Global Banks Research Highlights Week Ending May 15, 2026

Research evidence excerpt

Global Banks Research Highlights Week Ending May 15, 2026

J P M O R G A N Global Equity Research

15 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Global Banks Research Highlights

Week Ending May 15, 2026

This report provides a summary of research produced by J.P. Morgan Global Bank Global Equity Research

ACEquity Research. Key highlights from the past week: Global Equity Research

gr_publications@jpmorgan.com

• Julius Baer: Expectations into IMS: Strong gross margin, ongoing capital J.P. Morgan Securities LLC

build

• Macquarie Group Limited: FY26 result: Earnings upgrade cycle coming

OnStream? Retain OW

• Australian Banks: 2026-27 Budget shakes up Investor lending tax policies;

sentiment overhang and headwind to credit growth

• U.S. Mid- and Small-Cap Banks: VC and Exit Markets Bi-Weekly: 2Q26

QTD U.S. VC Investments -66% Q/Q w/ Deal Count -30% Q/Q; Deals Below

$1B -37% Q/Q

• Western Alliance Bancorp: Investor Day Heavy on Disclosures, but

Perceptions of Credit Quality Fully Intact, Keeping Us on the Sidelines

• Bank of Baroda: 4QFY26: NIM and PPOP beat, prudent stance on AQ is

positive, healthy FY27 guidance

• State Bank of India: 4QFY26: Strong advances growth, stable asset quality;

near-term NIM headwinds drive estimate cuts

• India Financials: 4QFY26 review: Healthy trends at large banks, momentum

slowdown at PSBs, stay selective in NBFCs

• Indonesia Banks: 12M SRBI yields 165bps above policy rate; CoF/NIM at

risk

• European Banks Daily: 11 May 2026

• European Banks Daily: 14 May 2026