With the election of Donald Trump as the next US president, the future of financial regulation and its impact on the country's equity markets has become a key focus for industry participants. After years of SEC-driven regulatory crackdowns, the new administration could now turn the tide – which many believe may supercharge the US equities market.  

As head of the Office for the Comptroller of the Currency, Michael J Hsu has a unique viewpoint on the US banking system. In what could be one of his last interviews in office, he speaks to Euromoney about the future of the system – and how small and medium-sized banks can survive in an era when technology spend is only becoming more important.

US banks will get a trading and dealmaking boost from Trump’s re-election, but rising Treasury yields could pose challenges.

A second Donald Trump presidency could be a game changer for banks across the US. Senior bank executives must think deeply not just about the potential for regulatory relief and higher investment banking revenue, but also – beyond the big four – about new scope to make transformational strategic moves.

Cost-conscious FX clients appear to be going to great lengths to avoid upfront payments for volatility protection, despite the lack of clarity around Fed monetary policy and the potential impact of political and geopolitical factors over the remainder of the year.

US and Canadian banks may have had a head start in generative AI, but some European banks are trying to close the gap. Those in charge of harnessing the technology at big banks in Europe say they are gaining confidence in its use: adapting marketing shots to certain client profiles, helping sales managers to sift through product policies and much more.

Javier Rodríguez Soler, BBVA’s global head of sustainability and corporate and investment banking, says an acquisition of Banco Sabadell would boost his division’s international standing. But BBVA is already eyeing a leading role in banking decarbonisation around the world, especially in the US. Partnerships with private equity companies, and investments in cleantech funds, are among the ways it is pursuing that goal.

Not long ago, Miami was known as a place middle-class Americans went to retire. Today, it is a burgeoning financial hub full of high net-worth families, private equity firms and hedge funds – and it is busy pulling in capital and private wealth at a record rate.

It is turning out to be an equities year for the big investment banks, as fixed income revenues fall or stall and fees from dealmaking recover slowly.

Direct lending may have benefitted from the resurgence in US private equity buy outs in the first half of the year, but there may still be a return to syndicated markets.

Bullish US companies are looking beyond historically high interest rates and tight lending standards when it comes to commercial lending.

Nearshoring has become a topic that is discussed so often – and applied to so many issues – that it seems to be everywhere, and nowhere at once. Euromoney talks to banks operating in the Mexican market to find specific examples of new business being generated by nearshoring.

Its acquisition of Citi’s retail banking business in the Philippines has proven to be a challenge. It has put pressure on the bank’s capital buffers, while Citi’s high-end customers have shown a preference for international players.

Huge international debt capital market issuance in September and October is forecast as investors may seek to take any US Treasury benefit through wider spreads.

Alongside UniCredit’s recent acquisition of Polish financial technology company Vodeno, the US private equity takeover of VeloBank is another sign of renewed optimism in Poland.

The spike in bitcoin after the shooting at a Donald Trump election rally was a reminder that for all the claims of increased maturity, the world’s largest cryptocurrency remains unpredictable.

Despite 2023 not being a year for the record books in investment banking and capital markets, clients still required careful and thoughtful advice even when they were not doing landmark deals. For its consistency and all-round excellence, JPMorgan takes the US award for best investment bank.

For many US regional banks, the priority in the first part of 2023 was simply survival. But for the very best, ambitions went much further than that. For its excellent financial performance, the product of wise decisions made years ago and the continued execution of an impressive strategy, Fifth Third is the US's best super-regional bank.

In each of equity and debt capital markets, syndicated loans and M&A advisory, Truist Securities ranked higher than its super-regional peers in 2023, according to Dealogic. For its consistency and the progress it has made since the merger of SunTrust and BB&T that created the firm at the end of 2019, Truist wins the award for the US’s best super-regional investment bank this year.

If there was ever a time that demonstrated JPMorgan’s credentials as the country’s best bank, it was the crisis in March and April 2023 when US regional banks suddenly faced a balance sheet reckoning triggered by the rapid change in interest rates.

S&P’s regional bank index has just pushed past its March 10, 2023, level, reflecting where these stocks were immediately before the collapse of SVB last year. Those stocks are rising sharply and investors are seeing huge profits, so is this a sign that regional banks have finally emerged from their crisis?

Tyler Dickson’s departure from Citi must rank as one of the most predictable moves in investment banking this year, even if where he has ended up is perhaps less obvious. Elsewhere, Citadel Securities is apparently set to make an offer that some of the Street might find difficult to refuse.

Basel-endgame pushback has reduced the urgency for US banks to relieve capital, but investor appetite for significant risk transfer trades is spilling over to Europe.

Donald Trump is now likely to win the US presidential election after a disastrous debate performance by incumbent Joe Biden. Trump 2.0 may bring complications as well as benefits for Wall Street.

Derivatives structurers are thriving, but regulators aren’t convinced the biggest Wall Street banks have a firm grasp of their complex exposure.

It is getting tougher for investors to execute block trades of more than €2 million in Europe’s fragmented equity markets. Matching buyers and sellers needs a return to negotiation and away from pure electronic trading.

The absence of staking and the earlier approval of spot Bitcoin exchange-traded funds have sucked much of the excitement out of the SEC’s surprising decision to greenlight spot Ethereum ETFs.

For the US to come out in support of voluntary carbon markets even while arguing for their reform is an important step in the drive to seek better standards for what are vital – albeit flawed – mechanisms. But more guidelines on how to certify and trade offsets are no substitute for the real thing.

John Mathews, head of UHNW Americas for UBS in New York, tells Euromoney why the US’s private banking model is so successful, why the Swiss firm is really in the life counselling business, and explains why it has targeted US ultra-high net worth clients.

As securities markets shift to T+1, repo is already going intraday with DLR the first of what may be many digital trading platforms to offer JPM Coin for the cash leg.