Recent rating action on nine Category III and IV US banks and our views on the impact of an expected Fed rate cut cycle and re-proposal of Basel III
Moody’s Ratings recently took rating action on nine Category III and IV US regional banks as well as published research on the credit impact of the expected start of the US Federal Reserve Board (Fed) rate cut cycle and re-proposal of Basel III endgame.
This webinar will be hosted by members of Moody’s US banks’ team. The analysts will highlight the key drivers of the rating actions, which were focused on domestic commercial banks with between $100 billion and $750 billion in assets. In addition, the analysts will discuss two just published research pieces on the credit implication of first, what we expect to be the start of a series of rate cuts by the Fed beginning this Wednesday September 18th, and second, Tuesday September 10th Fed’s Vice Chair for Supervision Michael Barr’s speech in which he outlined a revised proposal to implement the final components of the Basel III capital accord into US bank capital standards for banks with assets greater than $100 billion.
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SpeakersAna Arsov Managing Director, Global Head of Private Credit & Global Financial Institutions Co-Head Moody’s Ratings
Donald Robertson Managing Director, Global Co-Head of Banking Moody's Ratings
Jeffrey Berg Associate Managing Director Moody's Ratings
David Fanger Senior Vice President Moody's Ratings
Peter Nerby Senior Vice President Moody's Ratings
Allen Tischler Senior Vice President Moody's Ratings
Warren Kornfeld Senior Vice President, Financial Institutions Moody's Ratings
Megan Fox Associate Managing Director, Financial Institutions Moody's Ratings
Stephen Lynch Vice President – Senior Credit Officer, North America Banks and Finance Companies Moody's Ratings
Johannes Moller Vice President - Senior Analyst, North America Banks and Finance Companies Moody's Ratings
Michael Taiano Vice President - Senior Analyst Moody's Ratings
Norah Zhang Analyst, Financial Institutions Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Emma Grant at emma.grant@moodys.com.
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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.
Donald Robertson is a Managing Director & Global Co-Head of Banking, based in New York. In this role, he oversees the North American analytical teams covering banks, finance companies and securities firms. As a senior leader in Moody’s Ratings’ Financial Institutions Group, his focus is on leading the North American banking franchise, deepening analytical approaches and engagement, and adapting processes, tools and work flows to address rapid digitalization.
Previously, Donald was a lead analyst for global investment banks, securities firms and market infrastructure firms. In this role he had direct responsibility for the ratings of a number of US and European banks, exchange operators, electronic market makers and clearing houses. Donald was the lead author of Moody’s rating methodologies for Securities Industry Market Makers and Securities Industry Service Providers and played an integral role in their development and implementation.
Donald joined Moody’s in 2007 as an accounting specialist. In this role, he developed and authored Moody’s cross-sector rating methodology for Financial Statement Adjustments in the Analysis of Financial Institutions and helped develop and implement Moody’s system for spreading, adjusting and analyzing banks’ financial reporting.
Prior to joining Moody’s Ratings, Donald was a Director of Financial Audit at Siemens Corporation, responsible for leading a team conducting IFRS and US GAAP audits in the Americas’ region. Donald started his career at PwC in Glasgow, UK and thereafter transferred to PwC’s New York Metro region where he was an audit manager with a client base in the pharmaceutical industry.
Donald is a CA and CPA (inactive) and holds an undergraduate degree from the University of Glasgow.
Jeff is an Associate Managing Director overseeing the North American team covering US regional banks as well as Canadian banks. Jeff joined the banking team from Moody’s Credit Strategy & Standards where he focused most recently on Public Finance after a long period focused on Financial Institutions.
Jeff joined Moody’s in 2003 as the accounting specialist supporting the insurance sectors and was one of the founding members of Moody’s Accounting Specialists Group, whose role is to also publish research on complex reporting topics. In 2004, Jeff changed his primarily role to that of a fundamental credit analyst within the US property & casualty insurance team and over time transitioned to a Group Credit Officer supporting the Financial Institution Group before moving to his current role.
Prior to joining Moody’s, Jeff spent 12 years in public accounting, most recently with PricewaterhouseCoopers LLP where he was a Senior Manager in the Insurance Audit Practice in New York City. Jeff’s previous experience included a tour in the Accounting Consulting Services Group of PwC’s National Office. Jeff is a Certified Public Accountant and graduated magna cum laude from Skidmore College in New York.
Mr. Fanger has been with Moody’s since 1995 as a member of Moody’s Financial Institutions Group. In June 2008 he returned to Moody’s Global Banking team after serving as Chief Credit Officer for Moody’s Financial Institutions Group for 2 ½ years.He currently has lead or co lead analytic responsibilities for a number of large universal banks and securities firms headquartered in Europe and the U.S., and also provides guidance and support to other analysts covering similar institutions to help ensure consistency in Moody’s analysis and ratings of these complex firms. Mr. Fanger also continues to support Moody’s Credit Policy function through his participation on a variety of standing committees and special projects.
