U.S. Bank and Non-Bank Financials: 2Q‘26 Earnings: Where Do We Stand After Week 2 of U.S. Bank Earnings

Research evidence excerpt

U.S. Bank and Non-Bank Financials: 2Q‘26 Earnings: Where Do We Stand After Week 2 of U.S. Bank Earnings

J P M O R G A N North America Credit Research

27 July 2026

U.S. Bank and Non-Bank

Financials

2Q’26 Earnings: Where Do We Stand After Week 2 of

U.S. Bank Earnings

• Week 2 is behind us and the bulk of the earnings this past week were from North America Corporate Credit -

regional banks and some consumer lenders. Earnings were solid, margins Banks (IG), Nonbank Financials (IG),

expanded, and asset quality commentary was reassuring. On the economy, we and Financials (HY)

heard a very similar story from most management teams who stated that the Kabir Caprihan, CFA AC

consumer is still spending, remains resilient, and they are not seeing any (1-212) 834-5613

specific areas of stress. While deposit costs and competition was a focus for kabir.x.caprihan@jpmorgan.com

equity analysts, we don’t think this is a credit story, on the contrary, credit Vincent Barretta

analysts will be very pleased if increasing deposit costs is the biggest concern (1-212) 464-0374

vincent.barretta@jpmorgan.com

regarding regional banks. Outside of bank earnings, ALLY and SYF reported J.P. Morgan Securities LLC

earnings that reiterated the consumer story. The focus will move towards BDCs

and mortgage companies next.

• The final tally for July issuance will likely be $25bn for the U.S. Money Center

senior holdco. Outside of senior holdco, JPM issued $3bn of subs, GS issued

$2.5bn of preferreds, and an additional $5.7bn of euro bonds. Notably, BAC,

C, and WFC did not issue at all. Outside of the Money Centers, State Street

issued $1.25bn of senior bank notes and BNY issued $500mn of preferreds. For

the regional banks, there was $5.25bn of senior holdco note issuance from

PNC, TFC, and USB.