US Banks - TGIF: Sharpen Your Pencils

Research evidence excerpt

US Banks - TGIF: Sharpen Your Pencils

Truist Securities

Equity Research Report June 26, 2026

FINANCIALS: Universal Banks

FINANCIALS: Regional Banks US Banks - TGIF: Sharpen Your Pencils

While much of the narrative and price action this quarter was dominated by macro

uncertainty, rates, geopolitics, sector rotation, and structural fears for banks (AI-driven

John McDonald cash sorting, stablecoins), the focus is shifting back to the micro ahead of 2Q prints. We

212-303-4179 review the set-up for our large-cap banks coverage with our tearsheets covering key

John.McDonald@truist.com issues to watch in the prints that will drive EPS revisions and stock reactions in coming

weeks. We also refresh our models and price targets ahead of results (see exhibit 3).

Brian Foran

212-303-4146

Brian.Foran@truist.com Quotes of the Week:

"I just got back from an Italy vacation. I looked at my Amex and I think they will hit their

David Smith revenue guide" - HF PM

212-319-3623

David.Smith@truist.com "I'm still waiting for our PM to approve my trade request to Miami" - HF Analyst

"It's pretty weird that hedge fund PMs are put on the beach for 2 years between jobs Peter Nicolo but Fortune 500 CEOs can switch firms in 6 months" - LO PM 212-303-4141

Peter.Nicolo@truist.com

"I heard the Fed is going to knock 10bps off the GSIB surcharge for whichever of the

two moves their earnings call first" - HF Analyst

John Manahan

212-303-4158 "This stress test could've been an email" - LO Analyst

John.Manahan@truist.com

Exhibit 1 - Bank stock performance has moved inversely

20 Page Document to non-financial stocks YTD and the rotation back into

financials over the last month has now almost closed the

Reasons for this report performance gap

✓ Earnings Preview YTD Price Performance Rel. S&P 500