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    Andrew Coombs • Citigroup

    Andrew Coombs's questions to Barclays PLC (BCS) leadership

    Andrew Coombs's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Andrew Coombs asked about UK deposit trends, questioning the trade-off between margin and volume given recent balance contractions. He also inquired about the U.S. Consumer business, asking how the mix shift from the General Motors portfolio acquisition impacts the division's financial targets for receivables, NIM, and cost of risk.

    Answer

    Group Finance Director Anna Cross stated that on UK deposits, the bank chose to be disciplined on uneconomic pricing during a highly competitive ISA season but still grew ISA balances. For the U.S. Consumer business, she explained the GM acquisition is a key part of the strategy to shift the mix towards higher-margin retail balances, which improves risk-adjusted returns and supports the path to a >12% RoTE, with RoTE remaining the 'north star' over absolute growth targets.

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    Andrew Coombs's questions to Barclays PLC (BCS) leadership • Q1 2025

    Question

    Andrew Coombs from Citigroup asked for color on the strong FICC result, questioning if it contained any episodic revenues, and inquired about the sustainability of the robust growth seen in UK mortgage balances during the quarter.

    Answer

    Executive Angela Cross confirmed the FICC performance was strong and broad-based with no one-offs, reflecting prior investments in rates and securitized products. On mortgages, she noted that while some activity may have been pulled forward, the UK market fundamentals were healthy in Q1, with rising approvals, stable house prices, and real wage growth supporting the trend.

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    Andrew Coombs's questions to Deutsche Bank AG (DB) leadership

    Andrew Coombs's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Andrew Coombs of Citigroup Inc. sought to clarify the capital return framework, asking about the interaction between the 50% payout ratio and the 14% CET1 threshold. He also highlighted a perceived disconnect between the positive rhetoric on the Corporate Bank and its recent performance, questioning how quickly loan growth could materialize.

    Answer

    CFO James von Moltke explained that the 50% payout is already disregarded in the year-end CET1 ratio calculation, and capital generated sustainably above the 14% threshold would be available for distribution. On the Corporate Bank, both he and CEO Christian Sewing acknowledged a lag between strategic initiatives and tangible results, but pointed to recent loan growth (ex-FX) and a strong pipeline as signs that momentum is building and will accelerate into 2026.

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    Andrew Coombs's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Andrew Coombs of Citi followed up on the impact of foreign exchange, asking for an updated full-year outlook based on current rates. He also requested help in calibrating the EUR 70 million tariff-related provision overlay for comparison with peers.

    Answer

    CFO James von Moltke explained that while current FX rates would put downward pressure on ex-FX guidance for both revenue and costs, the impact largely nets out at the pre-tax profit level. Regarding the provision overlay, he noted it was based on multiple internal variables, making a direct apples-to-apples comparison with other banks' disclosures difficult.

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    Andrew Coombs's questions to NatWest Group PLC (NWG) leadership

    Andrew Coombs's questions to NatWest Group PLC (NWG) leadership • Q1 2025

    Question

    Andrew Coombs from Citi asked about the post-acquisition strategy for Sainsbury's Bank, focusing on synergies and customer base integration. He also sought clarification on the expected run rate for the cash flow hedge decay.

    Answer

    Executive Paul Thwaite described the Sainsbury's deal as strategically compelling, boosting unsecured credit card market share to 11%. He clarified it is not a synergy-led deal, as NatWest acquired customers and assets, not infrastructure. The focus is on cross-selling the full product suite. CFO Katie Murray confirmed the majority of the cash flow hedge will unwind over the next two years and the decay seen in Q1 is a reasonable indicator of the future run rate.

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    Andrew Coombs's questions to NatWest Group PLC (NWG) leadership • Q1 2024

    Question

    Andrew Coombs of Citi asked for an update on the mortgage business, seeking details on current completion spreads. He also questioned the strategy regarding the trade-off between maintaining attractive margins and defending market share, noting that flow share has recently lagged stock share.

