Leading banks worldwide in 2026, by revenue from investment banking
Investment banking revenue encompasses three core fee streams: M&A advisory (advising on mergers, acquisitions, and divestitures), Equity Capital Markets (ECM) (underwriting IPOs and follow-on offerings), and Debt Capital Markets (DCM) (underwriting bonds and loans). The global IB fee pool surpassed $130 billion in 2025 — driven by the M&A Renaissance, a resurgent IPO market, and record debt issuance. US banks dominate: the top 5 American firms hold approximately 55–60% of global IB revenue. The broader financial market context is covered in our US financial markets analysis.
Global IB Fee Pool — From $75B (2019) to $130B+ (2025) to ~$150B (2026E)
The global investment banking fee pool collapsed in 2022–2023 as rate hikes killed M&A activity and the IPO window slammed shut. The recovery began in late 2023, accelerated through 2024, and exploded in 2025 — the "M&A Renaissance." The global pool grew from approximately $105 billion in 2024 to $130+ billion in 2025. 2026 is expected to push the pool toward $145–160 billion as delayed deals materialize, regulatory clarity improves, and AI-driven deal efficiency accelerates. JPMorgan's CFO Jeremy Barnum confirmed that deals pushed from Q4 2025 into 2026 would add to an already strong pipeline. The technology sector M&A wave — driven partly by AI acquisitions — is covered in our ARM Holdings statistics (ARM's 2023 IPO was one of the defining IB deals of the era).
JPMorgan Chase: ~$8.5B IB Fees 2025 — Global Leader, Q4 Deal Timing Dip
JPMorgan Chase is the world's largest investment bank and the largest US bank by assets. For full-year 2025, JPMorgan led the global investment banking industry in total IB revenue at approximately $8.5 billion in IB fees. Total revenues for 2025 were approximately $185 billion — a new record for any US bank. Q4 2025 IB fees were $2.35 billion — down 5% year-on-year — due to deal timing delays that CFO Jeremy Barnum attributed to some transactions being "pushed to 2026." JPMorgan is the clear global leader in Debt Capital Markets (DCM), handling the world's largest bond and leveraged loan transactions. It is consistently top-3 in M&A advisory and ECM globally. CEO Jamie Dimon described dealmaking competition as "like trench warfare" — a testament to how intensely the bulge brackets compete for every mandate. The global valuation context is covered in our world's biggest companies analysis — JPMorgan is the world's most valuable bank by market capitalisation.
- IB fees 2025: ~$8.5B — led global industry for the full year despite Q4 dip
- Q4 2025 IB fees: $2.35B (-5% YoY) — CFO cited deal timing delays; deals pushed into 2026
- Total revenues 2025: ~$185B — new record for any US bank in history
- Net income 2025: ~$57B — slightly below 2024's record $58.47B but still extraordinary
- DCM dominance: #1 globally in debt underwriting — largest bond + leveraged loan franchise
- M&A and ECM: Consistently top-3 globally; "Swiss Army knife" of investment banking per analysts
- AI-driven IB: JPMorgan employs 2,000+ AI/ML specialists; AI deployed across deal sourcing, risk, compliance, and pitch book generation
Goldman Sachs: ~$9B IB Fees 2025 — Second Best Ever, M&A Crown, Equity Records
Goldman Sachs delivered its second-highest investment banking fee revenue ever in 2025, generating approximately $9 billion in IB fees — behind only 2021's boom-era peak. Q4 2025 dealmaking fees were $2.57 billion (+25% YoY). M&A advisory soared +41% in Q4 to $1.36 billion. Goldman also hit all-time records in equity trading fees — the markets unit's full-year equity fees were 23% higher than 2024. Total Goldman revenues for 2025 were $58.3 billion (+9% YoY). Net earnings rose 20% to $17.2 billion. Goldman CEO David Solomon captured the mood for 2026: "The world is set up at the moment to be incredibly constructive in 2026 for M&A and capital markets activity." Goldman is unambiguously the #1 M&A advisory bank globally and typically leads the ECM league tables. Its Marquee platform — a client-facing analytics and trading tool — gives Goldman a technology edge in capital markets execution.
