On the strength of robust capital markets activity and a flurry of mega mergers, global investment banking revenues rose handsomely in the first half, according to new data from LSEG Data & Analytics.
Global banking fees for the first six months of the year came in at US$79.9 billion — up 17% from the same period in 2025, LSEG reported.
All of the major categories — equity issuance, debt underwriting and merger-and-acquisition (M&A) advisory fees — rose this year, compared with the first half of 2025. And, second quarter fees outpaced the first quarter by 6%, the firm said.
Debt markets were the largest contributor, with US$25.2 billion in first half fees, up 8% year-over-year.
M&A was a close second, with revenues from this segment rising 18% to US$24 billion. Equity underwriting increased the most, as equity fees jumped 60% to US$13.5 billion, amid a revival in initial public offerings.
Syndicated lending activity also supplied US$17.3 billion in first half revenues, up 5% from last year.
JP Morgan remained atop the global rankings with an estimated US$6.8 billion in fees in the first half, which represents an 8.5% share of total investment banking fees.
Goldman Sachs also held onto second place, with an estimated 7.2% of market share, followed by Morgan Stanley, which climbed up one spot, knocking BofA Securities down to fourth, while Citi held onto fifth place.
LSEG reported that the top 10 banks globally added 3.8 points of market share, led by Morgan Stanley. The company gained 1.4 points, as its first half fees jumped by 51% year-over-year.
RBC Capital Markets was the top-ranked Canadian firm, holding down 11th place in the global rankings. TD Securities took 18th spot, BMO Capital Markets ranked 22nd and Scotiabank was 25th.
The financial sector was the largest source of global fees in the first half, accounting for 33% of total investment banking revenues, LSEG reported. The tech sector ranked second, and the energy and power sector was third.