As earnings season unfolds like a symphony of financial revival, Wall Street’s giants have delivered strong results for 2025. US banks showcased robust performance, propelled by a surge in dealmaking, trading vigor, and advisory fees. Stabilized markets, easing interest rates, and renewed corporate optimism fueled a dramatic uptick in mergers and acquisitions (M&A) alongside capital markets activity. This year marked a pivotal shift from caution to confidence, setting the stage for continued growth.
The week began with powerhouse reports from JPMorgan Chase and Citigroup on Tuesday, followed by Bank of America, Goldman Sachs, and Morgan Stanley. These firms, with their expansive investment banking arms, illustrated a landscape of recovery and forward drive. Below, we delve into the key highlights from their 2025 investment banking revenues.
JPMorgan Chase’s 2025 Investment Banking Revenues
JPMorgan Chase reported solid overall earnings, though investment banking fees experienced a slight dip. Fourth-quarter (Q4) investment banking fees totaled $2.35 billion, down 5% year-over-year (YoY), due to challenging comparisons and some deals shifting into 2026.
For the full year, the Commercial & Investment Bank segment demonstrated resilience amid evolving market dynamics. CEO Jamie Dimon underscored the bank’s unyielding strength: “Businesses are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business.”
Citigroup’s 2025 Investment Banking Revenues
Citigroup staged a powerful comeback in investment banking. Full-year fees climbed 20% to $4.6 billion, with the division’s revenues rising significantly. In Q4, fees soared 35% to $1.29 billion, powered by a record-breaking M&A advisory quarter, the pinnacle in Citi’s history for M&A revenues.
CEO Jane Fraser highlighted strategic wins: “2025 was a critical year, and our results show our strategy is delivering.” The bank expanded its market share in M&A, leveraged finance, and sponsor-related activities.
Goldman Sachs’ 2025 Investment Banking Revenues
Goldman Sachs shone brightly with exceptional investment banking results. Q4 fees leaped 25% to $2.58 billion, driven by elevated equity and debt underwriting revenues. As a global M&A advisory leader, the firm navigated major megadeals and claimed top rankings.
The full year reflected a dealmaking surge, with notable gains in M&A, equity capital markets (ECM), and debt capital markets (DCM). CEO David Solomon reflected on the firm’s enduring progress: “We’ve both grown our revenues by nearly 60% and enhanced the durability of our franchise since laying out our strategy.”
Morgan Stanley’s 2025 Investment Banking Revenues
Morgan Stanley achieved standout investment banking figures. Q4 net revenues for the segment skyrocketed 47% to $2.41 billion from $1.64 billion the prior year, fueled by robust advisory fees and completed M&A deals across geographies. Debt underwriting fees nearly doubled.
Crowning one of its strongest years, the firm posted record full-year net revenues. CEO Ted Pick captured the essence: “Morgan Stanley delivered outstanding performance in 2025. Our performance reflects multi-year investments which have contributed to growth and momentum across the Integrated Firm.”
Bank of America’s 2025 Investment Banking Revenues
Bank of America maintained steady investment banking momentum. Q4 fees reached $1.67 billion, up 1% YoY, and the highest since 2020 (excluding pandemic-era anomalies), with full-year fees advancing 7%. The bank held its #3 global ranking in investment banking fees.
CFO Alastair Borthwick emphasized building traction: “The team generated strong fee income throughout 2025. Looking towards 2026, we remain focused on delivering for our shareholders while supporting our clients’ growth and driving market share.” Second-half 2025 fees outpaced the first half by 25%, buoyed by clearer regulatory and tariff landscapes.
2025 Investment Banking Record Gains Set the Stage for a Strong 2026
On a worldwide scale, investment banking revenues surpassed $100 billion in 2025, the second-highest ever, trailing only 2021, per Dealogic data, marking a substantial leap from prior years. North America spearheaded the charge, driven by megadeals, with M&A volumes hitting $5.1 trillion (up 42%) and rebounds in ECM and DCM.
Tighter reporting schedules this year aligned major banks’ disclosures, reflecting a unified industry confidence. With sturdy pipelines and pro-growth policies on the horizon, 2025’s energy seems poised to echo into 2026, promising sustained deal fervor. For Disruption Banking readers tracking financial innovation, this rebound signals opportunities in evolving markets.
Author: Caroline Adams
See Also:
Investment Banking Revenues Soar as U.S. banks report 2024 revenues
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