The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Thomas Andrew John Rayner - Numis Securities Limited, Research Division - Analyst
: I think if my math is right, FM is accounting for about 51% of CCIB's RWAs as of Q1. I just wondered if you could give us an indication of what you
think that percentage will be by 2024 and it obviously comes in line with your overall financial targets?
Question: Martin Leitgeb - Goldman Sachs Group, Inc., Research Division - Analyst
: Could we just follow up on the question just earlier in terms of the impact of a higher rate environment of your Financial Markets franchise, is it
right to conclude that if rates would be materially higher compared to where they were, say, last year that this could result in higher volatility and
to a high opportunity set for Financial Markets' revenues? And secondly, I was just wondering if you could comment on the competitive landscape
in Financial Markets in Asia. You point out share gains in FICC in Asia over the last 3 years. Should we expect this to continue? And how do you see
competitors reacting to the opportunities there?
Question: Edward Hugo Anson Firth - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: I just wondered if you could help me a bit about what has changed in the last sort of, I guess, 6 months or so? Because I guess in the years I've
followed Standard Chartered, you've always been talking about optimisation of risk-weighted assets. But we saw a sort of marked shift in the first
part of this year and a marked shift in terms of the outlook. And I'm just trying to think why suddenly now, what has been the the delta in terms of
your thinking or in terms of how you look at the business that has meant that suddenly we've seen this flat risk-weighted asset outlook and signs
of real delivery, which perhaps has been absent for the last sort of four or five years?
Question: Edward Hugo Anson Firth - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: I would just think a flat RWA outlook, with the sort of revenue performance and profitability performance you're talking about is quite startling
and you haven't really been able to deliver that in the past. And it just seems to me that, I don't know, greater focus on it or greater delivery, I
wondered if you were sort of pulling out of whole businesses or something? Because it does feel like this, I mean don't you feel as a management
team that you're making more progress than you have done in the past? Or is that just a slight misunderstanding on my part?
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