CoinLaw

Bringing Crypto and Finance Closer to You

Largest Investment Banks Statistics 2026: Revenue, League Tables and Headcount

Published on: July 13, 2026
As Featured In
Bloomberg LogoForbes LogoFortune LogoCoinDesk LogoCoinMarketCap Logo

Investment banking fees crossed $100 billion in 2025, the second-highest annual total on record after 2021. JPMorgan claimed the #1 ranking for Global Investment Banking fees with an 8.4% wallet share for the year. FY2025 results from segment-isolated 8-K filings at JPM, Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup, cross-referenced with Dealogic’s league tables, settle the questions that the industry overview at investment banking industry data does not tackle.

Key Takeaways

  • Global IB fees crossed $100 billion in 2025 per Dealogic, the second-highest on record after 2021, with global M&A volume surging to $5.1 trillion (up 42% from 2024).
  • Goldman Sachs reported that investment banking fees were $9.34 billion, 21% higher than in 2024; the $9.34 billion print is the highest of the five US firms.
  • JPMorgan claimed the #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year, the 8.4% share leading the global fee pool.
  • Citigroup posted Investment Banking fees full-year 4,618 3,857 (20% change), with Advisory fees up 53% in a record M&A year.
  • Bank of America held the #3 investment banking fee ranking for 2025, with Q4 IB fees of $1.7 billion and full-year corporation revenue of $113.1 billion.
  • Morgan Stanley reported Full Year Net Revenues of $70.6 billion, EPS of $10.21, and ROTCE of 21.6%, with Q4 IB net revenues up 47% YoY.

Editor’s Choice

  • JPMorgan posted a #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year, an 8.4% lead over the rest of the pool.
  • Goldman Sachs reported Investment banking fees were $9.34 billion, 21% higher than 2024, with the $9.34 billion print topping the segment-isolated 8-K disclosures.
  • Morgan Stanley delivered Full Year Net Revenues of $70.6 billion, EPS of $10.21, and ROTCE of 21.6%, lifting ROTCE to 21.6%.
  • Bank of America secured the #3 investment banking fee ranking for 2025 within a $113.1 billion revenue base.
  • Citigroup reported Investment Banking fees full-year 4,618 3,857 (20% change, on firm revenues of $85.2 billion.
  • Goldman Sachs ended 2025 with Total assets of $1,810 billion, up from $1,676 billion a year earlier.
  • Bank of America’s workforce stood at 213,207 as of December 31, 2025, the largest workforce of the five US firms at 213,207.

Largest Investment Banks by Revenue

  • Goldman Sachs reported that investment banking fees were $9.34 billion, 21% higher than in 2024, with Global Banking & Markets net revenues of $41.45 billion against firmwide net revenues of $58.28 billion.
  • JPMorgan claimed the #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year, with Q4 managed revenue of $46.8 billion.
  • Citigroup posted Investment Banking fees for the full year 4,618 3,857 (20% change), with 53% Advisory growth and 5% Debt underwriting growth.
  • Bank of America held the #3 investment banking fee ranking for 2025, with Q4 corporation IB fees of $1.7 billion (up 1% YoY).
  • Morgan Stanley reported Q4 Investment Banking net revenues up 47% YoY, with full-year firm net revenues of $70.6 billion.
Bank by FY2025 IB Fees ($B) FY2025 IB FEES ($B) · FY2025 IB Fees ($B) vs FY2025 Firm Net Revenue ($B) · Source: JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup 8-K Exhibit 99.1 filings (January 2026); Dealogic FY2025 league tables FY2025 IB FEES ($B) · COINLAW ANALYSIS Bank by FY2025 IB Fees ($B) FY2025 IB Fees ($B) vs FY2025 Firm Net Revenue ($B) JPMorgan · 2026 10 7.5 5 2.5 0 9.34 Goldman Sachs 4.62 Citigroup 6.80 Bank of America 7.70 Morgan Stanley 8.50 JPMorgan Chase SOURCE JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup 8-K Exhibit 99.1 filings (January 2026); Dealogic FY2025 lea…

Methodology: What counts as Investment Banking revenue?

Fees here reference the segment line each firm reports in 8-K Exhibit 99.1: Advisory plus Equity underwriting plus Debt underwriting. CoinLaw uses each firm’s reported figure; Dealogic scores wallet share against the fee pool.

By the numbers: Per Dealogic, 2025 IB revenues crossed $100 billion, the second highest on record after 2021, and Global M&A volume surged to $5.1 trillion in 2025 up 42% from 2024. JPMorgan’s 8.4% wallet share ranks first on global league-table denominator; Goldman Sachs’s $9.34 billion ranks first on absolute reported fee dollars.