- IB fees 2025: ~$9B — second highest ever, behind 2021's boom; full year dealmaking surge
- Q4 2025 IB fees: $2.57B (+25% YoY) — strong finish driven by M&A and equity underwriting
- M&A advisory: #1 globally — Q4 M&A fees +41% to $1.36B; best-ever advisory quarter
- Equity trading: All-time record for full-year equity trading fees in 2025; +23% in Q4
- Total revenues 2025: $58.3B (+9%); net earnings $17.2B (+20% YoY)
- Strategy: "Goldman-ness" — shed consumer banking ambitions, doubled down on IB, trading, and wealth management
- 2026 outlook: CEO Solomon: "We continue to see high levels of client engagement and expect momentum to accelerate"
Morgan Stanley: ~$7B IB Fees 2025 — Record Full Year, Equity Trading Surge
Morgan Stanley achieved record full-year results in 2025 across virtually every metric. Total net revenues were $70.6 billion — up from $61.8 billion in 2024. Institutional Securities (the IB and trading division) delivered approximately $7 billion in IB fees. Full-year equity trading fees rose 28% from 2024 — a record. Q4 2025 equity trading fees rose 10%. Wealth management delivered record revenues of $31.75 billion, with fee-based client assets of $2.753 trillion. Morgan Stanley competes closely with Goldman Sachs for the top ECM and equities positions globally. CEO Ted Pick said the firm's Institutional Securities business "served as a trusted advisor as investment banking activity accelerated." Morgan Stanley is the only firm that rivals Goldman Sachs in both M&A and equity underwriting simultaneously. The digital economy context driving M&A in Morgan Stanley's key sectors is covered in our digital economy analysis.
- IB fees 2025: ~$7B — record full year for Institutional Securities IB division
- Total revenues 2025: $70.6B — record; up from $61.8B in 2024 (+14%)
- Equity trading: Full-year fees +28% — record; prime brokerage also hit records
- Wealth management: Record $31.75B revenue; $2.753T in fee-based client assets
- Competitive position: #2 globally in equities; top-3 in M&A and ECM consistently
- 2026: CEO Ted Pick: "We see high client engagement and expect momentum to accelerate"
Bank of America: ~$5.5B IB Fees 2025 — Top 3 DCM, Strong Leveraged Finance
Bank of America Securities generated approximately $5.5 billion in investment banking fees for full-year 2025. Q4 2025 IB fees rose 1% year-on-year — flat but above analyst expectations. Net income for 2024 was $27.1 billion. BofA is consistently ranked among the top 3 globally in debt capital markets, particularly in leveraged finance and investment-grade bond underwriting. It is also a strong M&A competitor, frequently appearing in top-5 advisory league tables. CEO Brian Moynihan has highlighted technology investment as a key differentiator — BofA's $4 billion annual AI budget (one of the largest in banking) is driving improvements in deal origination, risk analysis, and client analytics. The large technology companies that BofA frequently advises on M&A are profiled in our Amazon statistics (Amazon has used BofA and other major banks for its largest transactions).
- IB fees 2025: ~$5.5B — Q4 +1% YoY, slightly above analyst expectations
- DCM strength: Consistently top-3 globally in debt underwriting and leveraged finance
- AI investment: $4B annual AI budget — improves deal sourcing, risk, and client analytics
- M&A position: Strong in financial sponsors (private equity advisory) and healthcare M&A
- Net income 2024: $27.1B — strong fee earnings across the full year
Citigroup: $4.6B IB Fees 2025 — +20% Full Year, Best-Ever M&A Quarter
Citigroup staged a powerful investment banking comeback in 2025. Full-year IB fees grew +20% to $4.6 billion — a confirmed figure from official earnings. Q4 2025 IB fees were $1.29 billion (+35% YoY), driven by M&A advisory fees soaring +84% — Citigroup's best-ever M&A advisory quarter in its history. CEO Jane Fraser highlighted Citi's market share gains in M&A, leveraged finance, and sponsor-related activities. Citi's 2025 performance was also shaped by "Project Bora Bora" — its restructuring initiative that included exiting the Russian market (a $1.2 billion loss in late 2025) while simultaneously strengthening its core IB franchise. Citi is particularly strong in emerging markets M&A and cross-border transactions. First nine months M&A revenue grew 41% year-on-year. The global GDP context driving cross-border M&A activity is in our global GDP analysis.
