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Benjamin Cavan Roberts

Vice President and Senior Equity Analyst at Goldman Sachs Group Inc.

Benjamin Cavan Roberts is a Vice President and Senior Equity Analyst at Goldman Sachs International, specializing in coverage of leading UK financial institutions, including NatWest Group and Lloyds Banking Group. He is known for insightful analysis featured on earnings calls, where his questions on asset quality, deposit trends, and capital allocation have reflected a strong grasp of macroeconomic influences on bank performance. Roberts began his analyst career at Goldman Sachs International in July 2019 following his graduation from the University of Cambridge, and was promoted to Vice President in 2025. His professional credentials include robust experience in equity research for the financial services sector, although specific FINRA registrations or securities licenses are not publicly listed.

Benjamin Cavan Roberts's questions to NatWest Group (NWG) leadership

Question · Q3 2025

Benjamin Cavan Roberts of Goldman Sachs inquired about NatWest's deposit momentum, specifically addressing fixed-term outflows and the strategic pricing decisions influencing them, alongside the future trajectory for deposits. He also asked about the momentum and key business drivers for non-interest income.

Answer

CEO Paul Thwaite explained that overall deposits were up 1% year-to-date, with varied trends across businesses, noting retail fixed-term reductions due to large maturities and a focus on balancing value and volume. For non-interest income, Mr. Thwaite highlighted broad-based momentum from cards, payments, and strong performance in the CNI markets business, driven by FX and capital markets.

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