Chris Versace says "not all banks are the same" as he reacts to this morning's earnings from JPMorgan Chase (JPM). Comparing it to other bank stocks, Chris says he's been long Morgan Stanley (MS) and highlights the latter's exposure to trading. For Citigroup (C) and other financial stocks, he says "who wins where" is going to be important moving forward. Chris discusses IPO and M&A activity as key drivers for the banking group. Later, he discusses tariff uncertainty and how companies map out guidance parameters moving forward.