Why the world’s biggest banks are relatively stable – so far

Published April 28, 2020 | 10 min listen
Gerard Cassidy, RBC Capital Markets’ Head of U.S. Bank Equity Strategy joined RBC’s John Stackhouse, Senior Vice President, Office of the CEO on The 10 Minute Take Podcast series to discuss why and how the world’s biggest banks are stable in this crisis.

The big U.S. banks have set aside massive loan loss provisions as they prepare for the worst of the COVID crisis. European banks begin to report earnings this week, and are expected to do the same. Yet markets have not lost confidence in the world’s biggest banks the way they did in the global financial crisis. Gerard Cassidy, RBC Capital Markets’ Head of U.S. Bank Equity Strategy, joins us on the podcast.

John Stackhouse
Senior Vice President, Office of the CEO, Royal Bank of Canada

As Senior Vice-President, Office of the CEO, John advises the executive leadership on emerging trends in Canada’s economy, providing insights grounded in his travels across the country and around the world. His work focuses on technological change and innovation, examining how to successfully navigate the new economy so more people can thrive in the age of disruption.

Prior to joining RBC, John spent nearly 25 years at the Globe and Mail, where he served as editor-in-chief, editor of Report on Business, and a foreign correspondent in New Delhi, India. Having interviewed a range of prominent world leaders and figures, including Vladimir Putin, Kofi Annan, and Benazir Bhutto, he possesses a deep understanding of national and international affairs.

In the community, John serves as a Senior Fellow at the Munk School of Global Affairs and C.D. Howe Institute, and on the boards of Queen’s University and the Aga Khan Foundation of Canada.

John is the author of three books: Out of Poverty, Timbit Nation, and Mass Disruption: Thirty Years on the Front Lines of a Media Revolution. His fourth book, Planet Canada, about Canada’s global population in an age of nationalism, will launch in April 2020.

 

Gerard Cassidy
Managing Director, Head of U.S. Bank Strategy

Gerard is responsible for providing bank and regional economic research to the firm's clients. Prior to joining our research department in 1988, he was employed by Unum Corporation as a senior bank analyst. He began his professional career with Gulf+Western Industries as a merger and acquisition analyst. Gerard is president and a member of the board of directors of the BancAnalysts Association of Boston, Inc. He is also a former member of the board of directors and secretary of the New York Bank and Financial Analyst's Association. Gerard is the creator of the Texas Ratio, a ratio used by investors to determine whether a bank could be insolvent.

 
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