Street Talk

S&P Global
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Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence, takes a deep dive into issues facing financial institutions and the investment community. Tune in for interviews with industry insiders as well as brief outlooks for the banking sector.

  1. Ep. 148 - Banks, AI and the not so "hidden" exposure to private credit

    24 MAR

    Ep. 148 - Banks, AI and the not so "hidden" exposure to private credit

    A few blips tied to private credit and loans to nonbank financial institutions have weighed on the bank group recently and come at the same time at the group faced pressure over concerns that greater adoption of artificial intelligence could threaten many traditional jobs and ultimately lead to higher levels of unemployment. However, some bank analysts argue that both issues might be overblown and that AI in particular could lead to efficiency gains for banks. In the episode, Greg Hertrich, managing director and head of US Depository Strategies at Nomura, discusses the real risks behind bank lending to private credit firms and nonbank financial institutions. Hertrich explains why these exposures aren't as "hidden" as some fear, why banks are better capitalized and more transparent than in past cycles, and how today's credit environment differs from previous crises. He also tackled concerns about AI's impact on the job market and argued that AI could prove an efficiency gain for banks rather than pose a great threat to the economy and banks' loan portfolios.

    34 min
  2. Ep. 147 - KBW CEO sees M&A reboot, green lights for regional bank valuations

    13 FEB

    Ep. 147 - KBW CEO sees M&A reboot, green lights for regional bank valuations

    After years of trading at the steepest discount in the broader market—dead last among all major sectors—the banking industry is finally positioned to narrow that gap, according to KBW CEO Tom Michaud.  In the episode, Michaud said that the best fundamental environment in years, historic levels of excess capital, a once in generational change in the regulatory environment and rebounding M&A activity should support stronger valuations for regional banks in 2026. The executive also shared his takeaways from the annual Acquire or Be Acquire conference and his outlook for bank deal activity. He further discussed why scale matters and the impact of shareholder activism in the banking sector.

    35 min
  3. Ep. 146 - Strong fundamentals, increasing M&A activity set the table for small cap bank stocks

    21 ENE

    Ep. 146 - Strong fundamentals, increasing M&A activity set the table for small cap bank stocks

    While large bank stocks have significantly outperformed their smaller counterparts over the last few years, the tide could finally be turning, according to Jonah Marcus, partner and portfolio manager at Endeavour Capital Advisors, Inc. In the episode, Marcus said there are positive tailwinds for the banking sector, including increasing bank M&A activity, net interest margin expansion and deregulation, that will serve as a greater benefit for small and mid-cap banks. The veteran investor also discussed the valuation disparity between large and small banks; his outlook for credit quality and bank M&A activity, and the importance of technology and a bank's data strategy.

    24 min
  4. Ep. 145 - Bank stocks are divorced from fundamentals

    28/11/2025

    Ep. 145 - Bank stocks are divorced from fundamentals

    Bank stocks are trading at their cheapest levels relative to the broader market in a decade, but a confluence of catalysts, including rebounding M&A activity, deregulation and rate cuts by the Federal Reserve could finally unlock value for the sector, according to Mendon Capital's Anton Schutz Sr. and Anton Schutz Jr. In the episode, the father-son investment team discuss the current state of bank stocks and what lies ahead for the sector. The Schutz team addresses the frustration many long-term bank investors feel— strong fundamental performance hasn't translated to higher stock prices. They downplayed recent concerns over losses related to loans to nondepository financial institutions and expressed confidence in the sector's credit fundamentals, contrasting the conservative lending practices of regulated banks with the riskier positions being taken in private credit markets. They also see several potential drivers for bank stock performance, including renewed M&A activity, regulatory changes favoring deregulation and the potential for interest rate normalization to benefit margins. The investors further discussed how AI and technology could dramatically improve bank cost structures, with particular emphasis on back-office operations rather than revenue generation.

    39 min
  5. Ep. 144 - Decoding banks' third-quarter earnings and rebounding M&A activity

    27/10/2025

    Ep. 144 - Decoding banks' third-quarter earnings and rebounding M&A activity

    Despite ongoing economic uncertainty and investors' concerns about potential slippage in credit quality, U.S. banks delivered strong third-quarter results that beat expectations across the board. In the episode, Chris Nichols, Director of Capital Markets at South State, discusses third-quarter earnings trends, including the continued resilience of consumer spending, the stabilization of credit quality after several quarters of deterioration, and the unexpected strength in fee income. Nichols and Street Talk host Nathan Stovall dissect the controversy around loans to nondepository financial institutions (NDFI) following several high-profile credit losses, debating whether these incidents represent isolated frauds or canaries in the coal mine. Nichols also highlighted strategic imperatives for banks heading into 2026 and argued that now is the time to rebuild deposit franchises through product innovation and marketing creativity—not rate competition. Nichols and Stovall also explore the reawakening M&A landscape as regulatory headwinds ease and activist investors enter the fray.

    32 min
  6. Ep. 143 - Stablecoins vs. traditional banking: Who wins the battle for depositors?

    15/10/2025

    Ep. 143 - Stablecoins vs. traditional banking: Who wins the battle for depositors?

    The world of cryptocurrencies has seen no shortage of upheaval, but regulatory clarity that has arrived with recent legislation is expected to lead to greater adoption of stablecoins. Some market participants and banks are worried the growth could lead to deposit cannibalization. In the episode, S&P Global Market Intelligence fintech analysts Jordan McKee and Sampath Sharma, and FIG Research Head Nathan Stovall talked about stablecoins, changes in regulation that could spur greater adoption, the potential threat to bank deposits, how traditional financial institutions are responding, and the challenges to further stablecoin growth.

    30 min
  7. Ep. 142 - Despite looming rate cuts, strong deposit franchises still take the cake

    18/09/2025

    Ep. 142 - Despite looming rate cuts, strong deposit franchises still take the cake

    While peak funding costs are in the rearview mirror, investors and bank acquirers continue to assign higher values to institutions with lower-cost deposit franchises. In the episode, S&P Global Market Intelligence analysts Nathan Stovall and Zain Tariq discuss which banks have the strongest deposit franchises, what attributes they have and how deposits continue to drive valuation in the banking sector. They also share takeaways from the inaugural Deposit Conference, co-hosted with South State, where experts shared their views on niche strategies and the state of the competitive and regulatory landscape.

    30 min
  8. Ep. 141 - Signs of stronger bank M&A emerge as serial acquirers, large transactions return

    30/07/2025

    Ep. 141 - Signs of stronger bank M&A emerge as serial acquirers, large transactions return

    Bank M&A activity is showing signs of life, and a much awaited rebound in bank deal activity could be in store.  In this episode, Christopher Olsen, managing partner at Olsen Palmer, shared his view of the bank M&A market and why community banks are selling at this point in the cycle. The veteran deal adviser said shareholder liquidity, and board and management succession remain significant drivers of sales activity. He also said that buyers have greater regulatory support to announce multiple transactions in a relatively short period of time and are seeking scale to compete with both traditional banks and nonbank competitors vying for market share. He also noted that some recently announced large transactions demonstrate increased deal discussions and the promise of greater activity in the future.

    29 min
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Información

Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence, takes a deep dive into issues facing financial institutions and the investment community. Tune in for interviews with industry insiders as well as brief outlooks for the banking sector.

Ficha técnica

  • Canal
    S&P Global
  • Creado por
    Nathan Stovall | S&P Global Market Intelligence
  • Años en activo
    2017 - 2026
  • Episodios
    148
  • Clasificación
    Apto
  • Derechos de autor
    © All rights reserved 172735
  • Sitio web del podcast
    Street Talk

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