U.S. Business & Professional Services: BIPS of INFO Bonus: Money center banks read-through to our info services coverage

研报英文原文证据摘录

U.S. Business & Professional Services: BIPS of INFO Bonus: Money center banks read-through to our info services coverage

Equity Research

U.S. Business & Professional Services

14 July 2026

BIPS of INFO Bonus: Money center

banks read-through to our info

U.S. Business & Professional Servicesservices coverage

NEUTRAL

Money center banks (BAC, JPM, WFC, C) reported 2Q26 U.S. Business & Professional Services

Manav Patnaikearnings today... overall positive sentiment on issuance

(MCO/SPGI ratings), upwards revision on mortgage +1manav.patnaik@barclays.com212 526 2983

origination (Bureaus + FICO) and negative read-through to BCI, US

FDS (headcount reduction). Ronan Kennedy, CPA

+1 212 526 2912

ronan.kennedy@barclays.com

State of the consumer is broadly resilient, similar to comments made by the bureaus. BCI, US

Consumer health is improving with card purchase volumes reaching $266.1bn (BAC reported),

+9% y/y, and JPM debit/credit card volumes up 10% y/y. Net Charge Offs (NCOs) saw

improvement (JPM even lowered its NCO outlook to 3.2% from 3.4% prior) driven by lower

losses in auto and card; broadly speaking this is a positive read-through to the bureaus (EFX/

EXPN/TRU) and FICO and may be an outpacing EFX/TRU's comments of "Resilient but

cautious" in prior earnings calls. With aggressive volume recovery noted by the banks, WFC's

card volume growth call out of +46% y/y could translate to higher inquiry and pre screen

volumes for EFX/TRU, in our view. Interestingly enough, auto was noted as a net positive in 1Q

by EFX with signs of volumes "dampening," yet WFC reported +41% surge in auto origination for

2Q.

Market for issuance (and M&A) sees minimal signs of stoppage... which we've noted in our

BIPS of fin info, leading to us raise our issuance numbers recently (see note here).