US Large Cap Banks: Strong 2Q/Guides Likely; Remain Positive on Banks; HBAN/USB/WFC Top Picks

研报英文原文证据摘录

US Large Cap Banks: Strong 2Q/Guides Likely; Remain Positive on Banks; HBAN/USB/WFC Top Picks

Deutsche Bank

Research

North America Industry Date

Banks US Large Cap Banks 26 June 2026

Strong 2Q/Guides Likely; Remain Positive on

Matt O-Connor, CFA Banks; HBAN/USB/WFC Top Picks

Research Analyst

+1-212-250-8489

Summary

Nathan Stein

In this note, we highlight: 1) key themes and trends for 2Q results; 2) mgmt Research Analyst

+1-212-250-3462 outlook comments; 3) bank-specific previews; 4) summaries of our estimates (and

changes); and 5) an earnings calendar.

2Q results should be solid/strong at most banks with net interest income (net II)

at the high end (or better) than guidance for many banks, capital market trends

(i.e. IB + trading) strong, good operating leverage and stable credit quality. We

are 2% above consensus on average for 2Q results. Our top picks are HBAN, USB

and WFC.

Best/worst positioned for 2Q26 results

Bank earnings kick off Tuesday July 14th with BAC, C, GS, JPM, and WFC all

reporting before the market opens. Our EPS estimates are 2% above consensus

on average for the large cap banks, as consensus likely hasn’t updated for intra-

qtr guidance updates from the banks. We are most above consensus on C (+10%)

and JPM (+5%). Several banks tweaked up their quarterly NII expectations in

early June (driven by strong loan growth) and pointed to better than expected

investment banking and trading/markets revenues. Our higher EPS estimate for

Citi also reflects the revenue boost from the $7b transfer of American Airlines

card receivables from Barclays in late April.

HBAN, USB and WFC our top picks into earnings

• We are favorable on HBAN into earnings (and beyond) as we

sense trends are stabilizing in 2Q and that results should improve in 3Q

and 4Q.