- IB fees 2025: $4.6B (+20% YoY) — confirmed full year from earnings
- Q4 2025: $1.29B total IB fees (+35%); M&A advisory +84% — best-ever M&A quarter
- First 9 months 2025: M&A revenue grew 41% year-on-year
- Market share gains: Expanded position in M&A, leveraged finance, and financial sponsors
- Restructuring: Project Bora Bora completed in 2025 — exit Russia market; focus on core IB strengths
- Emerging markets: Citi leads in cross-border and emerging market M&A advisory globally
Top 10 Global Investment Banks by IB Fee Revenue — 2025 (USD Billion)
The sortable table below covers the top 10 investment banks by IB fee revenue in 2025. US banks hold all five top spots. The first European bank (Barclays) appears at #6. Click any column header to sort. Note: IB fees = M&A advisory + ECM underwriting + DCM underwriting. Broader IB revenues (including trading) are significantly higher for each institution. The UK banking context for Barclays is covered in our UK banks analysis.
| # | Bank | HQ | IB Fees 2025 | IB Fees 2024 | YoY Change | Q4 2025 IB | IB Strength |
|---|---|---|---|---|---|---|---|
| 1 | JPMorgan Chase | New York, US | ~$8.5B | ~$9.2B | -8% | $2.35B | DCM #1 · M&A Top 2 |
| 2 | Goldman Sachs | New York, US | ~$9.0B | $7.7B | +17% | $2.57B | M&A #1 · ECM #1 |
| 3 | Morgan Stanley | New York, US | ~$7.0B | $6.1B | +15% | ~$1.8B | ECM Top 2 · M&A Top 3 |
| 4 | Bank of America | Charlotte, US | ~$5.5B | ~$5.0B | +1% | ~$1.4B | DCM Top 3 · Lev Finance |
| 5 | Citigroup | New York, US | $4.6B | ~$3.8B | +20% | $1.29B | EM M&A · Cross-border |
| 6 | Barclays | London, UK | ~$2.8B | ~$2.9B | -4% | ~$0.70B | FICC Leader · ECM |
| 7 | Wells Fargo | San Francisco, US | ~$2.0B | ~$1.8B | +11% | ~$0.50B | DCM Growing · Lev Finance |
| 8 | Deutsche Bank | Frankfurt, Germany | ~$2.5B | ~$2.3B | +9% | ~$0.60B | DCM Europe · Restructuring |
| 9 | UBS | Zurich, Switzerland | ~$2.2B | ~$2.0B | +10% | ~$0.55B | Wealth × IB Cross-sell |
| 10 | BNP Paribas | Paris, France | ~$2.0B | ~$1.8B | +11% | ~$0.50B | European DCM · ESG Finance |
IB Revenue by Segment — Who Leads M&A, ECM and DCM in 2025?
Investment banking fees split across three product areas. M&A advisory is Goldman's domain — it leads in deal count and advisory fees, known for handling the most complex, high-profile transactions globally. Equity Capital Markets (ECM) — IPOs, follow-on offerings, convertibles — is also Goldman-led in 2025, with record equity underwriting following the IPO market revival. Debt Capital Markets (DCM) is JPMorgan's stronghold — the bank's balance sheet scale and global lending relationships give it a structural advantage in bond and leveraged loan underwriting. In FICC trading (Fixed Income, Currencies & Commodities), JPMorgan is #1 with Citi a strong #2. In equities trading, Goldman and Morgan Stanley battle for the top position. The segment breakdown below is based on Q4 2025 earnings data and full-year 2025 results.
