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    Piers Brown

    Stock Analyst at HSBC

    Piers Brown is a Stock Analyst at HSBC specializing in the financials sector, with a primary focus on regional banks and wealth management companies such as Deutsche Bank Aktiengesellschaft and Julius Baer. His published ratings include downgrades of Deutsche Bank to Neutral and Julius Baer to Hold, and his tracked performance shows a 33.33% success rate and an average return of -248.1%, placing him near the lower end among professional analysts for investment returns. Brown began issuing equity research coverage at HSBC in 2017, but there is no publicly available information about prior positions or his professional licensing and credentials. Despite limited success metrics, he has contributed financial sector coverage recognized by prominent rating platforms.

    Piers Brown's questions to UBS Group (UBS) leadership

    Piers Brown's questions to UBS Group (UBS) leadership • Q1 2025

    Question

    Piers Brown asked if the strong FRC performance was driven by business mix, such as strength in FX, or by market share gains. He also requested an update on the progress of capital repatriations from subsidiaries like the IHC.

    Answer

    Todd Tuckner, Group Chief Financial Officer, attributed the strong FRC result to the bank's concentration in FX, which performed well, while being under-concentrated in weaker areas like rates and credit. He confirmed that UBS is progressing with regulators to repatriate excess capital from UK and US subsidiaries as legacy portfolios are wound down.

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    Piers Brown's questions to UBS Group (UBS) leadership • Q4 2024

    Question

    Piers Brown of HSBC asked for commentary on client risk appetite and releveraging trends, given mixed signals in the quarter. He also questioned why the final Basel III implementation had a neutral CET1 impact, an improvement from the previously guided 30 basis point hit.

    Answer

    CFO Todd Tuckner explained the neutral Basel III impact was due to excellent preparation, including infrastructure improvements, model alignments, and risk reduction. On client appetite, he noted that higher-for-longer U.S. rates are helpful for deposit margins but could have a "chilling effect" on the pace of releveraging in the wealth business.

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    Piers Brown's questions to Julius Baer Group (JBAXY) leadership

    Piers Brown's questions to Julius Baer Group (JBAXY) leadership • Q2 2022

    Question

    Piers Brown of HSBC asked for an update on current Lombard loan demand and whether the loan book was still shrinking. He also inquired about the criteria for booking new treasury assets as either OCI or amortized cost, and why not all new purchases are booked at amortized cost.

    Answer

    CFO Evie Kostakis noted that the pace of deleveraging slowed in the second quarter and that the credit pipeline, particularly in Asia, is now looking healthy. She explained that while the firm will continue to use amortized cost accounting, it will not move the entire portfolio that way due to the limited ability to sell those assets if needed.

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