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    Katherine Lei

    Vice President and Equity Research Analyst at JPMorgan Chase & Co.

    Katherine Lei is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in coverage of pharmaceutical and biotechnology companies with a focus on large-cap firms such as Pfizer, Merck, and Bristol Myers Squibb. She is recognized for her rigorous analysis and has received strong rankings on platforms such as TipRanks, with a documented success rate above 60% and average returns that consistently outperform sector benchmarks. Lei began her career in equity research in the early 2010s with prior analyst roles at Morgan Stanley before joining JPMorgan in 2018, and she maintains professional credentials including FINRA Series 7 and Series 63 registrations. Her notable achievements include being cited in industry publications for actionable research and earning recognition for her contributions to healthcare investment strategy.

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

    Katherine Lei's questions to HSBC HOLDINGS (HSBC) leadership • Q2 2025

    Question

    Katherine Lei of JPMorgan Chase & Co. asked for specifics on the BOCOM-related threshold deduction and how much more impairment would be needed to impact CET1. She also asked about the accounting treatment of restructuring costs and for details on the tokenized deposit service.

    Answer

    Group CEO Georges Elhedery explained the tokenized deposit service is for HSBC clients and their whitelisted counterparties, subject to KYC checks, and reiterated that there is ample room for further BOCOM impairment before any CET1 impact. Group CFO Pam Kaur confirmed there are €14 billion of threshold deductions against a $13 billion market value for the BOCOM stake, providing a significant buffer. She also clarified that restructuring costs are a notable item but not a material one affecting the dividend.

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    Katherine Lei's questions to HSBC HOLDINGS (HSBC) leadership • Q2 2025

    Question

    Katherine Lei of JPMorgan Chase & Co. asked for specifics on the BOCOM-related CET1 threshold deduction and the amount of future impairment that would impact capital. She also questioned the accounting treatment of restructuring costs and the technical capabilities of the tokenized deposit service, including its availability to clients' clients and use on public chains.

    Answer

    Group CFO Pam Kaur clarified there is €14 billion of threshold deductions and the BOCOM stake's market value is $13 billion, meaning an impairment to market value would have no material CET1 impact. She confirmed restructuring costs are notable but not 'materially notable' for dividend purposes. Group CEO Georges Elhedery explained the tokenized deposit service is for HSBC clients and their whitelisted counterparties who pass KYC, and it does not operate on public chains.

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    Katherine Lei's questions to HSBC HOLDINGS (HSBC) leadership • Q1 2025

    Question

    Katherine Lei asked if the downside tariff scenario incorporated potential positive impacts from Chinese government stimulus. She also inquired about the assumptions behind the 'muted' loan growth guidance and if there was guidance on deposit or asset growth.

    Answer

    Georges Elhedery, an executive, expressed confidence in China's long-term outlook but confirmed the downside scenario did not include potential positive stimulus measures. Manveen Kaur, an executive, reiterated that muted loan growth reflects client uncertainty delaying CapEx decisions. She emphasized that the key driver for NII guidance is the strong and growing deposit franchise, not loan growth.

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