Off the Call: Top Takeaways from the 2Q26 Bank Earnings Calls

Research evidence excerpt

Off the Call: Top Takeaways from the 2Q26 Bank Earnings Calls

Financials | Brokers, Banks & Asset Managers

July 14, 2026

Glenn Schorr, CFA Off the Call: Top Takeaways from the 2Q26

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glenn.schorr@evercoreisi.com Bank Earnings Calls

Benjamin Rubin, CFA, CPA Big bank and broker shares are up 1.5%-2% intraday (but a very

646-551-8502 wide range) on the back of record trading results, stellar

Benjamin.Rubin@evercoreisi.com investment banking fees, just OK NII, & decent operating

John Dunn leverage. Capital markets names (GS, MS, M&A boutiques) are

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John.Dunn@EvercoreISI.com outperforming the money centers – makes sense given the

Sam Wardlow growth acceleration and rosy backdrop for corporate dealmaking

212-653-9019 (and the softer CPI doesn’t hurt either). Below are some of our

sam.wardlow@evercoreisi.com top takeaways from the earnings calls, along with a comparison

Matthew Lyons, CFA of key KPIs and guidance changes across the big banks (see

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matthew.lyons@evercoreISI.com pages 3-5).

1) First the Fins Read-throughs. Regionals underperforming

on WFC softer NIM commentary and just ok core banking

_ trends across today’s reporters. M&A Boutiques are

outperforming on GS animal spirits. MS up 3% but not as

much as GS (think tomorrow’s results will be equally strong

with WM the potential lever for another leg higher on mixed

expectations for the PT Margin & NNA in a seasonal 2Q tax

quarter). Traditional AMs & Wealth brokers up a bit, but not

as much as the better AWM results/flows might indicate –

so maybe some upside to their prints.

2) Trading Bonanza. High expectations, high bar – no

problem. Record trading quarter on Wall Street, blowing

past Street expectations and increased 28% y/y, with