Newsletter Img
Don't chase the news. Let us curate it.

You get one weekly briefing with only the stories that matter. If the market is quiet, we skip it.

M&A Advisory League Table

Goldman Sachs reported Investment banking fees were $9.34 billion, 21% higher than 2024, primarily due to significantly higher net revenues in Advisory, the cleanest narrative anchor for full-year 2025 advisory leadership. Dealogic captures the broader picture: Global M&A volume surged to $5.1 trillion in 2025, up 42% from 2024.

  • Goldman cited Net revenues in Advisory reflecting a significant increase in completed mergers and acquisitions volumes as the primary driver of 21% YoY fee growth.
  • Citigroup posted Advisory full-year 2025 $1,908 vs $1,245 prior year (53% change), the steepest Advisory growth rate in the set.
  • Morgan Stanley reported that Advisory revenues increased from a year ago on higher completed M&A transactions across all regions.
  • Bank of America posted Total Corporation investment banking fees (excl. self-led) of $1.7 billion, up 1% in Q4 alongside the #3 annual rank.
  • JPMorgan reported Investment Banking fees down 5% YoY, down 11% QoQ; #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year.
Bank by Advisory Trajectory FY2025 ADVISORY TRAJECTORY FY2025 · Advisory Trajectory FY2025 · Source: JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup 8-K Exhibit 99.1 filings (January 2026); Dealogic FY2025 league tables. Values are percent change vs prior year. ADVISORY TRAJECTORY FY2025 · COINLAW ANALYSIS Bank by Advisory Trajectory FY2025 Advisory Trajectory FY2025 JPMorgan · 2026 Citigroup Advisory FY change 53 Morgan Stanley Q4 IB net revenues YoY 47 Goldman Sachs IB fees YoY 21 Citigroup IB fees YoY 20 Bank of America Q4 IB fees YoY 1 0 20 40 60 80 100 SOURCE JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup 8-K Exhibit 99.1 filings (January 2026); Dealogic FY2025 lea…

Recent Developments

  • January 13, 2026: JPMorgan reported #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year in its Q4 narrative, framing CIB performance against firmwide ROE of 17%.
  • January 14, 2026: Bank of America posted a #3 investment banking fee ranking for 2025 in its 8-K Exhibit 99.1, with Q4 IB fees of $1.7 billion.
  • January 14, 2026: Citigroup reported Investment Banking fees for the full year 4,618 3,857 (20% change), with CEO Jane Fraser citing “a year of significant progress.”
  • January 15, 2026: Goldman Sachs reported Investment banking fees were $9.34 billion, 21% higher than 2024, the highest absolute IB-fee print of the five US firms.
  • January 15, 2026: Morgan Stanley reported Full Year Net Revenues of $70.6 billion, EPS of $10.21, and ROTCE of 21.6%, with Q4 IB net revenues up 47% YoY.
  • Q1 2026: Dealogic published FY2025 rankings showing 2025 IB revenues crossed $100 billion, the second highest on record after 2021, and BofA Securities leads global syndicated loans rankings in 2025 as volumes rise 9% YoY.

Equity Capital Markets (ECM) Rankings

ECM revenues climbed sharply in 2025. Dealogic reported 2025 ECM volumes and revenues soared to their highest since 2021, up 21% and 18% from 2024, respectively. Goldman Sachs cited Net revenues in Equity underwriting were also higher, reflecting significantly higher net revenues from initial public and convertible offerings, while Citigroup’s full-year ECM revenue grew 2%.

  • Goldman reported Net revenues in Equity underwriting were also higher, reflecting significantly higher net revenues from initial public and convertible offerings within total IB fees of $9.34 billion.
  • Morgan Stanley cited that equity underwriting revenues increased from a year ago on higher convertibles and IPOs.
  • Citigroup posted Equity underwriting full-year 699 688 (2% change), with full-year ECM revenue of $699 million.
  • JPMorgan reported Markets revenue up 17% YoY, with Fixed Income Markets up 7% and Equity Markets up 40% in Q4, a strong Equity Markets pull beyond the ECM-fee line.
  • Bank of America reported Sales and trading revenue of $4.5 billion, up 10% in Q4 Global Markets.
Bank by FY2025 ECM-Related Indicator FY2025 ECM-RELATED INDICATOR · FY2025 ECM-Related Indicator · Source: Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan, Bank of America 8-K Exhibit 99.1 filings (January 2026); Dealogic FY2025 Global Markets Rankings. Values are percent change. FY2025 ECM-RELATED INDICATOR · COINLAW ANALYSIS Bank by FY2025 ECM-Related Indicator FY2025 ECM-Related Indicator Goldman Sachs · 2026 50 37.5 25 12.5 0 18 Dealogic global ECM revenues 21 Dealogic global ECM volumes 40 JPMorgan Q4 Equity Markets revenue 10 Bank of America Q4 sales and trading 2 Citigroup full-year equity underwriting SOURCE Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan, Bank of America 8-K Exhibit 99.1 filings (January 2026); Dealogic FY2025 Glo…

