• Global IB revenues jump 16% to USD 91bn despite geopolitical, economic headwinds
• M&A, ECM, bond and loan fees all show global increases
• JPMorgan holds onto top spot, Morgan Stanley moves up to a global bronze

 

Global deal-making proved undeterred over the first nine months of 2026 despite growing geopolitical instability in the Middle East and the ongoing war between Russia and Ukraine. Bankers from the three regions under coverage – the Americas, EMEA and Asia-Pacific – lined their pockets with USD 91bn of revenues, up 16% year-on-year (YoY), marking the second-highest nine-month period on record, according to Dealogic’s quarterly rankings for investment bank (IB) fees.

Global growth held up better than expected in the face of myriad headwinds – sticky inflation, oil-price instability and supply-chain disruption – both anticipated and unexpected. Against this backdrop, strategic mergers and acquisitions (M&A) became concentrated into larger transactions, while deals further down the size ladder faltered. Equity capital markets (ECM) found themselves buoyed by artificial intelligence (AI), while corporate borrowers flexed their resilience to rises in interest rates, driving robust activity across both bond and loan markets.

Unusually, all three regions, as well as all four segments – M&A, ECM, bonds aka Debt Capital Markets (DCM), and loans – delivered increases in fees over the nine months ending 30 September, according to Dealogic data.

The broad rise in fortunes could be cheered from either side of the financial spectrum. For bulls, activity so far in 2026 suggests investors and corporates have adapted to volatility, and rapidly evolving tech innovations will lay the groundwork for the good times to roll into 2027. For bears, 2026 could turn out to be the final push to raise capital and get deals done before growth cools, inflation spikes, and geopolitical risks bite at the heels of frothy markets.

While investors try to read the tea leaves and predict fourth-quarter fortunes and the year as a whole, one thing is for sure: the top 10 global investment banks by revenues have all reveled in double-digit rises YoY, indicating the usual suspects are here to play and are well set to navigate the ebb and flow of markets, whichever way they turn.

Topping the global fees table over the first nine months, as it has every year for the past five years, was JPMorgan (USD 8.4bn), which netted an average 9.2% of revenues, strengthening its grip as the unsurpassed king of the IBs. Long-time runner-up Goldman Sachs (USD 7.7bn) retained its silver medal, while in a battle for third, Morgan Stanley (USD 5.6bn) swooped in and took BofA Securities’ bronze. The only new names on this year’s top 10 were Canada’s RBC Capital Markets, and TMT and healthcare-focused Evercore, which replaced European titans Deutsche Bank and UBS, respectively.

Global Revenue Rankings – 9M26
Bank	9M26	9M25	9M24	9M23	9M22
JPMorgan	1	1	1	1	1
Goldman Sachs	2	2	2	2	2
Morgan Stanley	3	4	4	4	4
BofA Securities	4	3	3	3	3
Citi	5	5	5	5	6
Jefferies	6	8	7	12	8
Barclays	7	6	6	6	7
Wells Fargo	8	7	8	8	11
RBC Capital Markets	9	11	11	9	10
Evercore	10	13	15	15	16
Source: Dealogic, data correct as at 5 Oct 2026. All revenue data as at nine-month mark

 

Americas: IB fees continue 9M purple patch

IBs servicing the Americas bagged almost USD 55bn in fees, up from USD 45bn in 9M25, with the US, predictably, taking the biggest slice (USD 50bn) of the pie.

JPMorgan extended its time at the top, leading from the fore across all segments except M&A, where Goldman Sachs has dominated for several years. Both of these US powerhouses pocketed more than USD 5bn in total fees from their domestic markets. Note that there were no new names on the top 10 Americas list, although some firms played musical chairs from 9M25 and simply switched seats.

Technology generated around 20% of revenues across all streams. With each segment ticking up at the nine-month point, market participants are divided as to whether the final quarter of the year will be more muted in anticipation of market volatility surrounding the US mid-term elections or whether large-scale consolidation, robust IPO pipelines and an increase in borrowing will continue to drive activity.

M&A

• M&A revenues surged 24% YoY to USD 23.4bn, with healthcare (19%) and technology (18%) generating the most fees.
• Healthcare deals gained traction because of a rising need to secure pipeline and platform assets for long-term growth, with a focus on immunology, respiratory diseases and specialty therapeutics.
• Tech deals were propelled by consolidation in broadband, mobile and connectivity infrastructure, while other suitors focused on digital revenue streams.
• Goldman Sachs stood atop the M&A winner’s podium, while eight of the top 10 IBs on the 9M26 list were the same as in 9M25. The new entrants on the list were Barclays (9th), which generated a chunk of fees from tech and energy, and Moelis & Co (10th), which shone in industrials, energy and healthcare.
• The top-paying M&A clients included Cidara Therapeutics, acquired by Merck & Co for USD 8.6bn; Honeywell International, which spun off its aerospace business and engaged in other non-core asset sales; and Avidity Biosciences, which was acquired by Novartis for USD 12.7bn.

