US Brokers and Asset Managers: Brownie Points: Top Big Bank Earnings Read Throughs: Advisory, Wealth, and Even APO

Research evidence excerpt

US Brokers and Asset Managers: Brownie Points: Top Big Bank Earnings Read Throughs: Advisory, Wealth, and Even APO

Global Research

17 July 2026ab

US Brokers and Asset Managers Equities

AmericasBrownie Points: Top Big Bank Earnings Read

Throughs: Advisory, Wealth, and Even APO Financial

Michael Brown

Analyst

mike.brown@ubs.com

Weekly "Brownie Points" publication highlights key points and emerging trends across +1-212-713 1387

asset mgr & brokers. Note, IB metrics tracked on the following pages.

Daniel Lehmann

Point 1: Our most interesting reads from big bank earnings Associate Analyst

Big bank reporting kicked off financial earnings this week, where we received read daniel-j.lehmann@ubs.com

throughs on advisory, wealth, and even syndication opportunities in credit (APO). Below +1-212-713 2391

we outline the most interesting read throughs from big bank earnings to our coverage: Vijeth Mudalegundi

vijeth.mudalegundi@ubs.comAdvisory (slight positive read to independent advisors)

+1-212-649 8172

Mary Mahrer

MS: Strategic activity has momentum, supported by a favorable backdrop and pent-up

demand. Pipelines are broadening across sectors and geographies after YTD activity was mary.mahrer@ubs.com

largely U.S.-centric. Sponsor pipelines are starting to build, though sponsors are +1-212-713 9014

increasingly favoring IPO exits given strong public market performance.

Cory Johnson

Associate Analyst

JPM: Quarterly results supported by pull forward with robust pipeline and current cory.johnson@ubs.com

activity encouraging for more activity as the high quality nature of transactions and solid +1-212-882 0078

environment is self-reinforcing.

GS: Record advisory backlog that is broad-based and driven by strategic M&A. CEO

dialogue is around technology change and scale.