Read-across from US results season 2Q26

Research evidence excerpt

Read-across from US results season 2Q26

Update

July 14, 2026 09:57 PM GMT

Morgan Stanley & Co. International plc+MCapital Markets | Europe Giulia Aurora Miotto, CFA

Equity Analyst

Read-across from US results Giulia.Aurora.Miotto@morganstanley.comMorgan Stanley Europe S.E., Madrid Branch+ +44 20 7425-5344

Alvaro Serrano

Equity Analystseason 2Q26 Alvaro.Serrano@morganstanley.com +44 20 7425-6942

As most US Money Centre Banks have now reported, we take a Morgan Stanley & Co. LLC

Manan Gosalia

Equity Analystlook at the read-across items for European IBs.

Manan.Gosalia@morganstanley.com +1 212 761-4092

Key Takeaways Morgan Stanley & Co. International plc+

Franco Insausti, CFA

US IBs have printed an extremely strong Q2: Equities up 72% YoY, FICC up 12% Equity Analyst

YoY, IBD up 43% YoY, beating consensus by 19% overall on average across IB/ Franco.Insausti@morganstanley.com +44 20 7677-3769

Trading Morgan Stanley & Co. LLC

Ryan Kenny, CFA

IBD pipelines remain healthy despite some transaction pull-forward. GS flagged Equity Analyst

backlog reached its highest level in five years Ryan.Kenny@morganstanley.com +1 212 761-1664

Connell J Schmitz

WM trends were benign: client assets rose 8.6% QoQ, Cost/Income declined Research Associate

2ppt, and PBT/Revenues increased 2ppt to 29% Connell.Schmitz@morganstanley.com +1 212 761-6252

AI dominated analysts' calls, but other thematics were also interesting, like JPM's Morgan Stanley MUFG Securities Co., Ltd.+

Mia Nagasaka

expansion in Europe & capital allocation towards the IB: we flag them below Equity Analyst

Mia.Nagasaka@morganstanleymufg.com +81 3 6836-8406

While we expect less strong results for EU IBs, the read-across from US results

clearly points to upside for most banks vs consensus Banks

Europe

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