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    Jason Napier • UBS

    Jason Napier's questions to Barclays PLC (BCS) leadership

    Jason Napier's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Jason Napier questioned the retained 2026 targets, noting that while the bank is outperforming, consensus for the Investment Bank remains below Barclays' own expectations. He also asked if the post-2026 consensus growth estimates of 3% revenue and 2% costs are reasonable given Barclays' business footprint.

    Answer

    Group Finance Director Anna Cross reiterated confidence in the 2025 and 2026 targets, stating the current momentum is a direct result of the strategy to drive stable income growth with cost and capital discipline. Group Chief Executive C.S. Venkatakrishnan added that a large bank like Barclays should grow its top line at roughly the nominal GDP growth rate of its key markets (U.S. and UK), suggesting this is a reasonable long-term assumption.

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    Jason Napier's questions to HSBC Holdings PLC (HSBC) leadership

    Jason Napier's questions to HSBC Holdings PLC (HSBC) leadership • Q1 2025

    Question

    Jason Napier asked for the motivation behind HSBC's suggestion to U.K. regulators to end ring-fencing and its potential financial impact. He also questioned why cost guidance was held constant for the year despite a strong Q1, implying potential for future efficiency slippage.

    Answer

    Georges Elhedery, an executive, argued that enhanced regulations have made ring-fencing redundant and its removal would lower costs, improve capital efficiency, and support U.K. growth. Manveen Kaur, an executive, explained that the full-year cost guidance accounts for inflation, investment spend, and the phased-in benefit of simplification savings throughout the year, which explains the stable guidance despite a strong Q1.

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    Jason Napier's questions to HSBC Holdings PLC (HSBC) leadership • Q1 2024

    Question

    Jason Napier questioned the impact of a 'higher for longer' interest rate environment on asset mix and credit demand in Hong Kong, asking why banking NII guidance wasn't upgraded. He also sought to understand the sustainability of the strong Q1 wealth management performance.

    Answer

    Georges Elhedery, Group CFO, acknowledged the rate environment as a tailwind but stated it was too early in the year to update the NII guidance. On wealth, he attributed the strong results to strategic investments but cautioned against annualizing the number due to a weaker comparison period in Q1 2023, though he expects continued growth.

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