Investment bankers enjoyed a strong start to the year, with first quarter revenues rising on the strength of gains in both underwriting and merger and acquisitions advisory fees, according to new data from LSEG Data & Analytics.
Global investment banking fees came in at an estimated $35.4 billion (all figures in U.S. dollars) in the first quarter — an increase of 9% compared with the same period in 2025, albeit down 2% from the fourth quarter of 2025.
Debt issuance led the way, generating $12.2 billion in estimated fees, up 5% from the previous year.
M&A fees were also up 8% to $10.9 billion, and equity underwriting fees jumped 51% to $5.2 billion, LSEG reported.
The only segment that saw weaker revenues was syndicated lending, which generated $7.2 billion in fees, down 3% from the previous year.
The financial sector was the largest source of investment banking fees in the first quarter, accounting for a third of the total, $11.6 billion — up 4% from the same quarter in 2025. The tech and industrials sectors were next, generating $3.6 billion and $3.5 billion in quarterly fees, respectively.
Amid the rise in overall investment banking revenues, JP Morgan remained atop the global league tables, with an estimated 9% share of the global fee pool, as its fee revenues rose 27% from the same quarter a year ago.
The other leading firms — Goldman Sachs & Co. and Morgan Stanley — also saw strong gains in their quarterly fees, up 32% and 42%, respectively. Fourth place, BofA Securities, saw its fees rise 17%, and Citi rounded out the top five, although its fees declined 11%.
RBC Capital Markets remained the top-ranked Canadian firm, taking 11th place in the global rankings. BMO Capital Markets climbed to 16th place, up from 19th spot, TD Securities Inc. ranked 18th, and CIBC World Markets climbed back into the top 25, ranking 24th in the global league tables.