U.S. Large Cap Banks "Illustrating C's ROTCE walk with de-reg tailwind" Najarian

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U.S. Large Cap Banks "Illustrating C's ROTCE walk with de-reg tailwind" Najarian

Global Research

13 May 2026ab

U.S. Large Cap Banks Equities

AmericasIllustrating C's ROTCE walk with de-reg tailwind

Financial

Erika Najarian

GSIBs likely to swing back in favor vs. regionals Analyst

We think GSIBs could swing firmly back into favor vs. regionals as investors contemplate erika.najarian@ubs.com

"the bargain bin" following the sector's historic level of recent underperformance vs. +1-212-713 2491

the broad market. We see three factors under consideration here: Zachary Westerlind

Associate Analyst

Higher for longer better for GSIBs. CPI print yesterday cements the "higher for zachary.westerlind@ubs.com

longer" narrative, which makes deposit gathering and cost control more +1-212-713 2404

challenging for regionals especially given still-solid loan growth; moreover, GSIBs

Chintan Prakash

are naturally more "asset sensitive."

IB data looks solid despite uncertain April. Industry data suggests that GSIB chintan.prakash@ubs.com

advisory revenues are up 35%, ECM up 5%, and DCM up 14%, on a YoY and +1-212-713 3061

"quarterized" basis...and recent color from management teams suggest that the Charles Brennan

M&A market has improved since the start of the Iran conflict (GS's John Waldron Associate Analyst

to the media), suggesting the second half of the quarter could track even stronger charles.brennan@ubs.com

+1-212-713 2227 than these numbers would seem to indicate.

Markets data continues to be resilient. While we don't yet have data points on

trading (the next update will likely come at an early June competitor conference),

recent color from JPM (also to the media) suggests that markets activity remains

strong, with one executive noting that the quarter has been "booming".