ECM

• Fees from ECM gained 14% YoY to USD 9.8bn, as all three product types soared
• Revenues from follow-ons reached USD 4.5bn from USD 2.9bn in 9M25; IPOs almost doubled to USD 3.2bn from around USD 1.7bn; and convertible bond offerings (converts) soared 49% YoY to USD 2bn.
• Healthcare and tech generated the highest fees for follow-ons, industrials and healthcare for IPOs, and tech and energy for converts
• Note that this year has seen the world’s largest IPO at USD 75bn as Elon Musk’s SpaceX finally lifted off on public markets. Its launch could potentially pave the way for other mammoth IPOs, including AI giant Anthropic.
• JPMorgan and Morgan Stanley both topped the USD 1bn revenue mark, a feat not seen over the first nine months of a year since 2021.
• RBC Capital Markets (10th) was the only new entrant to appear among the top 10 list of fee-earners in 9M26, displacing Cantor Fitzgerald from the same period last year

Fixed income

• Fees from the broader fixed income (FI) bucket ticked up at a nominal 5% YoY to reach USD 21.7bn.
• Within FI, earnings from bonds/DCM gained 13% to USD 13.3bn, mostly thanks to corporate borrowers.
• The big surprise came from loans, where revenues leapt 38% YoY to USD 8.4bn, as investment grade (IG) corporate borrowers witnessed a resurgence in demand.
• Financial institutions alone contributed to almost 25% of all FI fees, followed by technology (16%), energy (16%) and industrials (12%).
• The top fee-payers among bond issuers were Alphabet, which priced a series of IG bonds; television broadcasting major Paramount Skydance, which raised capital to finance its acquisition of Warner Bros Discovery; and online retailer Amazon.com, which also priced a series of bonds.
• The top loan-payers among loan issuers included Oak-Eagle AcquireCo, the SPV between Public Investment Fund (PIF), Silver Lake Technology Management and Affinity Partners, which issued a loan for its purchase of Electronic Arts; Vantage Data Centers Management, which issued a loan to acquire property; and oil and gas player Venture Global, which took on a leveraged loan for project financing.

Americas revenue rankings – 9M26
Top fee-earners (banks)
M&A	ECM	Bonds (DCM)	Loans
Goldman Sachs	JPMorgan	JPMorgan	JPMorgan
JPMorgan	Morgan Stanley	BofA Securities	BofA Securities
Morgan Stanley	Goldman Sachs	Goldman Sachs	Wells Fargo
Centerview Partners	BofA Securities	Morgan Stanley	Goldman Sachs
Evercore	Jefferies	Citi	Citi
Jefferies	Citi	Wells Fargo	Morgan Stanley
BofA Securities	TD Securities	Barclays	Barclays
Citi	Barclays	RBC Capital Markets	RBC Capital Markets
Barclays	Wells Fargo	BNP Paribas	MUFG
Moelis & Co	RBC Capital Markets	TD Securities	BMO Capital Markets
Source: Dealogic, data correct as at 5 Oct 2026. All revenue data as at nine-month mark.

 

 

EMEA: IBs gather steam, but how long can it last? 

Nine months into the year and investment bankers servicing EMEA have enough to smile about, but the question is for how much longer?

In total, EMEA’s bankers took home 4% more in 9M26 than they did last year, with a total of USD 20.5bn, riding the usual drivers of the UK, France and Germany, which together generated just short of half the fees for the region. At the front of the pack across all products tracked by Dealogic was JPMorgan, followed by Goldman Sachs.

M&A fees were flat at USD 9bn over the first three quarters of the year; bonds/DCM revenues edged up 5% YoY to USD 7bn; loans were also flat at USD 2.4bn; and ECM, which recorded a solid gain in the previous quarter, continued to rise, adding a further 20% YoY to USD 2.1bn.

While the year has been more feast than famine, pessimists fear the ongoing war between Russia and Ukraine, which is now into its fourth year; the ever-increasing price of fuel – a big contributor to stubbornly-high inflation; and supply-chain stoppages could end up hampering deal appetite in 4Q26 and into 2027.