Mr. Fanger has previously served as Regional Credit Officer for the Americas Banking team and the Finance and Securities team at Moody’s, and has been lead analyst on a wide range of banks, thrifts, and credit card companies on those teams. Prior to joining Moody’s Mr. Fanger worked at the Federal Reserve Bank of New York in Banking Supervision, and also served a brief stint at the Federal Reserve Bank of San Francisco.
Mr. Fanger has a Masters in Public Policy from Harvard University’s Kennedy School of Government where he concentrated in Business and Government Relations, and a B.A. from Colby College where he majored in Economics and Government.
Peter covers a broad portfolio of global investment, Canadian and US Regional banks and securities firms.
Prior to joining Moody’s Ratings, Peter led a team at Deutsche Bank that was responsible for managing the bank’s exposure to US broker-dealers. Peter also worked at JPMorgan Chase managing trading and derivatives counterparty risk with regulated financial institutions and hedge funds. Peter holds a B.A. in Business Administration from the Richard Ivey School of Business at the University of Western Ontario and is a Chartered Financial Analyst.
40+ years’ professional experience (including 25+ years at Moody’s Ratings).
Allen Tischler is a senior member of Moody’s North American Banking Team covering a broad portfolio of US regional banks and custody banks. He is also Moody’s lead analyst on the Federal Farm Credit Banks and a number of Federal Home Loan Banks.Allen joined the team in 1999 as an Associate Analyst.
Prior to joining Moody’s, Allen completed a Management Associate program with the Dun & Bradstreet Corporation.
Allen holds a B.A. degree from Michigan State University and an M.B.A. from the University of Chicago.
Warren Kornfeld is a Senior Vice President in Moody’s Financial Institutions Group covering mortgage, credit card, student loan banks and finance companies as well as Government Sponsored Enterprises (FHLBanks, Farm Credit, Fannie and Freddie).
Prior to joining the Financial Institutions Group, Warren was a Managing Director for Structured Finance Administration overseeing key strategic initiatives and prior to that Warren co-headed the Residential Mortgage- Backed Securities (RMBS) team as well as headed up the U.S. Servicer Ratings team.
Warren joined Moody’s in 2001. Prior to Moody’s, Warren held senior investment banking positions with William Blair & Co., The Industrial Bank of Japan and Bickford & Partners focusing on a securitizations of a wide range of asset types, including residential mortgages, equipment lease, auto loan and lease, consumer assets and commercial receivables.
Warren holds a B.S. in Finance and Decision Sciences from the Wharton School of the University of Pennsylvania.
Megan Fox is an Associate Managing Director in the Financial Institutions Group at Moody’s Ratings. She oversees the North American team responsible for the ratings and research of a portfolio spanning US-based global investment and universal banks, securities firms, asset managers and Canadian banks.
Before leading the team, Megan spent nearly 15 years as a Moody’s Ratings analyst covering a broad range of global investment, universal, US regional and community banks.
Prior to joining Moody’s Ratings, Megan held positions at Freddie Mac, primarily within the Finance department. She holds an honors degree in economics and political science from the University of Delaware.
Stephen Lynch is a Vice President–Senior Credit Officer in Moody’s Ratings’ Financial Institutions Group, responsible for a portfolio of regional banks, residential mortgage lenders, and CRE lenders. He is also the lead analyst for Fannie Mae and Freddie Mac. Prior to joining Moody’s, Stephen spent 10 years at S&P Global, where he led a team covering non-bank finance companies and government-sponsored enterprises, and he also previously worked in public accounting.
Stephen received a BA from the University of California, Los Angeles (UCLA) and holds an MBA in Finance and Accounting from the UCLA Anderson School of Management.
Johannes is a senior analyst in the North American financial institutions group covering U.S. regional banks.
Prior to joining Moody’s in July 2023, he was with Fitch Ratings for 8 years as senior analyst covering banks in the North America region. Earlier in his career he was with Deloitte advising clients in the financial services sector both in the United States and South Africa.
Johannes holds an MBA from Columbia Business School. He completed his undergraduate studies at Stellenbosch University in South Africa where he majored in mathematical statistics and quantitative finance. He is a CFA charterholder and a certified Financial Risk Manager.
Mike is a Vice President in Moody’s Financial Institutions Group covering banks, consumer finance companies, and securities firms.
Prior to joining Moody’s, Mike was a senior director at another rating agency where he covered banks, consumer finance companies, asset managers, and securities firms. He led the agency’s internal fintech common interest group and published research on emerging issues in the sector. Prior to that, Mike was a sell-side equity analyst at UBS and Sandler O’Neill Partners where he was a senior analyst covering consumer and specialty finance companies.
Mike holds an MBA from the University of Florida and BBA in accounting from Pace University. He is also a certified public accountant in the state of New York.