US Bank and Non-Bank Financials: 2Q‘26 Earnings: Where Do We Stand After Week 1 of U.S. Bank Earnings?

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US Bank and Non-Bank Financials: 2Q‘26 Earnings: Where Do We Stand After Week 1 of U.S. Bank Earnings?

J P M O R G A N North America Credit Research

20 July 2026

US Bank and Non-Bank Financials

2Q'26 Earnings: Where Do We Stand After Week 1 of

U.S. Bank Earnings?

The key questions from credit analysts coming into the quarter were not whether North America Corporate Credit -

the GSIBs would report a strong or a record quarter, but really how much balance Banks (IG), Nonbank Financials (IG),

sheets would expand, what the outlook for the prime business was, and what capital and Financials (HY)

usage in the quarter would be. Trading assets (x MS) increased 3% QoQ and Kabir Caprihan, CFA AC

20% YoY to $3tn, with the large notional increase of $40.1bn and $25.9bn (1-212) 834-5613

occurring at Citigroup and Goldman Sachs, respectively. Repo and customer kabir.x.caprihan@jpmorgan.com

assets increased to $2.4tn, up 5% QoQ and 20% YoY with the largest notional Vincent Barretta

increase of $51.5bn at Citigroup. We have focused on market and repo assets (1-212) 464-0374

vincent.barretta@jpmorgan.com

since they are usually funded at the broker dealer level and thus consume wholesale J.P. Morgan Securities LLC

funding. The outlook for prime and balance sheet usage remains robust; given the

investment banking backlog and the expectation of more large scale IPOs, the

prime business will continue to grow, consume capital, and require some level of

wholesale funding.

Figure 1: Trading Assets at Money Centers Figure 2: Repo Assets

Trading Assets 2025Q2 2026Q1 2026Q2 QoQ ▲ YoY ▲ Repurchase Agreements 2025Q2 2026Q1 2026Q2 QoQ ▲ YoY ▲

Bank of America 356,392 364,221 358,748 -2% 1% Bank of America 352,392 383,264 412,415 8% 17%