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    Katherine Lai

    Research Analyst at JPMorgan Chase & Co.

    Katherine Lai is an Executive Director and Equity Research Analyst at JPMorgan Chase & Co., specializing in the coverage of the U.S. software sector with a focus on major cloud computing and enterprise software companies such as Microsoft, Salesforce, Oracle, and ServiceNow. She is recognized for her in-depth investment research and actionable insights, contributing to successful stock recommendations reflected in strong average returns and above-industry success rates according to analyst performance aggregators. Katherine began her finance career at JPMorgan Chase, advancing through various research roles, and has maintained her FINRA registration with Series 7, 63, and 86/87 licenses. Her expertise and analytical acumen have earned her acknowledgment among institutional investors and inclusion in top analyst rankings within her field.

    Katherine Lai's questions to HSBC HOLDINGS (HSBC) leadership

    Katherine Lai's questions to HSBC HOLDINGS (HSBC) leadership • Q1 2024

    Question

    Katherine Lai asked for the reason behind the weakness in Transaction Banking non-interest income, the potential impact of relaxed LTV ratios on Hong Kong mortgage growth, and how the bank will meet its 5% cost growth target given the 8% rise in Q1.

    Answer

    Georges Elhedery, Group CFO, explained the transaction banking weakness was due to a tough comparison with a record Q1 2023 for foreign exchange, with current levels normalized. He also affirmed confidence in the 5% cost target, attributing the Q1 increase to timing of pay accruals, acquisition base effects, and one-off levies. Noel Quinn, Group CEO, noted that while Hong Kong's property market changes are positive, it's too early to call a trend.

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