Thomas Michaud

Global Co-Head of Institutional Equities & Advisory and KBW Chief Executive Officer, Stifel Financial Corp.

Search every verified Thomas Michaud interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Thomas Michaud, CEO of KBW at Stifel Financial, appeared on CNBC’s "Squawk on the Street" on October 8, 2026, to discuss the outlook for bank earnings. He stated that interest rate changes are the primary issue currently affecting banks and financials, and he expects banks to remain under pressure until the rate outlook stabilizes. Michaud cited an analysis using AI that found mentions of net interest margin in second-quarter earnings transcripts increased 60% compared to the prior three-year average, and that changes in net interest margin forecasts were most correlated with bank stock performance. Michaud also addressed concerns about bond markets and interest rates, noting that while the industry's negative bond marks were 5% of tangible capital in the last quarter—compared to 19% in 2023—he does not view this as a systemic issue. He highlighted that banks have strengthened their balance sheets, with tangible common equity projected to reach 10% by 2028 versus 6.5% before the global financial crisis. He acknowledged that credit costs are expected to rise and that there will be isolated credit problems, but he emphasized that the long-term driver of bank stock valuation is return on tangible capital, which he said is improving for the industry.