Global IBs - Takes from Stress tests; Aberdeen; European Exchanges; Generali: Financials Sector Specialist Commentary Banks - Insurance - Diversified Financials

Research evidence excerpt

Global IBs - Takes from Stress tests; Aberdeen; European Exchanges; Generali: Financials Sector Specialist Commentary Banks - Insurance - Diversified Financials

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 25 June 2026

Global IBs - Takes from Stress tests; Aberdeen; European Exchanges;

Generali

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: US personal income (1.30pm); US PCE (1.30pm); US GDP (1.30pm)

4 Key Highlights Today:

1. Global Investment Banks: Takes from the results last night - broadly supportive.

2. European Exchanges - Cash and derivative volumes continue to be stronger Y/Y in 2Q26 so far, but still lower Q/Q.

3. Generali - A Deep Dive on its German business today in Munich. Factual only.

4. Upcoming J.P. Morgan Events - Irish Banks Tour June 30th, French Financials Tour July 6th, Greek Banks tour also July

6th. Do let me know if you’d like further details.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

Global Investment Banks: Thoughts from Kian and Amit where the 2026 Fed stress test results announced yesterday are a

helpful. As previously announced by the Fed, the current round of stress test results will not lead to a new Stress Capital Buffer

(SCB) and hence will not impact large bank capital requirements, which will remain at current levels until 2027, when the stress

test will be run with loss-estimating models that take public feedback into consideration.