U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 106 | 6.12.26

Research evidence excerpt

U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 106 | 6.12.26

Barclays | U.S. Large-Cap Banks

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1) Voting Area: Financial Institutions

2) Category: Banks Largecap

3) Firm: Barclays ★★★★★

4) Analyst: Jason Goldberg ★★★★★ (team support also appreciated: Inna

Blyakher, John Hotchkiss, Matthew Kesselhaut, Brian Morton)

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Research Released

Bank Brief BANTER – A dozen quick takes from this week (6/12/26). This week, 2Q updates

pointed to higher NII/loans/fees, positive operating leverage, generally stable asset quality

(though eyeing inflation/oil) and continued share buyback. Banks highlighted AI benefits while

downplaying near-term (pricing) and longer-term (stablecoin/smart cash) deposit concerns.

Capital Outlook: A more pragmatic capital regime emerges (6/11/26). Large-cap bank capital

requirements are easing (lower SLR, RWA/GSIB/SCB reform), with more changes ahead. While

2026 stress tests are non-binding, results should show lower SCB for banks above the floor (esp.

CFG, FITB, KEY, C, GS, MS), supporting asset growth, dividends, buybacks, M&A and AI spend.

Daily Dose

Quote of the Day 1. “Scale does matter, and the way we describe our growth is this: We need to

have organic growth and we need to do well on our own. And we augment that [growth] with

acquisitions." ~ FCNCA CEO Frank Holding Jr in Axios today (additional quotes below)

Quote of the Day 2. “We're doing exceptionally well in M&A, and the M&A market is doing

exceptionally well. We're going to see a marketplace this year that I think will likely be a record

year.