Risks to Big Banks Ahead of 2Q Earnings

Pierre Buhler previews big bank earnings. He expects financials to continue to improve but notes an increase in bad debt. He thinks regional banks are the most exposed to risk and says to keep a close eye on their reports this earnings season. He likes JPMorgan (JPM) and Goldman Sachs (GS), citing their “focus.” He also notes Wells Fargo (WFC) becoming “very, very powerful” again after its asset cap was lifted. Pierre sees risks on the tariff side and thinks consumers will have less free cash in the coming months.

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