Global Financials Research Group – Weekly Valuation Overview

Research evidence excerpt

Global Financials Research Group – Weekly Valuation Overview

RBC Global Equity Team

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May 14, 2026

Global Financials Research Group – WeeklyRESEARCH Valuation Overview

This publication shows estimates and valuations for our coverage of Global Financials for the week

ending May 15, 2026. Please see the footnotes in the coverage tables for further details.

Please note that all RBC ratings, price targets, estimates, and forward valuation metrics are as of 5PM

ET on May 14, 2026, unless otherwise noted.EQUITY Global Financials Stock Performance as of 05/14/2026

Banks:

• U.S. Banks: The BIX was down -3.7% in the past week and is down -6.7% year-to-date.

• European Banks: The SX7P was down -0.3% in the past week and is up +2.3% year-to-date.

• Canadian Banks: The TSX Bank Index was up +1.1% in the past week and is up +12.9% year-to-date.

Insurance:

• U.S. Insurance: The DJUSIP was down -0.6% in the past week and is down -5.3% year-to-date.

• European Insurance: The SXIP was down -1.6% in the past week and is down -2.7% year-to-date.

• Canadian Insurance: The TSX Life and Health Insurance Index was down -0.2% in the past week and

is up +7.7% year-to-date.

Diversified Financials:

• U.S. Asset Managers and Specialty Finance: The S&P 1500 Asset Management & Custody Banks index

was up +2.3% in the past week and is down -2.5% year-to-date.

• European Diversified Financials: The FTSE All-Share Financials Index was up +0.2% in the past week

and is up +3.2% year-to-date.

• Canadian Diversified Financials: The S&P/TSX Diversified Financials Index was up +1.9% in the past

week and is up +2.6% year-to-date.

Highlights from the Global Financials Group Research

• U.S. Banks: Citi Moving to Bring Back its Old Luster

• U.S.