Sign in

    Ed Firth

    Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods (KBW)

    Ed Firth is a Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods (KBW), specializing in UK banks with focused coverage on major names such as HSBC and OSB Group. With a 25-year track record as a bank analyst, he previously led European Banks research at Macquarie and held senior roles at NatWest, bringing deep industry experience and insight to his analysis. Noted for his rigorous approach, Firth is frequently cited in the financial press for his perspectives on bank profitability and market outlook, and his research is recognized for its influential impact on investor decision-making. He holds a degree in Chemistry from Durham University and has maintained long-standing professional credentials relevant to research and equity analysis in the UK banking sector.

    Ed Firth's questions to NatWest Group (NWG) leadership

    Ed Firth's questions to NatWest Group (NWG) leadership • Q2 2025

    Question

    Ed Firth of KBW requested clarification on the structural hedge mechanics for 2026 and questioned the bank's M&A strategy, asking if the criteria had shifted and if the latest buyback signaled that acquisitions were off the table.

    Answer

    CFO Katie Murray explained the 2026 hedge benefit is larger due to a stable notional and the averaging effect of reinvestments already locked in. CEO Paul Thwaite clarified the M&A criteria have always been to add 'scale or capabilities,' not just skills. He stressed that any deal faces a very high financial bar versus organic growth or buybacks, and the bank's disciplined, balanced approach has not changed.

    Ask Fintool Equity Research AI