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&A, innovation, and the evolution of fintech.

This material is prepared by the Washington Policy Strategy Group of Stifel, Nicolaus & 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 & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member SIPC & NYSE. ©2026

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.
<hr>
This material is prepared by the Washington Policy Strategy Group of Stifel, Nicolaus &amp; Company, Incorporated (&ldquo;Stifel&rdquo;). 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. &copy;2026

Stifel Chief Washington Policy Strategist Brian Gardner provides timely insight and analysis into how political, legislative, and regulatory developments are impacting business and capital markets.

This material is prepared by the Washington Policy Strategy Group of Stifel, Nicolaus & 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 & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member SIPC & NYSE. © 2022

Stifel Chief Washington Policy Strategist Brian Gardner provides timely insight and analysis into how political, legislative, and regulatory developments are impacting business and capital markets.
<hr>
This material is prepared by the Washington Policy Strategy Group of Stifel, Nicolaus &amp; Company, Incorporated (&ldquo;Stifel&rdquo;). 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. &copy; 2022

Potomac Perspective with Brian Gardner

Stifel Chief Washington Policy Strategist Brian Gardner provides timely insight and analysis into how political, legislative, and regulatory developments are impacting business and capital markets. Moderated by Stifel Head of Corporate Communications Neil Shapiro.

This material is prepared by the Washington Policy Strategy Group of Stifel, Nicolaus & 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 & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member SIPC & NYSE. © 2023

Stifel Chief Washington Policy Strategist Brian Gardner provides timely insight and analysis into how political, legislative, and regulatory developments are impacting business and capital markets. Moderated by Stifel Head of Corporate Communications Neil Shapiro.
<hr>
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. © 2023