M&A

• Revenues from M&A  crept up half a percentage point YoY in 9M26 to USD 9bn, with the UK, Germany and France accounting for more than half of EMEA fees.
• Spain, Belgium and Ireland all witnessed double-digit increases. In Spain, energy and financials deals led to rising revenues; in Belgium, real estate and industrials powered revenues along; and in Ireland, healthcare and financial institutions made the running.
• Fees from four sectors generated more than USD 1bn apiece: financial institutions (USD 1.8bn), industrials (USD 1.4bn), technology (USD 1.3bn), and energy and natural resources (USD 1bn).
• US titans JPMorgan and Goldman Sachs held steady in first and second place, respectively, albeit reversing their positions from 9M25. Regional banks on the elite list included Rothschild in third, and Deutsche Bank in ninth, with Deutsche ousting UBS from the top 10.
• The top fee-payers were security software firm CyberArk Software, which was fully acquired by Palo Alto Networks for USD 21.2bn in February; Banco Santander, which engaged in a string of M&A moves this year; and HSBC Holdings, which closed its 36.55% stake in Hong Kong’s Hang Seng Bank for USD 13.6bn in January.

ECM 

• Fees from ECM ballooned to USD 4.6bn in 9M26 from USD 3.4bn in 9M25, thanks in part to a bounce back from Chinese equity markets.
• Revenues from follow-ons up accelerated 48% to USD 2.2bn, while IPOs rose 20% YoY to USD 1.8bn. Converts saw the highest YoY gain, rocketing 54% to USD 630m.
• Technology (40%) and industrials (26%) were the largest contributors to total ECM fees. Technology, with USD 1.8bn, also registered its second-highest fee total ever.
• CICC, which was the only Asia-Pacific player to remain among the top five fee-earners since 9M25, was joined by CITIC Securities and Japan’s Nomura.
• China’s CITIC and Japan’s Nomura climbed into the top five list, brushing aside JPMorgan and UBS. Guotai Haitong Securities was the only new entrant among the top 10.
• Nomura stormed up 11 places to rank third, posting a YoY bounce of almost 3x to reach USD 258m in 9M26.

Fixed income

• Fees from FI recorded a 21% jump to a record USD 8bn.
• Fees from bonds/DCM added 16% YoY to a record USD 6.8bn.
• Fees from loans surged 56% YoY to USD 1.2bn.
• Financial institutions were by far the largest contributor to bond fees, providing more than half the total in 9M26.
• Financial institutions (46%), technology (11%) and industrials (11%) were the largest contributors to loan fees.
• For bond fees, CITIC Securities and Guotai Haitong Securities switched places from 9M25 to earn gold and silver, respectively. GF Securities eased into the elite top 10 in place of Sumitomo Mitsui Financial.
• In loan fees, JPMorgan earned its place among the elite five by replacing Standard Chartered Bank.

EMEA revenue rankings – 9M26
Top fee-earners (banks)
M&A	ECM	Bonds (DCM)	Loans
JPMorgan	JPMorgan	BNP Paribas	BNP Paribas
Goldman Sachs	Goldman Sachs	JPMorgan	JPMorgan
Rothschild & Co	Morgan Stanley	Citi	BofA Securities
BofA Securities	Jefferies	Deutsche Bank	Goldman Sachs
Morgan Stanley	Citi	BofA Securities	Deutsche Bank
Evercore	BNP Paribas	Goldman Sachs	Citi
Lazard	BofA Securities	HSBC	Barclays
Jefferies	UBS	Barclays	Credit Agricole CIB
Deutsche Bank	Deutsche Bank	Credit Agricole CIB	Santander
Citi	Barclays	Morgan Stanley	HSBC
Source: Dealogic, data correct as at 5 Oct 2026. All revenue data as at nine-month mark.

 

 

Asia-Pacific: IBs boosted by ECM revival 

It was another strong quarter for bankers in Asia-Pacific, with IB fees climbing 17% YoY to around USD 15.6bn, as Japan witnessed a burst in M&A, while China and Hong Kong (China) toasted an equity market renaissance.

FI bankers, in particular, appear to be in line for tidy bonuses as fees hit an all-time peak of USD 8bn, up 21% YoY, split between bonds and loans. ECM bankers also celebrated a 36% spike to USD 4.6bn; however, M&A fees dipped 9% to USD 3bn.

Technology remained APAC’s revenue generator, supported by strong dealmaking and capital raising across Taiwan and South Korea. Industrials and financial institutions also made a significant contribution to the pool.

