Since 1990, James J. McDermott, Jr., has been president of Keefe, Bruyette & Woods, Inc. (KBW), a New York-based investment banking and brokerage firm specializing in commercial bank and thrift institutions. With a staff of 130, the employee-owned firm typically publishes 60 research reports a year and has consistently handled transactions valued at more than $5 billion a year. A 20-year veteran of the industry, McDermott talks about the financial services industry, his business, changes in banking over the last 20 years, and what lies ahead.

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