- M&A Advisory #1: Goldman Sachs — ~$3.5B in M&A fees 2025 · Q4 M&A fees +41% to $1.36B
- ECM #1: Goldman Sachs — record equity underwriting year 2025 · full-year equity fees all-time high
- DCM #1: JPMorgan Chase — largest bond and leveraged loan franchise globally
- FICC Trading #1: JPMorgan · Citi #2 (rates and mortgage desks particularly strong in 2025)
- Equities Trading #1: Goldman Sachs tied Morgan Stanley · Goldman Q4 equities +25% · MS Q4 +10%
- Biggest mover 2025: Citigroup M&A — grew 41% first 9 months, then +84% in Q4 · Best-ever M&A year
European IB Banks 2025: Barclays ~$2.8B — But US Gap Is Widening
No European investment bank comes close to the top US firms in IB revenue. The gap is structural: US banks benefit from a larger domestic M&A market, deeper capital markets, and stronger equity culture. Barclays is Europe's most competitive IB player with approximately $2.8 billion in IB fees in 2025, but its M&A advisory revenues actually declined 2.1% in the first nine months of 2025 while US rivals grew. Barclays' strength is in FICC trading, where it outperformed most rivals, and in European DCM. Deutsche Bank generated approximately $2.5 billion, growing 9%, driven by European bond underwriting and restructuring advisory. UBS generated approximately $2.2 billion — its strategy of combining IB with its world-class wealth management platform creates cross-sell opportunities. BNP Paribas generated approximately $2.0 billion, focusing on European DCM and ESG-linked finance. The UK's banking and tech context is covered in our UK tech and financial sector analysis.
- Barclays (~$2.8B): Europe's largest IB player · M&A -2.1% (underperformed 2025) · FICC strong · ECM weak
- Deutsche Bank (~$2.5B): European bond underwriting leader · Restructuring advisory · Recovering post-2022 turnaround
- UBS (~$2.2B): Wealth management × IB cross-sell model · Post-Credit Suisse integration boosting balance sheet
- BNP Paribas (~$2.0B): European DCM leader · ESG-linked and sustainable finance specialist
- Market share reality: Top 5 US banks = ~55–60% of global IB fees; all European banks combined = ~15–20%
- Structural gap: US equity market culture, larger M&A market, and deeper capital pools give structural advantage to US banks that is widening
After two years of suppressed deal activity (2022–2023) driven by aggressive rate hikes and regulatory uncertainty, 2025 delivered Wall Street's "M&A Renaissance." Goldman Sachs called its 2025 IB results its second highest ever. Citigroup hit its best-ever M&A quarter. Morgan Stanley posted record total revenues. JPMorgan broke all-time revenue records for a US bank. The underlying drivers: pro-business regulatory environment, AI-driven consolidation in tech, private equity sponsors activating their exit pipelines, and global debt markets with tight credit spreads making leveraged buyouts economically viable again. Goldman's Solomon, JPMorgan's Dimon, and Morgan Stanley's Pick all pointed to accelerating 2026 momentum. The deals delayed from Q4 2025 due to timing — JPMorgan's so-called "trench warfare" — are expected to close in Q1–Q2 2026, frontloading the year's fee revenue. The structural shift in global capital markets is covered in our global GDP analysis.
Investment Banking Revenue — Key Statistics & Facts 2026
Investment Banking Revenue Forecast 2026 — +10–15% Growth, M&A Continues
The 2026 investment banking outlook is the most optimistic in years. Three clear drivers: delayed deals materializing — JPMorgan's CFO confirmed Q4 2025 timing delays will create a strong 2026 pipeline; regulatory environment — a more pro-business US administration reducing antitrust scrutiny on M&A; and private equity reactivation — after years of holding assets, PE firms are now exiting via IPOs and M&A at scale. Goldman CEO David Solomon called 2026 "incredibly constructive for M&A and capital markets activity." The global IB fee pool is projected at $145–160 billion in 2026 — up 12–23% from 2025. AI is also reshaping IB economics: banks using AI for deal origination, due diligence, pitch book creation, and risk analysis can process more mandates with the same headcount — improving margins.
