Is there a generational shift underway that could trigger a valuation reset for the entire financial services sector? Special guest KBW CEO Tom Michaud joins the podcast to explain the significance of regulating banks by business model, not just asset size. Tom also talks with co-hosts Brian Gardner and Neil Shapiro about M&amp;A, innovation, and the evolution of fintech.<br>This material is prepared by the Washington Policy Strategy Group of Stifel, Nicolaus &amp; Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. The opinions expressed are those of the Washington Policy Strategy Group and may differ from those of other departments that produce similar material and are current as of the date of this publication and are subject to change without notice. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting, tax, or legal advice and clients are advised to consult with their accounting, tax, or legal advisors prior to making any investment decision. Additional information is available upon request. Stifel, Nicolaus &amp; Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member SIPC &amp; NYSE. ©2026<br>See omnystudio.com/listener for privacy information.

Bank on It! 

Potomac Perspective with Brian Gardner

# Full Transcript

**Podcast:** Potomac Perspective with Brian Gardner

## Transcript

Hi everyone and welcome to another episode of Potomac Perspective. I'm Neil Shapiro, Head of Corporate Communications at Stifel, joined as always by Brian Gardner, our Chief Washington Policy Strategist. And this episode, we are also joined by a special guest. And I won't even... Hello Brian, by the way. I know you'll bring our guest in a minute. And now I'm officially outnumbered because now we've got another Yankee fan that we're adding into the mix. So I'm not happy about that, but I am very happy to welcome our guest today.

Well, it doesn't even it out because the last podcast, a recent podcast, we had a Met fan on. So I was outnumbered. So we're finding equilibrium here. No, and all joking aside, we're honored and very lucky to have on with us Tom Eshode, who is the head of KBW, which is Stifel's financial services specialist. Tom has a long and very distinguished career with KBW.

And, you know, as I go through his background a little bit, you're going to see how it plays into the podcast and talking about what's going on today. But, you know, Tom started with KBW over 30 years ago. He started in the research department, was in sales, ran the sales desk in New York for a couple of years before going into management, has been part of the team that led the firm through the 9-11 crisis and just seen a lot.

Right. Tom started with when he started with the firm, he saw the S&L crisis. He was there for the repeal of interstate banking rules. He was there for the repeal of Glass-Steagall. He was there for the great financial crisis. And now over the last decade plus, you know, he's been leading a firm that has been through the evolution of digital banking and cryptocurrencies. And on top of that, within the last couple of years, when we had a couple of bank failures,

Tom had the opportunity to testify before Congress and talk about solutions for deposit insurance and is very involved in the various trade associations that the banking industry is involved in, cares about, and what Stiefel cares about as well. So we're really lucky to have Tom on this morning. Tom, good morning. Welcome. And don't forget, Brian, that was a great introduction. But let's not forget that Tom has taken on, more recently, additional responsibilities,

co-heading the investment banking and equities group at Stiefel. So his kingdom has expanded. And now, Tom, you're on the podcast. I mean, like, well, wow, with an introduction like that, I mean, I'm nervous that the bar is too high. And also, I realize I'm going to be busy. That's a lot to do. I'm going to be busy. But this is a lot going on. Couldn't be more excited to be with you two guys. What a great podcast this has been. And thank you for inviting me. Great, Tom. Thanks for joining us.

So, you know, when I was talking about your career and the changes that you've seen in banking and the regulatory environment, how do you see th...

Bank on It!

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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Bank on It!

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.