U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 87 | 5.15.26

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U.S. Large-Cap Banks: Jason Goldberg's Bank Brief | Volume 23, Issue 87 | 5.15.26

Equity Research

15 May 2026

U.S. Large-Cap Banks

Jason Goldberg's Bank Brief |

Volume 23, Issue 87 | 5.15.26

KEY sees outsized revenue, EPS growth in 2026; PNC to lay off U.S. Large-Cap Banks

nearly one-third of FB employees; Senate Banking Committee POSITIVE

advances CLARITY Act, Scott denies vote on yield fix; April U.S. Large-Cap Banks

Jason M. Goldberg, CFA

corporate bankruptcies lowest since July 2024; 3mo/5yr at +1 212 526 8580

3.5-year high; April card trust data, BRK 13-F & H.8 today... jason.goldberg@barclays.com

BCI, US

Research Released

Annual Assemblies - Yesterday, MS and KEY held their annual shareholder meetings. New/

forward-looking/interesting quotes BELOW.

Bank Brief BANTER – Constructive week on both sides of the pond, though some caveats

(5/11/26). The drivers that led to double-digit EPS growth in 2025/1Q26 appear to be continuing

as loan and fee growth, pos-op-lev, relatively stable asset quality and share buyback persist.

Concerns center on deposits (rate near term, stablecoin/bots looking out), elevated oil/the

consumer, and valuation.

Bank Brief Bonus — 1Q26 10-Q Tweets (5/11/26). We turned 2,478 pages of 10-Qs into twenty-

one 300-character summaries. For 2Q26, banks are calling for higher NII/fees, positive operating

leverage and stable asset quality. The 10-Qs point to lower (core) criticized assets, CECL

unemployment of ~4.5%, continued share buyback, and V gains for some.

1Q26 Reserve Analysis: Reserve/loan ratio declines for 4th straight quarter (5/13/26). In

1Q26, our composite loan loss reserve grew 2%, rising for the 14th quarter in 16. Still, two-thirds

of this build was driven by bank acquisitions. Loans grew 3.6% (+2.2% ex. 1Q deals) to an all-