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    Robert Smalley • Verition Fund Management LLC

    Robert Smalley's questions to Barclays PLC (BCS) leadership

    Robert Smalley's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Robert Smalley of Verition Fund Management inquired about the reasons for the high LCR and NSFR ratios, requested an update on exposure to non-depository financial institutions (NDFIs), and asked about the potential for larger, market-sized U.S. bank-level funding transactions.

    Answer

    Daniel Fairclough, Treasurer, attributed the high liquidity levels to macroeconomic factors and a deposit-centric strategy, noting the LCR will moderate but remain robust. He disclosed the NDFI exposure in the New York branch is about $20 billion. Anna Cross, Group Finance Director, described the relationship with NDFIs as intertwined and important for the lending ecosystem. Daniel Fairclough also confirmed there are no plans to change the U.S. wholesale funding mix, as the strategy is focused on growing retail deposits.

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    Robert Smalley's questions to Barclays PLC (BCS) leadership • Q2 2025

    Question

    Robert Smalley from Verition Fund Management asked for details on the high LCR, an update on exposure to non-depository financial institutions (NDFIs) like alternative asset managers, and whether the U.S. bank might pursue larger wholesale funding transactions.

    Answer

    Daniel Fairclough, Group Treasurer, explained the high LCR is a function of macroeconomics and a deposit-centric strategy, and while a methodology change will lower it, it will remain robust. He disclosed the NDFI exposure in the New York branch is about $20 billion. Anna Cross, Group Finance Director, elaborated on the strategic importance of these relationships. Daniel Fairclough also confirmed there are no plans to change the U.S. wholesale funding mix, as the strategy is focused on growing retail deposits.

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    Robert Smalley's questions to NatWest Group PLC (NWG) leadership

    Robert Smalley's questions to NatWest Group PLC (NWG) leadership • Q2 2025

    Question

    Robert Smalley of UBS asked about several topics, including whether provisions would rise to the 20-30 basis point range in 2026, the consistency of the project finance pipeline, the reason for the high Net Stable Funding Ratio (NSFR), and the potential implications of loosening the UK's ring-fencing rules on the mortgage market and liquidity.

    Answer

    Group CFO & Director Katie Murray addressed provisions, noting that while 2026 guidance is pending, the bank has recently operated at the low end of its through-the-cycle range. She characterized the project finance pipeline as inherently 'lumpy-ish' but smoothed by strong client relationships. Treasurer Donal Quaid explained the high NSFR is an outcome of a strong deposit franchise rather than an actively managed target. Regarding ring-fencing, he stated it's too early to speculate on specific benefits but acknowledged the current rules add cost and friction, without expecting changes to impact the highly competitive mortgage market.

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    Robert Smalley's questions to NatWest Group PLC (NWG) leadership • Q2 2025

    Question

    Robert Smalley of UBS inquired about several areas: the outlook for provisions moving into 2026, whether the project finance loan pipeline is steady or lumpy, the reason for the high Net Stable Funding Ratio (NSFR), and the potential implications of loosening the UK's ring-fencing rules for the mortgage market and liquidity.

    Answer

    Group CFO & Director Katie Murray explained that while 2026 provision guidance is not yet set, the bank has been operating at the lower end of its through-the-cycle range. She described the project finance pipeline as inherently 'lumpy-ish' but smoothed by strong relationships. Treasurer Donal Quaid noted the high NSFR is an outcome of the strong deposit franchise, not an actively managed target, and stated it is too early to speculate on the impacts of ring-fencing reform, though the current regime adds cost and friction.

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    Robert Smalley's questions to Deutsche Bank AG (DB) leadership

    Robert Smalley's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Robert Smalley of Verition Fund Management LLC asked about the Investment Banking pipeline for the second half of the year, particularly in Europe. He also requested details on the bank's lending exposure to alternative asset managers and BDCs, and followed up on whether improved price visibility in CRE could accelerate a portfolio workout.

    Answer

    CFO James von Moltke described the Investment Banking pipeline as strong, especially for M&A and Equity, but noted that execution depends on market stability. He expects debt capital markets to recover after the summer. On CRE, he stated that full price visibility is not yet present and the workout remains a granular, idiosyncratic process. Group Treasurer Richard Stewart noted that BDC exposure is de minimis and offered to provide more detail on alternative asset manager lending offline.

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    Robert Smalley's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Robert Smalley of Verition Fund Management LLC asked about the strength of the Investment Banking pipeline for the second half of the year, particularly in Europe. He also requested details on the bank's lending exposure to alternative asset managers and BDCs. Lastly, he followed up on CRE, asking if an accelerated workout timeline is possible now that there is more price visibility in the market.

    Answer

    James von Moltke, President and CFO, described the M&A and equity pipelines as strong but noted market instability was causing delays, with an expectation for debt capital markets to recover after summer. On CRE, he stated that pricing visibility is not yet 'full' and the workout process remains granular and idiosyncratic, though the bank is actively exploring all risk-mitigating options. Richard Stewart, Group Treasurer, noted that BDC exposure is de minimis and offered to provide a more detailed breakdown of lending to alternative asset managers offline.

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