European Banks Daily

Research evidence excerpt

European Banks Daily

J P M O R G A N Europe Equity Research

06 July 2026

6 July 2026

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | European Banks 2026 Outlook - PODCAST Kian Abouhossein

(44-20) 7134-4575

Highlights kian.abouhossein@jpmorgan.com

Julius Baer:CFO appointment a positive; upgrading forecasts for positive MtM J.P. Morgan Securities plc

Amit Ranjan (44-20) 7134-4576

Specialist Sales contact details:BAER has announced the appointment of Peter Burrill as Chief Financial Officer

and Member of the Executive Board, effective 17 August, subject to final Gigi Sparling - Specialist Sales -

European Financialsregulatory approval. This follows the Group’s previous announcement in April that

(44-20) 7134-0355

Evie Kostakis, current CFO, is stepping down. We see the appointment as a positive, ghislaine.sparling@jpmorgan.com

with Peter bringing in 30 years of banking experience, a significant part of which

is in Group Finance, most recently as interim Group CFO and member of the Group

Management Team at Standard Chartered. This followed five years as Group Head,

Central Finance and Deputy CFO at Standard Chartered. Peter previously worked at

Deutsche Bank in Frankfurt as Group Controller and Co-Head of Group Finance,

responsible for oversight of all group-wide finance functions, including financial

reporting and regulatory policy. We also note recent press reports (Bloomberg)

suggesting the FINMA enforcement proceedings may be in their final practical stages,

with a resolution likely in 2H 26. We have been aware of these proceedings since Feb

2025 i.e. they have gone on for a while and have been an overhang on the shares, hence

a conclusion would be a positive and potentially allow for a resumption of buybacks