Morgan Stanley U.S. Financials Conference | New York 2026

We're here at the 17th annual Morgan Stanley U.S. Financials Conference.

We've had a variety of banks of all sizes present up on stage, and I think the message has been fairly consistent. Yes, you are seeing some volatility in the macro environment. Yes, there are some concerns around geopolitics, but most corporate clients and consumers have moved on.

And then as you think about capital markets, the capital markets updates have also been positive. From an investment banking perspective, pipelines are strong.

Most investors have been worried about deposit competition picking up. The update from the conference is that we haven't quite seen it pick up as much as people feared just yet. Competition has been fairly rational.

And the last piece of the discussion on stage has been around a genetic AI, and what that might do for deposit costs down the line.

Most banks agree that while that is something that they're watching, given the services that banks provide, there is clearly a reason for why low-cost deposits should continue within the banking system. Any yield-seeking behavior that was happening already happened as rates were moving higher.

My name is Manan Gosalia. I'm the U.S. Large-Cap and Mid-Cap Banks Analyst at Morgan Stanley Research.