US BANKS - TGIF: Some of the Parts

Research evidence excerpt

US BANKS - TGIF: Some of the Parts

Truist Securities

Equity Research Report June 18, 2026

FINANCIALS: Banks

Financials P/Es are broadly stable over the past year, but this hides big moves by sub-

Brian Foran sectors - some are up 30% or more while others are down just as much. Looking at sum

212-303-4146 of the parts across the sectors possibly the biggest implication is bank P/E multiples

Brian.Foran@truist.com have converged with capital light sub-sectors like payments, asset management and

insurance brokers - could banks buying non-banks be a theme? At a stock level, intra-

John McDonald sector re-rating is a positive for C, UMBF and XYZ; a modest headwind for AXP and

212-303-4179 PYPL; and for all things that touch retail brokerage a bit of a head scratcher if AI and

John.McDonald@truist.com cash sorting risks are valued consistently.

David Smith

212-319-3623

David.Smith@truist.com Quotes of the Week

"Messi and I are the same age. He's scoring hat tricks at the World Cup and I have a Matthew Coad, CFA sprained ankle because I went down the stairs funny." - LO Analyst 404-836-6014

Matthew.Coad@truist.com

"Why hand the market a map when you can just enjoy watching everyone get lost?"

- HF Analyst

Erin Kim

212-303-4151 "Only in Banks do sell side analysts apologize for pitching "expensive" stocks because

Erin.Kim@truist.com they trade above 10x earnings" - LO PM

"Fins go down - we're miserable because we own them. Fins go up - we're miserable Chris Lian as we don't own enough of them. I sense a common theme." - LO Analyst 212-303-4199

Chris.Lian@truist.com

"I never thought I'd say this....but maybe there is such a thing as too much sports???"

12 Page Document

Multiples broadly across the businesses that banks touch are little changed over the