European Banks Daily

Research evidence excerpt

European Banks Daily

Kian Abouhossein AC Europe Equity Research

(44-20) 7134-4575 17 July 2026 J P M O R G A N

kian.abouhossein@jpmorgan.com

U.S. Bancorp: 2Q Led By Strong Capital Markets Fees; Fee Guidance Seems

Conservative; Disclosure, 3Q Funding, Risk?

Vivek Juneja (1-212) 622-6465

USB posted 2Q core EPS of $1.37 excluding securities loss, reported EPS was $1.35. 2Q results

were marked by continued strong de novo growth in capital markets fees which was boosted by

BTIG acquisition. We expect capital markets fees growth including BTIG to remain strong in

2H given high activity levels including likely large amount of equity issuance. Sizable increase

in trading revenues and growth in credit cards bear watching from risk standpoint.

LatAm

LatAm Fintech Series: Stori – Mass‑Market Focus and Super-App Strategy

Yuri R Fernandes (1-212) 622-3400

Today, we hosted Stori (Not Covered) CFO Diego Cabrera to discuss the 2026 outlook and

midterm strategy (see the replay here). The conversation focused on (i) Stori’s differentiation as

a mass‑market player; (ii) the buildout toward a “superapp” with increased product offerings and

co-branding initiatives (i.e., they have partnerships with a drugstore chain, transportation, Shein

on retail, etc); (iii) disciplined underwriting leveraged on AI and Capital One pillars – CoR has

been higher (some 40% as per SOFIPO), but mentioned are pricing the risk and have positive

risk adjusted return; (iv) and the path to improving efficiency towards low-mid 20%; and (v)

funding to remain leveraged on deposits and being very rational on higher yield offerings (today

close to 100% LDR). For our Mexican banks coverage, we have been seeing a rise of fintechs

in selected segments as we discussed in our survey (link).