U.S. Large Cap Banks "Post-catch up call thoughts: JPM, BAC, WFC" Najarian

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U.S. Large Cap Banks "Post-catch up call thoughts: JPM, BAC, WFC" Najarian

Global Research

14 July 2026ab

U.S. Large Cap Banks Equities

AmericasPost-catch up call thoughts: JPM, BAC, WFC

Financial

Erika Najarian

JPM: Revenue beats well outpacing higher expenses Analyst

After today, we think investors drift back to JPM for a few reasons. First, it was an erika.najarian@ubs.com

unusually crowded mega bank reporting day, so it was easy to miss key points during the +1-212-713 2491

conference calls themselves. But to note, while simply looking at the guidance slide Zachary Westerlind

would lead one to conclude that $2.5bn of NII outlook increase is offset by $2.5bn in Associate Analyst

higher expenses, we note that JPM's capital markets complex alone outperformed zachary.westerlind@ubs.com

expectations by $6.5bn in 1H26, and that $1.5bn of the $2.5bn increases has already +1-212-713 2404

been booked in 1H26. While the company stressed during our catch-up call to refrain Chintan Prakash

from "over extrapolating" capital markets outperformance in 2H relative to the Associate Analyst

additional $1bn in 2H expenses, $6.5bn of capital markets revenue outperformance chintan.prakash@ubs.com

plus $1.5bn of additional NII ex-markets (due mostly to better growth in wholesale +1-212-713 3061

deposits) against $2.5bn of additional expenses is an impressive incremental efficiency Charles Brennan

ratio -- putting JPM squarely back on the "beat and raise" and "bottom line beats" Associate Analyst

track. Further, while in theory Chairman/CEO Jamie Dimon is set to retire in 2-3 years, we charles.brennan@ubs.com

are doubtful he would exit unless he felt that his successor was ready to step in and had +1-212-713 2227

satisfactorily developed the characteristics mentioned on the call.