Quarterly Update on US Banks - Q1
Moody’s North American team discussed the Q1-23 bank results and the most recent credit developments and associated rating actions.
Topics include:
- Credit implications of lower capital and the evolving funding and profitability profiles at some US regional banks
- Rising commercial real estate risks
- Regional and global investment banks’ Q4 results
- US consumer -- continued weakening and the outlook ahead
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SpeakersAna Arsov Managing Director, Global Banking Co-Head Moody’s Investors Service
Jill Cetina Associate Managing Director, Financial Institutions Group Moody's Investors Service
Joseph Pucella Associate Managing Director, North America Banks and Specialty Finance Moody's Investors Service
Peter Nerby Senior Vice President, North America Banks and Securities Firms Moody's Investors Service
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Ana Arsov is a Global Managing Director, co-heading of the banking rating franchise for Moody’s Investor Service which includes rating coverage for banks, securities firms, specialty finance and market infrastructure.
Ana joined Moody’s in 2013 with an extensive experience in analyzing financial institutions and managing credit professionals. Prior to joining Moody’s, Ana’s most recent role was at UBS, where she spent the last several years as Executive Director in Credit Risk, responsible for financial institutions including North American banks, broker dealers, exchanges and clearinghouses. Prior to UBS, she was Head of Global Portfolio Management-Credit Risk Management at Morgan Stanley, focusing on comprehensive coverage, identification and analysis of risks across the firm’s trading and lending businesses as well as leading key risk management initiatives for Morgan Stanley Bank N.A.
Ana began her career in Credit Risk Management at Lehman Brothers in various credit risk roles, ultimately heading up the North American Financial Institutions and Structured Finance team, and subsequently worked on Lehman’s bankruptcy resolution.
Ana holds a master’s degree in Management (with a specialization in Financial Services and Banking) from Boston University, and a bachelor’s degree in Business from Pace University, New York. Ana also holds certificate on board governance from Harvard Business School.
Jill Cetina is an Associate Managing Director for U.S. banks and government sponsored enterprises in North American FIG. Prior to joining Moody’s in 2022, Jill held a senior position at the Federal Reserve Bank of Dallas, and has previously worked U.S Treasury, Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Financial Research.
Jill earned a BA from Grinnell College and a Master of Public Affairs from Princeton University. She is a CFA charterholder and has published journal articles on a range of banking topics, including stress testing, liquidity management, capital standards, and repo markets.
Joseph Pucella is an Associate Managing Director based in New York who oversees the North American team covering specialty finance companies. From 2007 to 2022, Joseph was a lead analyst for various US financial institutions, including regional and community banks, credit unions, Federal Home Loan Banks, commercial real estate lenders and business development companies. He joined Moody’s in 2004 as an accounting specialist. Prior to joining Moody’s, Joseph held positions at Credit Suisse, Deloitte, and Arthur Andersen. Joseph is a Certified Public Accountant and graduated cum laude from Villanova University with a Bachelor of Science in Accountancy.
Since joining Moody’s in November 1998, Peter Nerby has been responsible for analyzing and rating the investment banks, broker-dealers and exchanges within the U.S. securities industry. Peter is currently lead analyst covering Citigroup, Deutsche Bank and JPMorgan Chase. Peter came to the company with more than 15 years’ of experience in corporate finance, credit, and counter party analysis.
Prior to joining Moody’s, he led a team at Deutsche Bank that was responsible for managing the bank’s exposure to U.S. broker dealers. He also spent 12 years at JPMorgan and after completing JPM’s management training program, specialized in managing trading and derivatives counter party risk with regulated financial institutions and hedge funds.
Mr. Nerby holds a B.A. in Business Administration from the Richard Ivey School of Business at the University of Western Ontario. After graduation, he spent a year writing case studies on financial strategies of Canadian natural resource companies for use in the School’s graduate and undergraduate programs. He is a Chartered Financial Analyst.