Key data point: Citigroup posted Investment Banking fees full-year 4,618 3,857 (20% change), with Advisory full-year 2025 $1,908 vs $1,245 prior year (53% change), reframing the ECM-versus-Advisory mix.

Debt Capital Markets (DCM) Rankings

JPMorgan dominated DCM rankings globally and across the Americas in 2025. Dealogic reported JPMorgan leads Global and Americas DCM volume rankings, whilst BNP Paribas leads EMEA and HSBC Asia Pacific in 2025. JPMorgan also took LevFin: JPMorgan leads LevFin revenue rankings across both the US and Europe in 2025.

  • JPMorgan led Global and Americas DCM volume rankings for FY2025, anchoring its overall 8.4% wallet share lead.
  • BNP Paribas led EMEA DCM volume in 2025.
  • HSBC led Asia Pacific DCM volume for 2025.
  • Goldman reported Net revenues in Debt underwriting were higher, reflecting significantly higher net revenues from asset-backed and investment-grade activity.
  • Citigroup posted Debt underwriting full-year 2,011 1,924 (5% change), with $2.01 billion full-year DCM revenue.

Total Assets by Investment Bank

Goldman Sachs ended 2025 with Total assets of $1,810 billion, up from $1,676 billion a year earlier, plus Deposits of $501 billion. Universal banks dwarf those numbers: BofA’s deposit base alone, $656 billion in average deposits, up 13% inside Global Banking, exceeds Goldman’s entire deposit base.

  • Goldman ended 2025 with Total assets of $1,810 billion, up from $1,676 billion a year earlier.
  • Goldman deposits: Deposits of $501 billion.
  • BofA Global Banking carried $656 billion in average deposits, up 13%.
  • BofA full-year revenue: Total revenue, net of interest expense 113.1, with Q4 of $28.4 billion.
  • JPMorgan posted Q4 reported revenue of $45.8 billion (managed $46.8 billion) in Q4 2025 alone, illustrating universal-bank scale that puts it in the Global Systemically Important Banks data tier.
Bank by Total Assets 12/31/25 ($B) TOTAL ASSETS 12/31/25 ($B) · Total Assets 12/31/25 ($B) · Source: Goldman Sachs 8-K Exhibit 99.1 (Jan 15, 2026); Bank of America 8-K Exhibit 99.1 (Jan 14, 2026). Goldman Sachs total assets and deposits are firmwide; Bank of America figure is Global Banking segment average deposits. TOTAL ASSETS 12/31/25 ($B) · COINLAW ANALYSIS Bank by Total Assets 12/31/25 ($B) Total Assets 12/31/25 ($B) Goldman Sachs · 2026 Goldman Sachs 1810 Bank of America (avg deposits, GB) 656 Goldman Sachs (deposits) 501 0 400 800 1.2K 1.6K 2K SOURCE Goldman Sachs 8-K Exhibit 99.1 (Jan 15, 2026); Bank of America 8-K Exhibit 99.1 (Jan 14, 2026). Goldman Sachs total assets and dep…

Key finding: Goldman’s Total assets of $1,810 billion place it below universal-bank peers on balance-sheet size, while its IB-pure revenue mix near 16% gives it the highest IB-fee intensity ratio in the group.

US Bulge-Bracket Investment Banks

  • JPMorgan posted a #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year.
  • Goldman Sachs reported that investment banking fees were $9.34 billion, 21% higher than in 2024.
  • Morgan Stanley delivered Q4 Investment Banking net revenues up 47% YoY.
  • Bank of America held the #3 investment banking fee ranking for 2025.
  • Citigroup posted Investment Banking fees for the full year: 4,618 3,857 (20% change).

JPMorgan Chase

JPMorgan posted a #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year and CIB 4Q25 ROE 19%, 2025 ROE 18%, even with Investment Banking fees down 5% YoY, down 11% QoQ. Firmwide 2025 ROE 17%, 2025 ROTCE 20% anchors universal-bank scale. CIB ROE of 18% sits above firmwide ROE of 17%, signaling IB still earns a premium against the rest of the bank.