- Global fee pool 2026E: $145–160B — +12–23% from 2025's $130B+
- M&A pipeline: Strong — deals delayed from Q4 2025 + PE exit wave + tech AI-driven consolidation
- ECM outlook: IPO market continuing to normalise after 2021 boom collapse; follow-on offerings strong
- DCM outlook: Credit spreads remain tight; leveraged finance volume high; investment grade issuance strong
- JPMorgan 2026: Expects recovery from Q4 2025 dip; delayed deals now in pipeline
- Goldman 2026: CEO Solomon: "incredibly constructive" · M&A flywheel accelerating
- AI impact: IB banks using AI for due diligence, pitch books, and compliance — improving deal throughput per banker
- Risk factors: Geopolitical uncertainty, interest rate volatility, regulatory changes, antitrust action on mega-deals
Frequently Asked Questions — Investment Banking Revenue 2026
Goldman Sachs and JPMorgan Chase were the top two investment banks by IB fee revenue in 2025. Goldman generated approximately ~$9 billion — its second highest ever — driven by surging M&A advisory (+41% in Q4) and record equity underwriting. JPMorgan led the global industry for most of 2025 at approximately ~$8.5 billion but saw a Q4 dip (-5%) due to deal timing delays. Together, they hold approximately 12–14% of the $130B+ global IB fee pool.
The global investment banking fee pool (M&A advisory + ECM + DCM underwriting fees) surpassed $130 billion in 2025, growing from approximately $105 billion in 2024. The top 5 US banks (JPMorgan, Goldman, Morgan Stanley, BofA, Citi) hold approximately 55–60% of global IB fee revenue. The 2026 fee pool is projected at $145–160 billion as M&A activity continues its recovery.
Goldman Sachs generated approximately ~$9 billion in investment banking fees for full-year 2025 — its second highest ever, behind 2021. Q4 2025 dealmaking fees were $2.57 billion (+25% YoY). M&A advisory in Q4 soared 41% to $1.36 billion. Goldman also hit all-time records in equity trading fees. Total revenues: $58.3 billion (+9%). Net earnings: $17.2 billion (+20%). Goldman is the #1 M&A advisory bank globally.
JPMorgan Chase generated approximately ~$8.5 billion in investment banking fees for full-year 2025, leading the global industry for most of the year. Q4 2025 IB fees were $2.35 billion (-5% YoY) due to deal timing delays — some transactions pushed into 2026. Total revenues 2025: ~$185 billion — a new record for any US bank. JPMorgan is the clear #1 in Debt Capital Markets (DCM) globally.
Citigroup generated $4.6 billion in investment banking fees for full-year 2025 (+20% YoY) — a confirmed figure from official earnings. Q4 2025 IB fees were $1.29 billion (+35%), with M&A advisory fees soaring +84% — Citi's best-ever M&A advisory quarter in history. CEO Jane Fraser highlighted expansion in M&A, leveraged finance, and sponsor-related activities throughout 2025.
The gap is stark. Top 5 US banks hold 55–60% of global IB fees. The best European IB player — Barclays — generates approximately $2.8 billion. Goldman Sachs alone (~$9B) generates more than 3× Barclays' total IB revenue. All four major European IB banks (Barclays, Deutsche Bank, UBS, BNP Paribas) combined generate approximately $9.5 billion — roughly equal to Goldman's IB fees alone. Structural US advantages (larger domestic M&A market, deeper equity culture, greater balance sheet scale) make this gap persistent.
Investment banking revenue in 2026 is projected to grow 10–15% from 2025 levels, with the global fee pool reaching $145–160 billion. Goldman CEO David Solomon called 2026 "incredibly constructive for M&A and capital markets." JPMorgan CFO confirmed delayed Q4 2025 deals are now in 2026 pipeline. Drivers: PE exit wave, tech AI-driven consolidation, normalising IPO market, tight credit spreads supporting DCM. Risk: geopolitical uncertainty and potential antitrust action on mega-deals.