    Answer

    Executive Paul Thwaite stated that the bank made conscious pricing choices in late 2023, affecting Q1 completions, but expects volumes and share to improve as margins strengthen. CFO Katie Murray added that new mortgage applications are being written around 70 basis points and that the back book margin is now close to the front book level, reducing the drag on NIM.

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    Andrew Coombs's questions to UBS Group AG (UBS) leadership

    Andrew Coombs's questions to UBS Group AG (UBS) leadership • Q1 2025

    Question

    Andrew Coombs followed up on the rationale for fully accruing the share buyback now. He also asked for an explanation for why Q1 GWM NII came in below guidance and whether the unchanged full-year guidance implies a second-half recovery.

    Answer

    Sergio Ermotti, Group Chief Executive Officer, stated the buyback accrual reflects a shift from "ambition" to "intention" due to strong results, calling it a prudent approach. An executive then clarified the GWM NII miss was partly due to a client resegmentation and reaffirmed the full-year guidance, citing a positive loan outlook and tapering deposit headwinds as supportive factors for the second half.

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    Andrew Coombs's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Andrew Coombs of Citigroup asked for more detail on the changes to financial adviser (FA) incentives in GWM Americas and their potential impact on attrition. He also questioned the P&C NII guidance, seeking clarity on rate assumptions and how NII could plateau.

    Answer

    CFO Todd Tuckner explained the FA compensation changes align incentives with firm strategy (e.g., new money, solutions) and are more in line with peers, rewarding FAs who grow their business. On P&C NII, he noted that with Swiss rates expected near zero, there's little room for deposit margin maneuver, causing NII to trough and then plateau, with any rate move (positive or negative) being constructive from that low base.

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    Andrew Coombs's questions to UBS Group AG (UBS) leadership • Q2 2024

    Question

    Andrew Coombs questioned whether the active rundown of the Non-core and Legacy (NCL) portfolio is now largely complete and sought to identify which division was realizing cost savings ahead of schedule.

    Answer

    Executive Todd Tuckner stated that while progress in NCL has significantly narrowed the uncertainty, the bank is not extrapolating recent strong performance and is maintaining its guidance. He clarified that NCL has driven the "lion's share" of gross cost savings to date, with core businesses like GWM and P&C expected to become larger contributors in the latter half of the integration.

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    Andrew Coombs's questions to HSBC Holdings PLC (HSBC) leadership

    Andrew Coombs's questions to HSBC Holdings PLC (HSBC) leadership • Q1 2025

    Question

    Andrew Coombs asked about the timing of the $1.8 billion in restructuring costs, noting the small Q1 charge implies a large step-up. He also questioned why only $300 million in savings is guided for FY25 when actions yielding that amount annually have already been taken. He also requested a breakdown of Asian net new invested assets.

    Answer

    Georges Elhedery, an executive, stated a fuller update would come at the interim results and that the majority of the $16 billion in Asian net new invested assets was in Hong Kong. Manveen Kaur, an executive, explained there is a time lag between restructuring actions and savings hitting the P&L, which is reflected in the full-year guidance. She confirmed the majority of restructuring costs will be booked in Q2 and Q3 2025.

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    Andrew Coombs's questions to HSBC Holdings PLC (HSBC) leadership • Q1 2024

    Question

    Andrew Coombs questioned the drivers behind the 6 basis point rise in UK Net Interest Margin (NIM) and its sustainability. He also asked for an explanation of the NII volatility in Argentina and what a 'normal' contribution would be absent hyperinflation.

    Answer

    Georges Elhedery, Group CFO, stated the UK NIM rise was due to structural hedge timing and that the margin should be viewed as 'broadly flat' going forward. For Argentina, he explained that NII is volatile due to the interplay between hyperinflation and currency devaluation, making a 'normal' scenario impossible to model. He reiterated the full-year NII estimate for Argentina is around $1 billion, in line with the prior year.

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