Goldman Sachs

Goldman Sachs reported Investment banking fees were $9.34 billion, 21% higher than in 2024, against Net Revenues 2025 $58.28 billion: an IB-fee intensity ratio of roughly 16%, the highest in the group. EPS 2025 $51.32; ROE 2025 15.0%; Book Value Per Share 2025 $357.60 complete the firm-level picture. Headcount increased 2% during 2025, adding a productivity angle on $58.28 billion of net revenue.

Morgan Stanley

Morgan Stanley reported full-year net revenues of $70.6 billion, EPS of $10.21, and ROTCE of 21.6%, with Q4 Investment Banking net revenues up 47% YoY, the steepest IB jump in the set. Advisory revenues increased from a year ago on higher completed M&A transactions across all regions, which anchored the growth. The firm’s IB-pure exposure runs near 11% of net revenue.

Bank of America

Bank of America held the #3 investment banking fee ranking for 2025 with Total Corporation investment banking fees (excl. self-led) of $1.7 billion, up 1% in Q4. Full-year: Total revenue, net of interest expense 113.1 and Diluted earnings per share were $3.81. Headcount: Headcount was 213,207 at December 31, 2025, the largest workforce in the set.

Citigroup

Citigroup reported full-year 2025 85,225 vs 2024 80,722 (6% change) firmwide revenue and Investment Banking fees 1,287 1,169 951 fourth-quarter; full-year 4,618 3,857 (20% change): IB fees of $4.62 billion on revenues of $85.2 billion. CEO commentary: With record revenues and positive operating leverage for each of our five businesses, 2025 was a year of significant progress as we demonstrated that the investments we are making are driving strong top-line growth. Citigroup also reported that Banking achieved a 32% increase in revenue, marking a record year.

European Investment Banks

The European bulge bracket leans heavily on regional DCM franchises. Per Dealogic, BNP Paribas leads EMEA DCM volume in 2025, while HSBC Asia Pacific anchors cross-region DCM activity from London. UBS, Barclays, and Deutsche Bank rotate within the EMEA top-tier on advisory and ECM mandates.

  • BNP Paribas led EMEA DCM volume rankings for 2025 per Dealogic.
  • HSBC led Asia Pacific DCM volume for 2025, anchoring 1 of the 4 regional DCM seats from London.
  • BofA Securities reported that it leads global syndicated loans rankings in 2025 as volumes rise 9% YoY across regions.
  • JPMorgan led LevFin revenue rankings across both the US and Europe in 2025, a category European firms have historically chased.

The European disclosure model makes per-firm IB-fee league tables harder to assemble at the firm level: most European banks report Investment Banking inside larger Wholesale or Corporate & Investment Banking segments without the line-item granularity the US Exhibit 99.1 supplies. Dealogic’s regional volume rankings remain the cleanest comparable scoring across 5 regional seats.

Investment Banking Revenue vs Firm Revenue Mix

Reframing “largest” away from absolute fee dollars toward IB-pure exposure changes the league table sharply. Goldman Sachs’s Investment Banking fees were $9.34 billion against the firm’s Net Revenues 2025 of $58.28 billion, producing an IB-fee intensity ratio near 16%. Morgan Stanley’s ratio sits in the low double-digits, given Full Year Net Revenues of $70.6 billion. Universal-bank ratios are far thinner.

  • Goldman Sachs: IB fees $9.34 billion / firm revenues $58.28 billion = ~16%.
  • Morgan Stanley: Q4 IB net revenues up 47% on full-year firm revenues $70.6 billion; IB-pure share sits between Goldman and JPMorgan.
  • Citigroup: IB fees 4,618 / firm revenues 85,225 (in millions) = ~5.4%.
  • Bank of America: Q4 corporate IB fees $1.7 billion annualized against firm revenue 113.1 billion sits in the low single-digits.
  • JPMorgan: Investment Banking fees down 5% YoY against firmwide universal-bank revenue puts IB intensity near 5%.
Bank by IB-Fee Intensity (%) IB-FEE INTENSITY (%) · IB-Fee Intensity (%) · Source: Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan, Bank of America 8-K Exhibit 99.1 filings (January 2026); derived ratios. IB-FEE INTENSITY (%) · COINLAW ANALYSIS Bank by IB-Fee Intensity (%) IB-Fee Intensity (%) Goldman Sachs · 2026 42% GOLDMAN SACHS Goldman Sachs 42% Morgan Stanley 28% Citigroup 14% JPMorgan Chase 12% Bank of America 4% SOURCE Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan, Bank of America 8-K Exhibit 99.1 filings (January 2026); derived ratios.

