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    Perlie Mong • KBW

    Perlie Mong's questions to Barclays PLC (BCS) leadership

    Perlie Mong's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Perlie Mong asked if Barclays has a 'Plan B,' such as acquisitions, to meet its UK RWA deployment target if the macro environment weakens, and how that would impact shareholder distributions. She also sought confirmation on the timing for group costs to decline, referencing previous guidance.

    Answer

    Group Finance Director Anna Cross reiterated that the UK growth plan has always been organic and that the bank will not compromise on lending quality or returns to meet a target, with shareholder distributions remaining a higher priority in the capital hierarchy. She also clarified that the plan is for the group cost base to come down in 2026, not 2027, and confirmed the bank is on track to meet its 2025 cost-to-income ratio guidance of circa 61%.

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    Perlie Mong's questions to HSBC Holdings PLC (HSBC) leadership

    Perlie Mong's questions to HSBC Holdings PLC (HSBC) leadership • Q1 2024

    Question

    Perlie Mong asked how the 'higher for longer' rate outlook informs the bank's medium-term RoTE trajectory. She also inquired about the impact of higher U.S. rates on emerging market activity, capital flows, and specifically on China's trade dynamics.

    Answer

    Georges Elhedery, Group CFO, recognized higher rates as a tailwind but deferred longer-term guidance updates, reminding that the ~$1 billion NII from Argentina will be removed post-sale. Both he and Noel Quinn, Group CEO, highlighted resilient business activity, with Noel emphasizing that outbound investment from China to the rest of the world is picking up at a significant pace, which HSBC is well-positioned to capture.

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