Competition is heating up on Wall Street. Here are 4 things to watch as they report earnings.

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• Big US banks will begin reporting fourth-quarter earnings Tuesday, starting with JPMorgan.
• Dealmaking rebounded in 2025, intensifying competition between firms for transactions and talent.
• Credit quality and AI strategy are key themes to watch, experts we spoke to said.

As Wall Street's biggest banks prepare to report fourth-quarter earnings next week, competition is intensifying across nearly every part of the business — from dealmaking and talent to technology.