Global M&A surged 49% in 2025. Equity and debt markets posted double-digit growth. Now, CFRA’s research shows why 2026 could be even bigger for global U.S. banks. A healthy U.S. economy, active capital markets, and a strategic shift toward fee-based income are creating a favorable environment. Explore the critical drivers, leading performers, and actionable strategic insights revealed in our comprehensive thematic analysis.
Fundamental, Research
Global U.S. Banks: 2026 Outlook & Q4 Earnings Preview
Summary
Key Highlights from the Report:
- Positive 2026 Outlook: Global U.S. banks are expected to extend positive results, led by a rebound in investment banking, stable Net Interest Income (NII), and growth in credit card and consumer loan activity.
- Strong Performance Driven by Capital Markets Rebound: Banks are anticipated to report higher year-over-year revenue and EPS in Q4 2025, fueled by robust capital markets activity, treasury services, and wealth management. A surge in M&A, equity, and debt underwriting is serving as a primary growth engine, with global M&A value rising 49% in 2025 and equity/debt markets seeing double-digit growth.
- Shifting Revenue Drivers: The report highlights a key investment thesis: non-interest income from capital markets, treasury, and asset management will be a crucial driver of higher revenues.
Get our complete 2026 Global U.S. Banks playbook: Q4 scorecard, in-depth analysis of income trends, valuation targets for all five major banks, and the three catalysts driving our bullish thesis. The report also includes key economic drivers and risk factors for the group.