profitability. He clarified the mid-teens margin target for the mid-term is consistent with prior commentary and that investments in banking capabilities are factored into the margin outlook, not expected to "fall out" later.

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    Amit Goel's questions to UBS Group AG (UBS) leadership • Q2 2024

    Question

    Amit Goel inquired about the bank's capacity to replace funding from sweep deposit outflows, the strategy for improving Wealth Management Americas profitability, and the potential to shift parent company exposures to mitigate capital requirements.

    Answer

    Executive Todd Tuckner clarified that the guided $50 million PBT impact from sweep repricing is net of various offsetting initiatives. He reaffirmed the commitment to achieving a mid-teens profit margin in WMA. Regarding the parent company, he stated it was "way too early to speculate" on specific actions to address potential future capital rules.

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    Amit Goel's questions to Barclays PLC (BCS) leadership

    Amit Goel's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Amit Goel asked about the outlook for the Barclays UK product margin into 2026, questioning if a positive contribution is expected. He also inquired about the Investment Bank's cost management and investment strategy, particularly if strong revenues continue.

    Answer

    Group Finance Director Anna Cross noted it was too early to give specific 2026 product margin guidance, citing offsetting factors like mortgage growth mix and the maturation of promotional card balances. Group Chief Executive C.S. Venkatakrishnan stated the Investment Bank is operating according to the plan laid out, which involved realizing benefits from prior technology investments in Markets while making targeted investments in Banking segments like tech and healthcare.

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    Amit Goel's questions to Barclays PLC (BCS) leadership • Q1 2025

    Question

    Amit Goel from Mediobanca questioned why the 2025 RoTE guidance of ~11% was not upgraded despite a strong Q1 and higher NII guidance. He also sought clarity on the structural hedge benefit beyond 2026, particularly the assumed roll-off yield.

    Answer

    Executive Angela Cross stated that while Q1 was strong, it is only the first quarter, so the bank is reiterating its guidance. Regarding the hedge, she confirmed the benefit will continue beyond 2026 as the hedge notional is now expected to be stable, and guided that the average hedge yield in 2027 would be below the 3.5% planning assumption.

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    Amit Goel's questions to NatWest Group PLC (NWG) leadership

    Amit Goel's questions to NatWest Group PLC (NWG) leadership • Q1 2025

    Question

    Amit Goel from Mediobanca asked for a reconciliation of Q1 costs to the full-year guidance, suggesting potential for a cost beat. He also inquired about how a softening of ring-fencing rules could impact capital deployment and yields.

    Answer

    CFO Katie Murray reiterated the full-year cost guidance of £8.1 billion (including integration costs), cautioning that Q1 is not a run rate due to the lumpy nature of costs and upcoming expenses like wage awards. Executive Paul Thwaite explained that ring-fencing reform could allow for more efficient deployment of capital and liquidity across the group, ultimately benefiting customers, while maintaining strict capital discipline.

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    Amit Goel's questions to HSBC Holdings PLC (HSBC) leadership

    Amit Goel's questions to HSBC Holdings PLC (HSBC) leadership • Q1 2025

    Question

    Amit Goel asked if the mid-teens profitability target could be achieved within the plausible tariff downside scenario without additional cost actions. He also questioned why the downside ECL scenario for China and Hong Kong appeared less severe than at year-end.

    Answer

    Georges Elhedery, an executive, confirmed the bank is confident it can achieve its mid-teens return targets within the plausible downside scenario without needing further cost actions beyond those already announced. Manveen Kaur, an executive, explained that the starting point for Hong Kong and China CRE is better, leading to a lesser impact in the current model, and noted there has been little adverse development from that sector in the quarter.

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