J P M O R G A N North America Equity Research 20 July 2026 U.S. Bancorp Better Growth In Revenues Led By Fees, Upgrading To N US Bancorp is seeing better growth in fee income led by strong capital markets. We expect the bank's guidance could have upside especially in fee income given the strong momentum in the markets, notably equity markets, which could boost BTIG's revenues. In addition, earnings should benefit from the acquisition of Amazon small business credit card in 3Q although there will be some noi ...