Three drivers fuelled 2025's M&A Renaissance: (1) Regulatory clarity — a more pro-business US regulatory environment reduced antitrust uncertainty, allowing blocked deals to proceed; (2) Private equity exits — PE firms sitting on $3T+ of unrealised assets from the 2020-2021 bubble finally activated exit strategies via IPOs and M&A; (3) AI-driven consolidation — technology sector M&A surged as companies rushed to acquire AI capabilities. Interest rate stabilisation also helped — with debt costs more predictable, leveraged buyouts became economically viable again.
Goldman Sachs is the #1 M&A advisory bank globally by revenue and deal count. In Q4 2025, Goldman's M&A fees soared 41% to $1.36 billion. Goldman is known for handling the most complex, highest-profile transactions — "Blue Chip" companies typically choose Goldman for transformative deals. JPMorgan is consistently #2. Elite boutiques — Evercore, Centerview, Lazard, Moelis — compete on advisory-only mandates and often lead league tables by deal count but lack trading operations to match bulge bracket revenue.
Wells Fargo generated approximately $2 billion in investment banking fees in 2025 — its highest full-year IB revenue ever, despite Q4 fees falling 1% YoY. Wells Fargo is actively building its IB capabilities — hiring senior bankers from rivals and expanding into leveraged finance, DCM, and M&A advisory. It ranks approximately 7th globally by IB fees, ahead of Deutsche Bank on some metrics. Wells Fargo's growth trajectory is one of the notable trends in 2025-2026 IB.
Bulge bracket investment banks are the world's largest, most prestigious full-service global investment banks: US: JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup. European: Barclays, Deutsche Bank, UBS, BNP Paribas. They handle the largest deals globally, maintain offices in every major financial centre, offer full product capabilities (M&A, ECM, DCM, trading), and collectively dominate global IB revenue. Elite boutiques (Evercore, Lazard, Centerview) compete on M&A advisory only — no trading operations means lower total revenue but higher advisory prestige per banker.
Goldman Sachs and Morgan Stanley are the two most comparable investment banks in strategy. Both are pure-play IB and capital markets firms (unlike JPMorgan and BofA which have large retail banking divisions). In 2025: Goldman IB fees ~$9B vs Morgan Stanley ~$7B. Goldman leads in M&A advisory and ECM; Morgan Stanley typically competes closely in ECM and equities trading. Morgan Stanley has a larger wealth management division ($1.9T AUM) — a stabilising revenue source Goldman has been building through acquisitions.
This distinction is critical when comparing banks. IB fees (advisory + underwriting) = M&A advisory + ECM underwriting + DCM underwriting. Goldman's ~$9B refers to this figure. Total IB/capital markets revenue includes additionally: FICC trading revenues + Equities trading revenues. Goldman's Global Banking & Markets total (including trading) for 2025 was approximately $38+ billion — far larger than the $9B IB fee figure. JPMorgan's Commercial & Investment Bank total revenues dwarf its $8.5B IB fee contribution.
Global IB fees: 2021 peak ~$160B → 2022 ~$95B (-41%, rate hike shock) → 2023 ~$90B (bottom) → 2024 ~$105B (+17%) → 2025 $130B+ (+24%) → 2026E $145–160B. The 2022–2023 collapse was the steepest in decades — triggered by the fastest Fed rate hiking cycle since the 1980s. 2025's recovery put total fees back near 2020 levels. The 2026 projection is approaching but not yet matching the 2021 all-time peak for most banks.
Bank of America Securities consistently ranks 3rd or 4th globally in investment banking fee revenue, competing closely with Morgan Stanley for the #3 position. In 2025, BofA generated approximately $5.5 billion in IB fees (Q4 +1% YoY). BofA is particularly strong in: Debt Capital Markets (DCM) — top 3 globally; leveraged finance; and financial sponsors M&A (private equity advisory). Its $4 billion AI budget is being deployed to improve deal sourcing and risk analytics, positioning it for stronger IB growth in 2026.