WSJ
13 Oct 2026, 20:15 UTC · 4h ago
Bank Earnings Look Strong, But Markets Shrug
Impact · against what's priced in
The reported earnings are largely a non-event for the major banks, as strong equities trading was already expected and the decline in investment-banking fees reinforces the market's refusal to price in an M&A boom. The results confirm the current cyclical nature of these revenues rather than a structural shift, supporting existing valuations.
- C−0.20
Challenges what's priced in
- The price assumes
A sustained expansion in the Markets and Banking segments that pushes group revenue growth back above 5%
While equities trading was strong, the sequential decline in investment-banking fees suggests the banking segment expansion the market is currently ignoring is not yet materializing.
What C's price assumes · Sep 11
