U.S. Large-Cap Banks: Bank Brief BANTER – Deposit discussions back in focus

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U.S. Large-Cap Banks: Bank Brief BANTER – Deposit discussions back in focus

Equity Research

21 May 2026

U.S. Large-Cap Banks

Bank Brief BANTER – Deposit

discussions back in focus

Recent investor discussions have focused on deposits. Near U.S. Large-Cap Banks

term, we expect deposit balances, pricing, and mix to remain POSITIVE

behaved, supporting net interest income expansion. Over the U.S. Large-Cap Banks

Jason M. Goldberg, CFA

longer term, we believe the industry has a proven track +1 212 526 8580

record of adapting to innovation and regulatory change. jason.goldberg@barclays.com

BCI, US

Brian Morton, CFA

+1 212 526 2163

Overview brian.morton@barclays.com BCI, US

Investor discussions have increasingly centered on deposits, including: a) recent

John Hotchkiss III

balance/mix trends; b) impact of interest rates and c) other pricing factors; d) stablecoins; e)

+1 212 526 2687

tokenized deposits; f) smart cash; and g) potential liquidity rule changes. Below, we offer our john.hotchkissiii@barclays.com

perspectives on each. BCI, US

Bottom line: In the near term, we expect deposit balances, pricing, and mix to remain behaved, Matthew Kesselhaut

and despite some potential for pricing pressure, we foresee continued net interest income +1 212 526 0181

matthew.kesselhaut@barclays.comexpansion. Longer term, while innovation and regulatory developments may reduce excess

liquidity and increase deposit velocity, we believe the industry’s track record of adapting to

structural change remains intact. Inna Blyakher

+1 212 526 3904

inna.blyakher@barclays.com

BCI, USBalances/mix

In 1Q26, for our composite, period-end deposits rose 4.2%, with noninterest-bearing deposits

(NIBD) rising 6.2% and interest bearing deposits (IBD) increasing 3.6%. The purchases of CMA