Citi‘s Most Read - Financials & FinTech

Research evidence excerpt

Citi‘s Most Read - Financials & FinTech

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Citi's Most Read - Financials & FinTech

July 13 - July 19 20 Jul 2026 07:28:24 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The

Financials & FinTech Super-Sector consists of the Banks, Insurance, Consumer

Finance, and Diversified Financials sectors. Please find below a collection of our

most impactful recent research in the Financials & FinTech Global Super-Sector –

we hope you find it thought-provoking.

Most Read

JP Morgan Chase & Co (JPM.N) - 2Q26 Initial Take - Slight Core PPNR Miss

(when excl. Visa gain); Equities Strong + NII and Expense Guide Raised

JPM reported an ~8 core PPNR miss to consensus; NII was in-line with the Street,

core fees were better than expected (~9c tailwind), and the elevated expense base

(~16c headwind) was balanced between stronger comp and non-comp expense.

Fee income strength was mostly driven by a sizable beat in equities ($6.03bil vs

$4.05bil cons). A limited provision expense and lower tax rate aided overall EPS

results (13c and 11c, respectively). We note a $4.8 bil Visa gain and gains in equity

investments were ~$1.56 benefit to bottom-line EPS. Mgmt increased the NII ex.

mkts guide to $96.5 bil (+$1.5bil; most investors were assuming $1bil or more)

while also increasing the adj expense guide by $2.5 bil to $107.5 bil (driven from

higher rev-related expenses). CET1 decreased 20bps to 14.1% with ~$6.2 bil of

buybacks in the quarter and ~5% q/q RWA growth.