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    Edward Firth

    Managing Director at Keefe, Bruyette & Woods (KBW)

    Edward Firth is a Managing Director at Keefe, Bruyette & Woods (KBW) in London, specializing in equity research on major UK banks. He covers companies including OSB Group PLC and has been recognized as a leading bank analyst for his in-depth sector insights and over two decades of experience, though specific third-party metric rankings are not publicly disclosed. Firth began his banking research career in 1999, served as Head of European Banks Research at Macquarie, and previously held roles at Natwest as Head of Financial Planning and Investor Relations before joining KBW in 2017. He is a qualified accountant and holds a Chemistry degree from Durham University, further establishing his credentials as an expert in financial analysis.

    Edward Firth's questions to Lloyds Banking Group (LYG) leadership

    Edward Firth's questions to Lloyds Banking Group (LYG) leadership • Q2 2025

    Question

    Edward Firth of KBW asked for clarification on the expected timetable for the Supreme Court's motor finance judgment. He also questioned the 2026 capital generation target of over 200 basis points, asking how it reconciles with the bank's stated growth ambitions.

    Answer

    Executive Director & CFO William Chalmers clarified that while they expect the motor finance judgment before the court's summer recess, they have no special insight into the exact timing. Both he and Group Chief Executive Charlie Nunn affirmed that the 2026 capital generation target of >200 bps is consistent with plans for profitable balance sheet growth, supported by investment in capital-light, high-return businesses like wealth and transport, which drives OOI.

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    Edward Firth's questions to BARCLAYS (BCS) leadership

    Edward Firth's questions to BARCLAYS (BCS) leadership • Q1 2025

    Question

    Edward Firth of KBW questioned the weakness in UK non-interest income and its outlook. He also asked why Investment Bank RWAs declined in a volatile quarter and followed up on the potential for larger buybacks given the high CET1 ratio.

    Answer

    Executive Angela Cross reiterated guidance for UK non-NII, attributing the Q1 result to normal lumpiness. Executive Coimbatore Venkatakrishnan explained IB RWAs are managed for stability, with some quarterly volatility reflecting client activity. Angela Cross then confirmed the high CET1 ratio is a positive outcome of the strategy, reiterating the commitment to progressive capital distributions.

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    Edward Firth's questions to BARCLAYS (BCS) leadership • Q3 2023

    Question

    Expressed concern about the 2024 outlook given the low U.K. NIM exit rate, asking if the planned cost program is intended to offset the NII pressure to maintain a 10% RoTE, and questioned where these cost efficiencies would be targeted.

    Answer

    While U.K. NIM faces pressure, there are offsets like the structural hedge and potential recovery in other business lines like investment banking. Efficiency is a key part of driving returns. The cost actions are a long-term approach to increase growth and will be sought across the entire bank, not just in specific divisions, despite the retail bank's already strong performance.

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