Top 10 US Investment Banks by Revenue 2026

Bank of America generated approximately $100 billion in net revenue in 2025, with $3.3 trillion in total assets and headquarters in Charlotte, North Carolina. Its Merrill Lynch division is a powerhouse in wealth management with over $3.5 trillion in client balances. The bank ranks consistently among the top 3 globally in investment banking fee pools, with particular strength in leveraged finance and investment-grade debt.

Bank of America

Wells Fargo reported approximately $82 billion in net revenue in 2025, though it continues operating under a Federal Reserve asset cap stemming from its 2016 fake accounts scandal. With $1.9 trillion in assets, it remains a top-5 US bank and has aggressively rebuilt its investment banking practice, hiring hundreds of bankers since 2020 to compete for M&A and capital markets mandates.

Wells Fargo

Citigroup generated approximately $78 billion in net revenue in 2025, with a presence in 160+ countries making it the most globally networked US bank. CEO Jane Fraser has overseen a sweeping transformation, exiting 14 international retail banking markets to refocus on institutional clients, wealth management, and transaction services. Citi's Treasury and Trade Solutions division processes over $4 trillion in daily transactions.

Citigroup

Morgan Stanley generated $61 billion in net revenue in 2025, having successfully pivoted toward wealth and investment management, which now accounts for over 55% of revenue. Under former CEO James Gorman's decade-long transformation, the bank acquired E*Trade and Eaton Vance to build a $7 trillion wealth management empire. It remains a top-tier M&A and equity underwriting franchise globally.

Morgan Stanley

Goldman Sachs generated $54 billion in net revenue in 2025, having refocused on its core investment banking and trading strengths after the costly Marcus consumer banking experiment. Founded in 1869 and famously dubbed the "vampire squid" by Rolling Stone in 2010, Goldman commands premium advisory fees and consistently ranks #1 in M&A advisory by deal count. Its Global Markets division produced $26 billion in revenue in 2025.

Goldman Sachs

Barclays Investment Bank, operating as Barclays Capital in the US, contributed significantly to the firm's $28 billion in total group revenue in 2025. The bank acquired the North American operations of Lehman Brothers in 2008 for $1.75 billion, which gave it a substantial Wall Street presence overnight. Its US franchise is a top-10 player in investment-grade and high-yield bond underwriting.

Barclays (US Operations)

Deutsche Bank's Americas division contributes approximately $14 billion to the group's annual revenues, centered on its New York investment banking hub at 60 Wall Street. After a period of deep restructuring that included exiting its equities business globally in 2019, the bank has selectively rebuilt its US capital markets capabilities. It remains a significant player in foreign exchange, fixed income, and leveraged finance in North America.

Deutsche Bank (US)

UBS Americas generates approximately $12 billion in annual revenues following the landmark 2023 acquisition of Credit Suisse for $3.25 billion, which doubled the firm's scale overnight. The integration absorbed Credit Suisse's significant US investment banking and wealth management operations, making UBS the world's largest wealth manager with $5.7 trillion in invested assets. The combined Americas franchise is now a top-8 player in US investment banking fee rankings.

UBS Americas

Lazard generated approximately $3 billion in revenue in 2025, standing as the premier independent M&A advisory boutique on Wall Street. Founded in 1848, the firm advised on over $200 billion in announced transactions in 2025 and is renowned for sovereign debt restructuring, having advised Greece, Argentina, and Puerto Rico. Michael Lewis, author of "Liar's Poker," famously began his finance career at Lazard before moving to Salomon Brothers.

Lazard

Bank of America generated approximately $100 billion in net revenue in 2025, with $3.3 trillion in total assets and headquarters in Charlotte, North Carolina. Its Merrill Lynch division is a powerhouse in wealth management with over $3.5 trillion in client balances. The bank ranks consistently among the top 3 globally in investment banking fee pools, with particular strength in leveraged finance and investment-grade debt.

Bank of America

Wells Fargo reported approximately $82 billion in net revenue in 2025, though it continues operating under a Federal Reserve asset cap stemming from its 2016 fake accounts scandal. With $1.9 trillion in assets, it remains a top-5 US bank and has aggressively rebuilt its investment banking practice, hiring hundreds of bankers since 2020 to compete for M&A and capital markets mandates.

Wells Fargo

Citigroup generated approximately $78 billion in net revenue in 2025, with a presence in 160+ countries making it the most globally networked US bank. CEO Jane Fraser has overseen a sweeping transformation, exiting 14 international retail banking markets to refocus on institutional clients, wealth management, and transaction services. Citi's Treasury and Trade Solutions division processes over $4 trillion in daily transactions.

Citigroup

Morgan Stanley generated $61 billion in net revenue in 2025, having successfully pivoted toward wealth and investment management, which now accounts for over 55% of revenue. Under former CEO James Gorman's decade-long transformation, the bank acquired E*Trade and Eaton Vance to build a $7 trillion wealth management empire. It remains a top-tier M&A and equity underwriting franchise globally.

Morgan Stanley

Goldman Sachs generated $54 billion in net revenue in 2025, having refocused on its core investment banking and trading strengths after the costly Marcus consumer banking experiment. Founded in 1869 and famously dubbed the "vampire squid" by Rolling Stone in 2010, Goldman commands premium advisory fees and consistently ranks #1 in M&A advisory by deal count. Its Global Markets division produced $26 billion in revenue in 2025.

Goldman Sachs

Barclays Investment Bank, operating as Barclays Capital in the US, contributed significantly to the firm's $28 billion in total group revenue in 2025. The bank acquired the North American operations of Lehman Brothers in 2008 for $1.75 billion, which gave it a substantial Wall Street presence overnight. Its US franchise is a top-10 player in investment-grade and high-yield bond underwriting.

Barclays (US Operations)

Deutsche Bank's Americas division contributes approximately $14 billion to the group's annual revenues, centered on its New York investment banking hub at 60 Wall Street. After a period of deep restructuring that included exiting its equities business globally in 2019, the bank has selectively rebuilt its US capital markets capabilities. It remains a significant player in foreign exchange, fixed income, and leveraged finance in North America.

Deutsche Bank (US)

UBS Americas generates approximately $12 billion in annual revenues following the landmark 2023 acquisition of Credit Suisse for $3.25 billion, which doubled the firm's scale overnight. The integration absorbed Credit Suisse's significant US investment banking and wealth management operations, making UBS the world's largest wealth manager with $5.7 trillion in invested assets. The combined Americas franchise is now a top-8 player in US investment banking fee rankings.

UBS Americas

Lazard generated approximately $3 billion in revenue in 2025, standing as the premier independent M&A advisory boutique on Wall Street. Founded in 1848, the firm advised on over $200 billion in announced transactions in 2025 and is renowned for sovereign debt restructuring, having advised Greece, Argentina, and Puerto Rico. Michael Lewis, author of "Liar's Poker," famously began his finance career at Lazard before moving to Salomon Brothers.

Lazard