TLDR Financial services earnings are coming in loaded, but the real surprise is *who's* winning the distribution game—and it's not the megabanks everyone expects. PLAIN_ENGLISH When fee-heavy wealth managers beat deposit-dependent lenders, it signals where institutional capital is actually rotating. (https://www.cnbc.com/2026/07/13/american-express-is-a-buy-despite-its-expensive-valuation-jpmorgan-says.html) to overweight *despite* premium valuation.

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