Financial Services >> Analyst Interviews >> November 22, 2004


THOMAS D. MCCANDLESS is a Director and Senior Research Analyst at Deutsche Bank Securities which he joined in August 2003. Prior to that, he was Senior Vice President and the senior large cap bank analyst for Keefe, Bruyette & Woods, Inc. and was the first senior analyst hired immediately after the tragedy of 9/11 to help rebuild KBW. He was instrumental in helping KBW maintain its number one ranking in Institutional Investor's Best of Boutiques survey in large cap banks in 2002 (a year of substantial rebuilding at KBW) as well as the number two position in regional banks in the Greenwich Associates survey. Mr. McCandless is a frequent TV-guest commentator for CNNfn, CNBC, and others and is widely cited in key financial publications, i.e., The Wall Street Journal, The American Banker, Banking Strategies, etc. He has also been a frequent guest speaker and/or consultant for the banking industry through the Risk Management Association, the Office of Thrift & Supervion and the FDIC. From 1998-2000 he was an Executive Director and the senior bank analyst and team leader for CIBC World Markets' six member banking research effort. During 1996 and 1997 he served as co- head of an institutionally recognized global bank research team (12 members) at NatWest Securities Corp. Prior to joining NatWest, he successfully re-established a major institutional bank research effort for PaineWebber, Inc. between 1993 and late 1995. From 1989 to 1993 he was part of the number one-rated Greenwich Research team of US banking analysts at Goldman Sachs & Co. From 1985 to 1989, he provided comprehensive analytical coverage of the financial services sector for The Private Bank of Bankers Trust Co.. Mr. McCandless began his analytical career with Folger Nolan Fleming Douglas, Inc. in Washington, DC, in early 1983. He received an MBA degree from the University of North Texas in 1982 and earned his BBA degree, magna cum laude, from Texas Wesleyan University in 1980. He is a member of the New York Society of Security Analysts, the Association for Investment Management and Research and is a Chartered Financial Analyst. Mr. McCandless is a past President, Treasurer and Director of The Bank and Financial Analysts Association, the oldest and largest equity analysts association in the country. Profile
TWST: Tom, give us a quick overview of your coverage to start with.

Mr. McCandless: We cover the largest banks in the country excluding

Citigroup and J.P. Morgan Chase, which tend to behave