Jefferies: Investment banking fees down 15% for major global banks

Investing.com -- Investment banking proxy revenue for eight global banks declined 15% year-over-year in the third quarter to date, according to Jefferies. The revenue total of $9.7 billion also fell 27% from the previous quarter.

Equity capital markets was the only segment showing growth, rising 22% year-over-year to $2.4 billion. Advisory fees dropped 14% to $4.3 billion, while debt capital markets and lending fell 32% to $3.1 billion.

Goldman Sachs and JPMorgan held up best among the banks, with declines of 2% and 4% respectively. Bank of America lagged with a 40% drop in investment banking revenue.

For mergers and acquisitions advisory, annualized global revenues for 2026 stood at $46.6 billion as of September 1, up 7% from 2025. JPMorgan led with 36% growth, followed by Goldman Sachs at 25% and Morgan Stanley at 13%. U.S. banks controlled 39.1% of global M&A revenues.

In equity capital markets, annualized 2026 revenues reached $22.7 billion, up 40% from the prior year. Citigroup led with 65% growth, followed by Goldman Sachs at 60% and Bank of America at 54%. U.S. banks held 40.5% of global ECM revenues.

Debt capital markets revenues for 2026 totaled $34.8 billion on an annualized basis, up 13% year-over-year. Goldman Sachs led with 41% growth, Morgan Stanley with 30%, and JPMorgan with 17%.

U.S. corporate bond issuance through July reached $1.68 trillion, up 27% from the previous year. More than $700 billion of U.S. high-yield bonds mature between 2027 and 2029.

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