National Banking Symposium - Q1 2026 Sector Outlook

Tom Michaud serves as President and Chief Executive Officer of Keefe, Bruyette & Woods (KBW), an investment bank specializing in the financial services sector. Since joining the firm in 1986 as a credit analyst trainee, he has spent 36 years developing the KBW franchise and leading many of its businesses. Tom co-led the firm’s rebuilding efforts following 9/11 and was instrumental in launching the firm’s IPO in 2006.

Tom was named CEO in October 2011, assuming direction of all business lines in the United States and Europe. Under his leadership, KBW has evolved into the premier investment bank to the financial services industry. The company is routinely recognized for its leadership in mergers & acquisitions, capital raising, and equity research. Tom maintains strong personal relationships with leading industry executives, policy makers, and institutional investors and has been instrumental in executing many of KBW’s largest transactions. More recently, Tom has become a leading authority on the digitalization of banking and the emergence of fintech.

In February 2013, Tom led the firm’s merger into Stifel Financial Corp. (NYSE: SF). KBW is now a wholly owned subsidiary of Stifel and Tom serves as Senior Vice President and a member of Stifel’s Institutional Group Management Committee. Tom is a member of the Board of Directors of 9/11 Day, the nonprofit organization that established and leads the September 11 National Day of Service and Remembrance, the nation’s largest annual day of charitable engagement. He also serves on the Board of the Foreign Policy Association of New York and the Board of Leaders of the Marshall School of Business at the University of Southern California. Tom is a graduate of Middlebury College where he studied Economics and played baseball. Early in his career, Tom attended night school and earned an MBA from NYU's Stern School of Business.

Mark Narron is a Senior Director in Fitch Ratings’ Financial Institutions Group where he covers U.S. and Canadian Banks. Since joining Fitch in 2013, he has covered banks, non-banks and supranational institutions across the Americas, and formerly headed up bank ratings in Peru and Venezuela. Prior to joining Fitch, he was a Vice President in Deutsche Bank's Global Social Investment Funds. He received an MSc from the London School of Economics and B.A. from McGill University.

Herman Chan, CFA is a research analyst covering US banks and fintech companies with over two decades of experience in equity research and investor relations. He's served as senior analyst at Bloomberg Intelligence, the research arm of Bloomberg L.P., since 2019 and is a frequent contributor to Bloomberg's news and radio broadcasts. Previously, he worked in investor relations at M&T Bank Corp, a top 20 US commercial bank. Prior to that time, Herman was the senior research analyst at Wells Fargo Securities covering small and mid cap banks. He also has equity research experience covering financial institutions in prior roles at Citigroup, Wachovia Capital Markets and Prudential Equity Group.

Anurag Rana is an equity research analyst covering technology companies for Bloomberg Intelligence. With over 22 years of research experience, Anurag covers large-cap technology stocks including Apple, Amazon Web Services and Microsoft, among others. He's also one of the co-hosts of the Tech Disruptors podcast, which focuses on disruptive companies and emerging technologies. Anurag is a frequent guest on Bloomberg TV and radio and is often quoted by global news outlets. Prior to Bloomberg, he was a Senior Analyst with KeyBanc Capital Markets Inc. He holds an MBA from SUNY Buffalo and a BS in physics from the University of Delhi.