Global Banks Research Highlights: Week Ending Jul 24, 2026

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Global Banks Research Highlights: Week Ending Jul 24, 2026

J P M O R G A N Global Equity Research

25 July 2026

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Global Banks Research Highlights

Week Ending Jul 24, 2026

This report provides a summary of research produced by J.P. Morgan Global Bank Global Equity Research

ACEquity Research. Key highlights from the past week: Global Equity Research

• Julius Baer: Cost discipline driving EPS upgrades, net new money visibility gr_publications@jpmorgan.comJ.P. Morgan Securities LLC

debate persists

• Erste Group: €4bn+ net income in 2026E, strong capital position provides

year-end deployment optionality

• KeyCorp: Mixed 2Q: Solid Loan Growth but At Tighter Spreads, Driving

Lower NIM Outlook; Investment Banking Softer

• Huntington Bancshares: Mixed 2Q: Softer Net Interest Income, NIM

Outlook But Fee Income Stronger; Merger Integration On Track

• Macquarie Group Limited: 2026 AGM: Positive start to FY27 despite CEO

transition; well positioned for upgrades through year

• U.S. Mid- and Small-Cap Banks: VC and Exit Markets Bi-Weekly: 3Q26

QTD U.S. VC Investments -2% Q/Q, +2% Y/Y; Deals Below $1B in Value -7%

Q/Q, -12% Y/Y

• Zions Bancorp NA: Downgrade to Underweight: With Deposit Costs Likely

Ramping, Shares’ Steep Premium Valuation At Risk

• U.S. Mid- and Small-Cap Banks: 2Q26 Earnings Halftime Stats: As

Regional Banks’ Results Showcase That Deposit Competition Keeps

Intensifying, We Remain Cautious

• Western Alliance Bancorp: 2Q26: Strategy Pivot Is Encouraging, but We