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U.S. Financials defied the doomsayers in 2024, with fundamental strengths shining as the industry navigated the post-COVID cycle. It was hard to see the status quo persisting in 2025 with the economy slowing, rate cut expectations swinging around, and the likelihood of whipsawing policies under the new administration. We discussed the major themes for U.S. Financials in the year ahead, including M&A, the regulatory and policy landscapes, interest rate risk positioning, and more.