CITIC Securities, JPMorgan and Morgan Stanley were the region’s top earning bankers, flipping how they lined up in 9M25. Goldman Sachs and Nomura broke into the top 10, displacing UBS and BofA Securities in the process.

Despite the stellar first three quarters of 2026, economic turbulence in the guise of ongoing conflicts in Europe and the Middle East, surging oil prices, and the imminent US mid-term elections could manifest in market participants throttling back over the remainder of the year. Alternatively, this year’s searing pace of deal-making in the Americas and Asia-Pacific could continue to spark corporates through another quarter of frenetic activity in the run-in to end the year.

M&A

• Fees declined 9% YoY to USD 3bn in 9M26, albeit still the third-highest total on record.
• Industrials (21%), technology (17%) and financials (16%) were the largest contributors to revenues, with technology (USD 500m) recording its highest fee tally ever.
• Japan claimed a 40% regional share, posting a fee total of USD 1.2bn, its highest figure on record. More than half of fees came from industrials, financial institutions, and consumer & retail.
• Deals from Australia were down 18% to USD 530m, while China and India were static at about USD 470m and USD 230m, respectively.
• US banks Morgan Stanley, JPMorgan, Goldman Sachs, Citi and Nomura were the top five fee-earners, while Sumitomo Mitsui Financial Group and Mizuho held onto their top 10 positions. Australia’s Macquarie slid to 13th from 11th last year.
• Two American bankers recorded their highest Asia-Pacific numbers to date – JPMorgan, which raked in USD 265m from a majority of tech deals, and Citi, which clocked up USD 190m, primarily from the consumer and retail spaces.

ECM 

• Fees from ECM ballooned to USD 4.6bn in 9M26 from USD 3.4bn in 9M25, thanks in part to a bounce back from Chinese equity markets.
• Revenues from follow-ons up accelerated 48% to USD 2.2bn, while IPOs rose 20% YoY to USD 1.8bn. Converts saw the highest YoY gain, rocketing 54% to USD 630m.
• Technology (40%) and industrials (26%) were the largest contributors to total ECM fees. Technology, with USD 1.8bn, also registered its second-highest fee total ever.
• CICC, which was the only Asia-Pacific player to remain among the top five fee-earners since 9M25, was joined by CITIC Securities and Japan’s Nomura.
• China’s CITIC and Japan’s Nomura climbed into the top five list, brushing aside JPMorgan and UBS. Guotai Haitong Securities was the only new entrant among the top 10.
• Nomura stormed up 11 places to rank third, posting a YoY bounce of almost 3x to reach USD 258m in 9M26.

Fixed income

• Fees from FI recorded a 21% jump to a record USD 8bn.
• Fees from bonds/DCM added 16% YoY to a record USD 6.8bn.
• Fees from loans surged 56% YoY to USD 1.2bn.
• Financial institutions were by far the largest contributor to bond fees, providing more than half the total in 9M26.
• Financial institutions (46%), technology (11%) and industrials (11%) were the largest contributors to loan fees.
• For bond fees, CITIC Securities and Guotai Haitong Securities switched places from 9M25 to earn gold and silver, respectively. GF Securities eased into the elite top 10 in place of Sumitomo Mitsui Financial.
• In loan fees, JPMorgan earned its place among the elite five by replacing Standard Chartered Bank.

APAC revenue rankings – 9M26
Top fee-earners (banks)
M&A	ECM	Bonds (DCM)	Loans
Morgan Stanley	CICC	CITIC Securities	Mizuho
JPMorgan	CITIC Securities	Guotai Haitong Securities	MUFG
Goldman Sachs	Nomura	China Securities	JPMorgan
Citi	Goldman Sachs	CICC	Sumitomo Mitsui Financial Group
Nomura	Morgan Stanley	Huatai Securities	HSBC
UBS	JPMorgan	Morgan Stanley	Goldman Sachs
BofA Securities	Guotai Haitong Securities	Mizuho	Citi
Sumitomo Mitsui Financial Group	Citi	Shenwan Hongyuan Securities	Deutsche Bank
Mizuho	UBS	GF Securities	Standard Chartered Bank
Jefferies	BofA Securities	JPMorgan	BNP Paribas
Source: Dealogic, data correct as at 5 Oct 2026. All revenue data as at nine-month mark.

 

*Dealogic Revenue Data: Dealogic uses a proprietary revenue model to estimate investment banking fees across four key products: M&A, equity capital markets (ECM), bonds or debt capital markets (DCM), and loans. Revenues derived from any geography/sector indicate fees generated by fee-payers based in that geography/sector. M&A fees are calculated 10% upon announcement and 90% upon completion.