U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 112 | 6.23.26

Research evidence excerpt

U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 112 | 6.23.26

Equity Research

23 June 2026

U.S. Large-Cap Banks

Jason Goldberg's Bank Brief |

Volume 23, Issue 112 | 6.23.26

PNC completes FirstBank conversion; C expanding equities in U.S. Large-Cap Banks

Brazil; MS reportedly eyeing Dallas expansion; CFG adds POSITIVE

SoCal sports & entertainment private wealth team; Large, U.S. Large-Cap Banks

Jason M. Goldberg, CFA

global M&A robust; Senate passes bipartisan housing bill with +1 212 526 8580

several provisions tied to banks; BKX closes at all-time high... jason.goldberg@barclays.com

BCI, US

Research Released

Weekly Bank Briefing (6/21/26). Loans increased for the 18th week in 21 to a record high while

deposits rose for the 16th week in 20, putting both up ~2% QTD on an average basis. Loans rose

7.7% y-o-y, the fastest past in more than 3 years. Trading (up 8-18%) and investment banking

(10-20%) revenues are both tracking higher y-o-y.

Large-Cap Banks Valuation Table (6/18/26 close)

Daily Dose

Quote of Day 1. “The basic job of banks still must be to measure, manage, and take on risk...At

least part of the solution to the problem of complexity in risk behavior is to rely less on the

writing of rules, such as capital regulations, that apply uniformly to all banks, and to rely more

on supervisory procedures that can distinguish risks on a bank-by-bank basis While the

examination process has always sought to evaluate the riskiness of a particular institution, it is

progressively more evident that the focus of supervisory attention needs to shift somewhat. The

basic ‘unit of supervision,’ so to speak, should become increasingly the evaluation and stress

testing of the bank's overall set of risk positions, along with, let me hasten to add, the more