E64: Banking on the Future
KEY TAKEAWAYS
- The 2023 Silicon Valley Bank events underscored the critical role of large banks in ensuring financial stability causing a notable shift in market share and consumer deposits towards these institutions
- Post-SVB regulatory recalibration is strengthening bank capital and liquidity. Banks are strategically adopting AI prioritizing high-quality data to enhance operational efficiency across all functions.
- Amidst the growth of private credit banks are focusing on core deposit and fee relationships. Discussions continue regarding the impact of stablecoins and the strategic management of credit card interchange.
Anne Malone, Citi's North America Head of Equity Research, sits down with Keith Horowitz, Global Head of Banking, to discuss emerging trends in banking. Their conversation ranges from the lessons learned post-Silicon Valley and how regional banks compete to the rise of private credit and the impact of stablecoins.
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Anne Malone, North America Head of Research, Citi
Anne Malone was named Head of NAM Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi, she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a Chartered Financial Analyst.
Keith Horowitz, Global Head of Banking Research, Citi
Keith Horowitz is Global Head of Banks Research at Citi Research and has primary coverage of U.S. banks. Prior to joining Citi in 2000, Keith was an Associate Analyst for Prudential Securities with the U.S. Large-Cap Banking team and then PaineWebber where he launched coverage of the regional banks. Since then, he has picked up coverage of the large-cap banks (2006), brokers (2009), trust banks (2014), and consumer finance (2024). Prior to working in equity research, Keith was an Auditor at KPMG Peat Marwick and a Management Consultant at Coopers & Lybrand Consulting. Keith has been consistently ranked in the Institutional Investor's All-America Research Poll and was ranked #1 in 2019. Keith holds a Chartered Financial Analyst certification and also an MBA degree in Finance from Duke University and a Bachelor of Science degree in Accounting from the University of Delaware.
