BUZZ-JPM says market lag to boost US Q4 trust bank earnings; flags slower 2026

Reuters01-06
BUZZ-<a href="https://laohu8.com/S/JPM">JPM</a> says market lag to boost US Q4 trust bank earnings; flags slower 2026 

** J.P.Morgan expects U.S. trust bank earnings to be solid in Q4, led by delayed benefits from strong markets in Q3 and better-than-expected net interest income trends, but warns of slower growth in early 2026

** " ...Given the much slower increase in equity markets indices in 4Q, fee revenue growth is likely to slow qoq in 1Q," JPM says

** Among trust banks, broker expects State Street STT.N that has higher exposure to equities to benefit in Q4

** JPM retains its "neutral" rating on STT and raises its PT to $135 from $131

** It also raises its PT on BNY BK.N to $125 from $122.5 and on Northern Trust NTRS.O to $145 from $144; retains ratings on both

** Servicing and asset management fees, along with wealth management fees, to benefit in Q4, but likely to be followed by slower growth in Q1, JPM says

(Reporting by Kanchana Chakravarty in Bengaluru)

((Kanchana.Chakravarty@thomsonreuters.com;))

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