See retail investing data for the consumer-side context that explains JPMorgan’s diluted IB-pure share.

Key data point: Goldman’s IB-fee intensity near 16% reframes which firm is most exposed to IB cycles. CoinLaw has tracked the same cyclical pattern across earnings coverage of 2,400+ articles: IB-pure firms swing harder on M&A volume cycles than universal banks where IB fees ride at 5% or less of firm revenue.

IB Wallet Share Concentration

JPMorgan led with 8.4% wallet share for the year of global investment banking fees in 2025, per the firm’s 8-K narrative. The top five banks captured the bulk of the $100 billion+ global fee pool, Dealogic reports.

  • JPMorgan claimed the #1 ranking for Global Investment Banking fees with 8.4% wallet share for the year.
  • Dealogic published that 2025 IB revenues crossed $100 billion, the second highest on record after 2021.
  • Dealogic reported that global M&A volume surged to $5.1 trillion in 2025, up 42% from 2024.
  • Bank of America held the #3 investment banking fee ranking for 2025.
  • BofA Securities led global syndicated loans rankings in 2025 as volumes rose 9% YoY.

Why it matters: JPMorgan’s 8.4% wallet share against a 2025 IB revenues crossed $100 billion pool implies roughly $8.4 billion of fees flowed through JPMorgan’s IB franchise, within range of Goldman’s reported $9.34 billion and ahead of Citigroup’s $4.62 billion. The wallet-share ranking and the absolute-dollar ranking diverge because Dealogic and the issuers themselves use different scoring rules.

Who is the largest investment bank in the world?

JPMorgan Chase ranks #1 by global IB-fee wallet share at 8.4% in 2025. Goldman Sachs leads on absolute reported IB-fee dollars at $9.34 billion. By M&A advisory completion volume, Goldman Sachs anchors global leadership, with JPMorgan and Morgan Stanley close behind. By IB-pure exposure, Goldman Sachs leads near 16%, then Morgan Stanley near 11%.

What are the bulge-bracket investment banks?

“Bulge bracket” is a market-convention term, not a regulated classification. The US bulge-bracket roster includes JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America Securities, and Citigroup: the five firms whose FY2025 SEC 8-K filings anchor every table here. The European bulge bracket conventionally adds Barclays, Deutsche Bank, UBS, and BNP Paribas, plus HSBC for cross-region coverage. No regulator publishes an official list.

Conclusion

The FY2025 league table settles on five anchor figures. Global IB revenues crossed $100 billion in 2025, the second-highest on record after 2021, per Dealogic. JPMorgan led wallet share at 8.4% wallet share for the year; Goldman Sachs led absolute fee dollars at $9.34 billion; Morgan Stanley posted Q4 Investment Banking net revenues up 47%; Bank of America held the #3 investment banking fee ranking for 2025 with 213,207 headcount.

The IB-fee intensity lens reframes “largest” further. Goldman’s 16% IB-pure exposure dwarfs the universal-bank ratios at JPMorgan, Citi, and Bank of America, near single-digit percentages.

This article has been reviewed and fact-checked by Kathleen Kinder. CoinLaw follows strict Publishing Principles and a documented Fact-Check Policy to ensure accuracy, transparency, and editorial independence across all content. Our statistics are verified using a documented Research Process.

Add CoinLaw as a Preferred Source on Google for instant updates! Follow on Google News

References

Barry Elad

Barry Elad

Founder & Senior Journalist

Barry Elad is a finance and tech journalist who loves breaking down complex ideas into simple, practical insights. Whether he's exploring fintech trends or reviewing the latest apps, his goal is to make innovation easy to understand. Outside the digital world, you'll find Barry cooking up healthy recipes, practicing yoga, meditating, or enjoying the outdoors with his child.

Related Posts

Disclaimer: The content published on CoinLaw is intended solely for informational and educational purposes. It does not constitute financial, legal, or investment advice, nor does it reflect the views or recommendations of CoinLaw regarding the buying, selling, or holding of any assets. All investments carry risk, and you should conduct your own research or consult with a qualified advisor before making any financial decisions. You use the information on this website entirely at your own risk.

Reader Interactions

Leave a Comment

Company
Discover
Categories
Cryptocurrency
Payments
Banking
Finance
Insurance
Categories
Cryptocurrency
Investments
Fintech
Compliance
Finance