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    Jeremy Hugh

    Research Analyst at CICC

    Jeremy Hugh is an Executive Director and Equity Research Analyst at CICC, specializing in the TMT (Technology, Media, and Telecommunications) sector with a particular focus on major Chinese technology firms such as Tencent, Alibaba, and Meituan. He is recognized for his thorough fundamental analyses and has contributed to notable investment recommendations, achieving industry recognition for his coverage accuracy and insight within Asia's tech landscape. With over a decade in finance, Jeremy began his career at Nomura and Daiwa Capital Markets, joining CICC in 2018 and consistently delivering impactful sector research. He holds multiple securities licenses and is known for his strong professional reputation and comprehensive understanding of Asian capital markets.

    Jeremy Hugh's questions to HSBC HOLDINGS (HSBC) leadership

    Jeremy Hugh's questions to HSBC HOLDINGS (HSBC) leadership • Q1 2024

    Question

    Jeremy Hugh asked about the Q1 deposit outflow in Hong Kong, questioning if it represented a strategic trade-off between deposit growth and cost. He also requested details on the structural hedge, including its reinvestment benefit and run rate.

    Answer

    Georges Elhedery, Group CFO, clarified that the deposit movement was largely seasonal and reflected a successful strategic shift of deposits into wealth products, evidenced by $19 billion of net new invested assets in Asia. Regarding the structural hedge, he noted its size increased to $487 billion and that the net effect of new hedging and reinvestments will be a tailwind to 2024 banking NII, which is factored into guidance.

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