The banks that failed in the spring of 2023 were outliers that violated some of the golden rules of banking, but many investors continue to unfairly paint the bank group with a broad brush, according to KBW CEO Tom Michaud. In the episode, Michaud discussed the drivers of the large bank failures in 2023 and the idiosyncrasies of those institutions. He further discussed the regulatory response to the liquidity crunch and criticized the Basel III endgame proposal while advocating for deposit insurance reform. The executive also noted that investors continue to treat all banks the same and express concern over their commercial real estate exposures but noted that most of the industry faces an earnings issue rather than a threat to safety and soundness.
Ep. 87 - Fed could raise rates sooner, but 1970s-style inflation not on the table
Ep. 86 - TD Bank focused on growth in the US, open to deals
Ep. 85 - KBW CEO assesses threat from fintechs, sees legs in bank stocks, M&A
Ep. 84 - Pandemic pushes technology to the forefront for banks, insurers in 2022
Ep. 83 - Banks inking branch deals by coming to terms with multiple acquirers
Ep. 82 - Pickup in bank M&A could have domino effect
Ep. 81 - Amid strong recovery, Banc of California hearing more M&A chatter
Ep. 80 - Citizens Financial CEO discusses deal appetite, outlook for credit quality, loan growth
Ep. 79 - More attractive premiums for bank M&A targets coming
Ep. 78 - The case to grow deposits when the world is flush with cash
Ep. 77 - Excess liquidity, low rates leave banks between a rock and M&A
Ep. 76 - Record pace of fintech M&A, funding in Q1'21 has legs
Ep. 75 - As ESG gains currency, banks need long-term focus
Ep. 74 - Seeing legs in strong credit performance, US bank stock rally
Ep. 73 - Banks could see more regulation but playing field leveled with nonbanks
Ep. 72 - KBW CEO says desire to compete with megabanks driving more US regional bank M&A
Ep. 71 - Hotel sector faces tough sledding until full COVID-19 solution
Ep. 70 - Banks' liquidity conundrum could fuel M&A activity
Ep. 69 - Banks left with pockets full of cash and few places to go
Ep. 68 – As many investors zig away from bank stocks, 2 vets in the space zag toward them
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