Global Banks Research Highlights Week Ending Jun 26, 2026

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Global Banks Research Highlights Week Ending Jun 26, 2026

J P M O R G A N Global Equity Research

26 June 2026

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Global Banks Research Highlights

Week Ending Jun 26, 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

• Judo Bank: Trading update: Further surprises on credit test faith in the model, gr_publications@jpmorgan.comJ.P. Morgan Securities LLC

but arguably priced in at ~0.5x book value

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

QTD U.S. VC Investments +5% Q/Q, +75% Y/Y; Deals Below $1B in Value

-7% Q/Q, but +18% Y/Y

• Standard Bank Group Ltd: Trading update: Q2 earnings slowdown is priced

in; unchanged FY26 guidance is a positive

• FirstRand Ltd: Trading update - FY26 guidance maintained amid solid

operating momentum; UK exit a positive catalyst

• Nedbank Group Ltd: Trading update: Positive operational performance

despite CLR headwinds; NCBA deal on track for closure before year-end

• Investec Plc: DLC structure is a legacy enabler now presenting simplification

opportunity

• Asean Financials: Upgrading BBL & SCB, downgrading MAY

• Taiwan Financials: Who can deliver more than 50% DPS growth in FY26?

• European Banks Daily: 23 June 2026

• European Banks Daily: 24 June 2026

• European Banks Daily: 26 June 2026

• Large Cap Banks: Fed Weekly: Last Week, C&I-Related Loans Flattish And