News Snapshot:
We see clear evidence that the HSBC Holdings (HSBA LN) super-tanker is turning Balance sheet strength at YE 2020, with delivery across most plan metrics in 2020 showing commitment Execution on costs, the digital transformation, sustainably lower cost of risk going forward and the deepened Asia pivot, with an emphasis on Wealth and Personal Banking revenues, should be core drivers of returns Potential disposals of France retail banking and possibly the US retail operations would also enhance returns and free up “trapped” RWAs We believe that 2022E consensus ROE estimates are too conservative and that HSBC could potentially be on...
