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    Benjamin Caven-Roberts

    Vice President and equity research analyst at The Goldman Sachs Group, Inc.

    Benjamin Caven-Roberts is a Vice President and equity research analyst at Goldman Sachs International, specializing in European banking equities with coverage of major financial institutions such as Lloyds Banking Group. Since joining Goldman Sachs in 2023, he has played a key role in analyst roundtables and contributed impactful research, including upgrades and price target adjustments for specific companies like Lloyds, citing significant regulatory events that have influenced share performance. During his tenure, he has participated in coverage that led to prominent investment calls—such as a 9% share jump in Lloyds following strategic recommendations—and is recognized for his expertise in macro regulatory analysis and risk modeling. Caven-Roberts holds an undergraduate degree and maintains current securities industry credentials as part of his role, and has quickly moved to senior analyst ranking within the firm.

    Benjamin Caven-Roberts's questions to Lloyds Banking Group (LYG) leadership

    Benjamin Caven-Roberts's questions to Lloyds Banking Group (LYG) leadership • Q2 2025

    Question

    Benjamin Caven-Roberts from Goldman Sachs asked about the cost of risk, seeking to reconcile a quarterly MES release with slightly weaker economic forecasts. He also inquired about the opportunity set in equity investments, particularly following the recent Mansion House speech.

    Answer

    Executive Director & CFO William Chalmers explained that the macroeconomic forecast changes were minor and that underlying asset quality remains robust, with benign trends and stable early warning indicators. Group Chief Executive Charlie Nunn welcomed the Mansion House reforms, highlighting growth opportunities through the pensions business and digital retail investment platforms like 'Ready Made Investments,' which are central to their strategy.

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    Benjamin Caven-Roberts's questions to Lloyds Banking Group (LYG) leadership • Q1 2025

    Question

    Benjamin Caven-Roberts asked for more detail on the temporary RWA increase from FX hedging and its reversal mechanics. He also inquired about the long-term factors driving mortgage demand beyond the short-term stamp duty effects.

    Answer

    Executive William Leon Chalmers clarified that the temporary £2.5 billion RWA increase, representing 14 basis points of capital, is a fixed impact that will reverse by the end of Q3. For long-term mortgage demand, he pointed to supportive cyclical factors like falling rates and HPI growth, and structural factors like the UK housing shortage and population growth.

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    Benjamin Caven-Roberts's questions to Lloyds Banking Group (LYG) leadership • Q3 2024

    Question

    Benjamin Caven-Roberts asked if the recent mortgage completion margin of ~70 bps is consistent with future guidance or if there's potential for strengthening. He also questioned the path to the sub-50% cost-income ratio target for 2026, asking if progress would be linear or more back-end loaded.

    Answer

    William Leon Chalmers, an executive, confirmed that a consistent margin picture around 70 bps is built into their plans, which supports the NIM outlook through 2026. Regarding the cost-income ratio, he stated the journey is not linear and will be more back-end loaded, with 2025 looking more like 2024. He explained that significant income growth from the structural hedge and strategic initiatives, combined with a flattening cost base by 2026, gives them high confidence in achieving the sub-50% target.

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

    Benjamin Caven-Roberts's questions to NatWest Group (NWG) leadership • Q1 2025

    Question

    Benjamin Caven-Roberts from Goldman Sachs asked for the rationale behind the Q1 impairment charge and the maintenance of a £0.3 billion post-model adjustment (PMA) amid global trade tensions. He also questioned where the bank sees the most attractive areas for incremental capital allocation.

    Answer

    Executive Paul Thwaite stated that asset quality remains strong, with the 19 basis point charge reflecting no underlying deterioration. The PMA is prudently maintained due to heightened global uncertainty. He affirmed that the capital allocation strategy is unchanged, continuing to focus on deploying capital to attractive return opportunities in mortgages, unsecured lending, and the corporate and institutional business.

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