What’s Next for U.S. Banking and 2023 Outlook

Ken Leon, Director of Equity Research and Diversified Bank Analyst
Alexander Yokum, CFA, Regional Bank Equity Research Analyst
04 April 2023

CFRA’s Director of Equity Research and Diversified Bank Analyst, Ken Leon, and CFRA’s Regional Bank Equity Research Analyst, Alexander Yokum, covered recent banking events and what to expect over the next year.

CFRA dove into the Federal Reserve mandates and functions, highlighted recent regulatory developments, looked at how banking could change following the collapse of Silicon Valley Bank, and discussed what banking traits we viewed as positive and negative in the current environment. A bull and bear case was made for the health of the consumer, and credit quality trends were highlighted. Additionally, CFRA dove into net interest income, capital markets, investment banking, and wealth management.

This session detailed:

  • A look at the regulatory environment across different asset brackets in banking.
  • The outlook and impact that the recent banking crises has on regional banks.
  • A deep dive into different sources of banking revenue and which banking strategies have succeeded and failed.
  • Current investment views on select U.S. diversified and regional banks.


Ken Leon
Director of Equity Research and Diversified Bank Analyst
Ken Leon is the Director of Equity Research at CFRA. He is responsible for analytical research as well as client servicing. As a subject matter expert, his research industries include Diversified Banks and the Housing Market, covering Homebuilding, Home Improvement Retail, Home Furnishings, and Real Estate Investment Trusts (REITs). Ken is a thought leader providing in-depth research and communications to key customer segments. He is active with most media networks and leading print media and is sought for his investment views on large banks and housing market trends. Ken holds a Bachelor of Science degree and an MBA from New York University. He was also licensed as a Certified Public Accountant in the State of New Jersey.
Alexander Yokum, CFA
Regional Bank Equity Research Analyst
Alexander Yokum is an Equity Research Analyst at CFRA. Alexander is primarily responsible for covering Regional and Diversified Banks, including companies such as U.S. Bancorp, PNC, Truist, and the largest six banks in Canada. Alexander also follows Consumer Finance names such as American Express and Capital One. Finally, he tracks Financial Exchanges and Data, including names such as S&P Global, Moody’s, CME, and Nasdaq. Alexander is a CFA charter holder and obtained his bachelor's degree in Business Administration from North Carolina State University. He has a concentration in Finance, honors in Data Analytics, and a minor in Statistics. He graduated summa cum laude.