Bank M&A

How Ukraine and Inflation Will Impact Banking

Every year, Keefe Bruyette & Woods CEO Tom Michaud provides a comprehensive outlook for the industry at Bank Director’s Acquire or Be Acquired conference. In late January, his expectations for 2022 included an improvement in core industry earnings and a robust bank M&A market. Then two things happened that seemed to change everything – Russia invaded Ukraine, and inflation reached the high single digits for the first time in decades.

In this edition of the Slant Podcast, Michaud discusses the outlook for bank profitability, bank valuations and bank M&A – including the prospects for a recession.

This episode, and all past episodes of The Slant Podcast, are available on Bank Director, Spotify and Apple Music.


Jack Milligan


Jack Milligan is editor-at-large of Bank Director magazine, a position to which he brings over 40 years of experience in financial journalism organizations. Mr. Milligan directs Bank Director’s editorial coverage and leads its director training efforts. He has a master’s degree in Journalism from The Ohio State University.