杰森·戈德堡的银行简报 第22卷，第96期2025年5月27日：IVZ将把贝莱德的阿拉丁系统添加到道富的阿尔法系统；据报道高盛启动调查以查找泄密事件；压力测试诉讼暂停，美联储作出承诺；斯科特·贝森特预计今年夏天将宣布补充杠杆率相关消息；消费者金融保护局放弃对开放银行的辩护；多家银行第一季度全球系统重要性银行（GSIB）得分创历史新高；每周H.8贷款和存款增加

Jason Goldberg's Bank Brief |Volume 22, Issue 96 | 5.27.25 IVZ to add BLK’s Aladdin to STT’s Alpha; GS reportedlylaunched probe to find leaks; Stress test litigation paused,Fed makes commitments; Bessent sees SLR announcementthis summer; CFPB drops defense of open banking; Severalsee 1Q GSIB scores rise to all-time highs; Weekly H.8 loans,deposits rise U.S. Large-Cap BanksPOSITIVE U.S. Large-Cap BanksJason M. Goldberg, CFA+1 212 526 8580jason.goldberg@barclays.comBCI, US Research Released 1Q25 GSIB Surcharge Tracker: GS up 50bps in 2026, Several could see hikes looking out (5/23/25). Under the current construct, GS will see a 50bp increase to its GSIB surcharge in 2026.BAC and JPM could see increases in 2027 unless they each lower their scores by year-end. C, GS,MS and JPM all need to see their scores decline to avoid increases in 2028. Still, changes couldbe on the horizon. Weekly Bank Briefing(5/25/25). Avg assets are up 0.8% QTD with securities (+2.5%) and loans(+1.2%) higher and cash (-5.8%) lower. Within loans, NDFI and C&I are up, resi R/E and consumerare stable, and CRE is lower. Last week, JPM said it sees 2Q y-o-y trading revs up mid-to-highsingle-digit and IB fees down in the mid-teens. Bank Brief BANTER – A dozen banking industry observations from JPM’s Investor Day (5/22/25). Each year, investors attend BRK’s annual meeting to learn about investing.Somewhat similarly, analysts look to gather intel on bank stocks at JPM’s Investor Day. Herein,we take what we learned in 5 hours from several execs and apply that knowledge to the rest ofour coverage with a dozen laterals. U.S. Large-Cap Banks Valuation Table(5/23/25 close) Daily Dose Quote of the Day 1.“Just now, I was with a group of community bankers. We are doing asubstantial amount of financial deregulation to make sure that the benefits are more evenlydistributed across the US economy…Wall Street's done great. Now it's time for Main Street to dowell…They could both do great together. It's not an either or. When I was with these communitybankers, they were talking about the substantial amount of regulation that's been crushingthem over the past 10, 15 years. A huge amount of small business loans, huge amount of realestate loans, and loans are made by these community banks. So, we are really focusing on that.”~ Treasury Secretary Scott Bessent on Bloomberg TV on Friday(additional quotes below) Quote of the Day 2. “Most households are able to service their debt, and overall householddebt relative to GDP has declined over the past five years. While we are seeing some stressamong low-to-moderate-income borrowers and those with subprime credit scores, the risksposed by overall household borrowing remain moderate” ~ Federal Reserve Governor Lisa Cookin remarks on financial stability for an event Friday Chart of the Day.Friday, the banks completed their Form FR Y-15 filings for 1Q25. This allowsus to calculate the GSIB scores/surcharges for the largest banks. Per today’s Chart of the Day,the GSIB scores were seasonally higher in 1Q25, with several banks at all-time highs Under thecurrent construct, GS will see a 50bp increase in 2026; BAC and JPM could see 50bp increases in2027; and C, GS, MS and JPM (again) could see 50bp increases in 2028. Still, changes could be onthe horizon.For additional details or our complete report/figures see: 1Q25 GSIB SurchargeTracker: GS up 50bps in 2026, Several could see hikes looking out (5/23/25). Today's Tasks 8:30am - Durable Goods Orders:expected to show a drop of 8.1% on the month in Aprilaftera9.2% jump in March powered byaircraftorders9:00am - Case-Shiller Home Price Index:seen up 4.3% on year in March vs. 4.5% in Feb9:30am - Richmond Federal Reserve Bank President Thomas Barkin:scheduled to beinterviewed on Bloomberg TV10:00am - Consumer Confidence:consensus looks for a correction upward to a still-gloomy87.3 in May from 86.0 in April and 93.9 in March8:00pm - New York Federal Reserve Bank President John Williams:participates inmoderated discussion panel before the Bank of Japan Institute for Monetary and EconomicStudies Conference Market Matters Friday, the Barclays Large-Cap Bank index declined 0.5% while the S&P 500 fell 0.7%.Afterunderperforming for 6 straight sessions, the Barclays Large-Cap Bank index hasoutperformed the S&P 500 in each of the past 2 trading days.The BKX, XLF and KRE alldeclined 0.4% on Friday. Both our Money Center and Trust Bank composites fell 0.3% while ourSuper Regional composite decreased 0.6%. GS (+0.1%), JPM (0%), BK (-0.1%), MS (-0.2%) andBAC/KEY/STT/CMA (all -0.3%) outperformed peers while ALLY (-1.0%), FCNCA (-1.0%), FITB(-0.8%), ZION (-0.8%) and WFC (-0.8%) fell the most.STT has outperformed the BarclaysLarge-Cap bank index in each of the past 5 sessions while GS and MS have outperformedfor 3 straight. On the other end, FCNCA has lagged for 7 consecutive trading days whileFITB has underperformed for 6. FCNCA has closed lower for 6 straight sessions while FITBh