US Banks - Post 2Q Model Updates

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US Banks - Post 2Q Model Updates

Truist Securities

Equity Research Report July 15, 2026

FINANCIALS: Universal Banks

We update our C, JPM, BAC, and WFC models following 2Q26 results, with our forward

John McDonald EPS estimates flat-to-up across most periods for the four companies. More detail below.

212-303-4179

John.McDonald@truist.com

Citi: We raise our FY'26 EPS estimate to $11.27 (from $11.05), which entirely reflects

the 2Q overage to our prior estimate, as we reduce our 2H26E EPS by (3)% due

Peter Nicolo to higher expenses, consistent with Citi's commentary that it may pull forward future

212-303-4141 investment spend into this year to capitalize on a strong revenue environment. Against Peter.Nicolo@truist.com

that, we raise our 2027E EPS by +1% to $12.80 on better revenues, and maintain our

2028E EPS at $14.55 with higher PPNR and provision largely offsetting compared to

John Manahan our prior estimates. We continue to model a downtrend in Citi's efficiency ratio from this

212-303-4158 year's 60% guide to 58% by 2028 (or 57% excluding Legacy Franchises, at the midpoint John.Manahan@truist.com

of management's investor day targets on this basis), assuming low-single-digit revenue

and expense growth for the next two years. We model Citi achieving an 11.5% ROTCE

9 Page Document for FY'26 that increases to 12.5% by FY'28 (vs. guidance to be at the high-end of its

11-13% target range by that point). We trim our price target to $154 (from $158) which

Reasons for this report reflects a ~12x P/E on our '27E EPS.

JPM: We raise our 2026E EPS to $25.10 (from $23.70) due to the 2Q overage to our

✓ Adjusting Estimates and Price Targets prior estimate and a +2% revision to 2H26E EPS, reflecting a higher exit rate for NII ex.