本报告复盘美国主要银行（摩根大通、美国银行、富国银行、高盛、摩根士丹利）2026年三季度业绩。核心观点是：在"利率更高更久"的环境下，净利息收入成为稳定增长引擎，财富管理业务创下纪录，但季末利率急升与市场不确定性压制了投行和FICC交易收入，使营收呈现明显分化。存款方面，2023年初的存款流失已消退，资金向有息账户的迁移仍以温和节奏延续，存款beta定价理性，行业重心转向经营主账户以守住低成本资金。信贷质量仍是重要支撑，净核销与逾期率维持低位，但各大行合计增提逾12亿美元拨备，主要对应新增贷款而非存量资产恶化，商业地产尤其是写字楼仍是被重点监控的风险。资本端CET1比率普遍高于监管要求，回购节奏放缓，资本更多投向内生增长。报告并给出各公司目标价与风险提示。
Citi reviews 3Q26 results for the major US banks (JPM, BAC, WFC, GS, MS). In a "higher for longer" rate environment, net interest income served as a stable growth engine and wealth management posted record revenues, while a late-quarter rate shock weighed on investment banking and FICC trading, producing bifurcated revenue. The intense deposit outflows of early 2023 have subsided; migration into interest-bearing accounts continues at a measured pace with rational deposit betas, and banks are focused on primary operating relationships to defend a low-cost funding base. Credit quality remains a key strength, with low net charge-offs and delinquencies, yet the group collectively built over $1.2 billion of reserves, tied mainly to new loan growth rather than portfolio deterioration, with CRE—especially office—still closely monitored. CET1 ratios remain comfortably above regulatory minimums and buybacks moderated as capital is redirected toward organic growth and strategic investment. The r