Financials been a standout this year. The group pushing to record highs. The macro backdrop of course uh has been favorable.Continues to evolve though. Joining us now RBC Capital Markets co-head financials research Gerard Cassidy. Gerard, you've been bullish all year.It's been the right call. What are you thinking heading into next year. >> David, thank you and thank you for having me on the program.The outlook remains real positive. uh the trends that we saw develop in 2025 are expected to continue into 20 ...

Bank Stress Test Results & Regulatory Outlook - The Federal Reserve's bank stress test results were positive across the board, with all banks passing [1][2] - Pre-tax pre-provision net revenue (PPNR) was more robust due to industry profitability driven by strong capital markets revenues and resilient net interest margin [2] - The decline in capital wasn't as severe despite severe stress scenarios [2] - Investors are positive due to a deregulation outlook, with Michelle Bowman addressing Basel 3 endgame with a more realistic approach [5] - Treasury Secretary Besson suggests loosening regulations to allow banks to contribute more to economic growth [5] Top Bank Picks & Growth Opportunities - Wells Fargo is a top pick due to the lifting of its asset cap, allowing balance sheet growth [6] - Wells Fargo had about 13 cease and desist orders since 2019, with 12 having been lifted, reducing regulatory adherence costs of approximately $12 billion [6][7] - Bank of America is expected to show strong net interest income growth [8] - Opportunities exist for money center and regional banks like Fifth Third, Regions, and M&T to return excess capital [9]