My 2c on Financials: US Financials Sector Specialist Commentary Banks • Insurance • Diversified Financials

Research evidence excerpt

My 2c on Financials: US Financials Sector Specialist Commentary Banks • Insurance • Diversified Financials

Rob O'Dwyer - Specialist Sales - US Financials AC North America Specialist Sales J P M O R G A Nrob.odwyer@jpmorgan.com

J.P. Morgan Securities LLC 21 July 2026

MSCI (=/-) index revs/margins were a beat though I think expectations were there already so not much upside from that.

Similarly Analytics looks good, topline beat and strong margins. ESG & Climate & Privates were small rev misses and perhaps

the biggest outlier in results is Privates margins a decent miss. Overall, nothing broken here but clearly it's been the most well

owned name in info services so anything less than a perfect quarter was going to get hit and this is clearly not a perfectly clean

quarter.

Wealth Management

SCHW (=/+) I think the numbers are good here with the buyback being the one thing that stands out negatively. I’m a bit

surprised to see the shares offered pre mkt so interested in thoughts here. Strong org.NNA number $119.8bn ahead of cons

~112bn. June org.NNA growth of 5.8% is very healthy and reassures in terms of the medium-term growth trajectory. NIM better

at 3% vs cons 2.98% driven by securities lending and some of the tax advantaged product (l/s), perhaps this seen as lower quality.

Client cash is very healthy at $485.7bn, I’m sure mgmt. will get questions around agentic sweep again on the call but certainly

hard to see evidence of that theme having an impact based on this. Buybacks were light in the quarter.

Financials Research

• AGNC Investment Corp. - JPM 2Q26 Earnings Scorecard – Preview- Richard Shane here

• Synchrony Financial - JPM 2Q26 Earnings Scorecard – Preview- Richard Shane here

• Ally Financial - JPM 2Q26 Earnings Scorecard – Preview- Richard Shane here