Global Banks Research Highlights Week Ending May 15, 2026

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Global Banks Research Highlights Week Ending May 15, 2026

J P M O R G A N Global Equity Research

15 May 2026

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Global Banks Research Highlights

Week Ending May 15, 2026

This report provides a summary of research produced by J.P. Morgan Global Bank Global Equity Research

ACEquity Research. Key highlights from the past week: Global Equity Research

gr_publications@jpmorgan.com

• Julius Baer: Expectations into IMS: Strong gross margin, ongoing capital J.P. Morgan Securities LLC

build

• Macquarie Group Limited: FY26 result: Earnings upgrade cycle coming

OnStream? Retain OW

• Australian Banks: 2026-27 Budget shakes up Investor lending tax policies;

sentiment overhang and headwind to credit growth

• U.S. Mid- and Small-Cap Banks: VC and Exit Markets Bi-Weekly: 2Q26

QTD U.S. VC Investments -66% Q/Q w/ Deal Count -30% Q/Q; Deals Below

$1B -37% Q/Q

• Western Alliance Bancorp: Investor Day Heavy on Disclosures, but

Perceptions of Credit Quality Fully Intact, Keeping Us on the Sidelines

• Bank of Baroda: 4QFY26: NIM and PPOP beat, prudent stance on AQ is

positive, healthy FY27 guidance

• State Bank of India: 4QFY26: Strong advances growth, stable asset quality;

near-term NIM headwinds drive estimate cuts

• India Financials: 4QFY26 review: Healthy trends at large banks, momentum

slowdown at PSBs, stay selective in NBFCs

• Indonesia Banks: 12M SRBI yields 165bps above policy rate; CoF/NIM at

risk

• European Banks Daily: 11 May 2026

• European Banks Daily: 14 May 2026