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Top 10 US Investment Banks by Net Revenue (2026 Ranking & Comparison)
Wall Street's investment banking titans collectively generate hundreds of billions of dollars in annual revenue, anchoring the global capital markets system. But which firms lead the pack? In this guide, we rank the top 10 US investment banks by 2026 revenue, examining how mega-institutions with trillions in assets compete against specialized advisory powerhouses and universal banks across M&A, capital markets, and advisory services. Whether you're a corporate finance professional, investor, or industry analyst, understanding these institutions' revenue leadership and market positioning reveals how the American financial system's most powerful players are shaping capital markets.
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JPMorgan Chase leads US banks in revenue, posting roughly $168 billion in total revenue for 2025 and holding nearly $4 trillion in assets — the largest balance sheet of any US bank. Its diversified businesses across consumer, commercial, and investment banking underpin its dominant position.
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Bank of America posted roughly $113 billion in total revenue for 2025 and held about $3.4 trillion in total assets, based in Charlotte, North Carolina. Its Merrill Lynch division remains one of the largest wealth managers in the world by client assets. The bank is consistently ranked among the leading players globally in investment banking, with particular strength in investment-grade debt.
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Wells Fargo posted roughly $84 billion in total revenue for 2025. With about $2.15 trillion in assets, it remains a top-5 US bank and has been rebuilding its investment banking practice in recent years, adding bankers to compete for M&A and capital markets mandates.
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Citigroup generated roughly $85 billion in revenue in 2025, with operations spanning dozens of countries — among the most globally networked of the US banks. CEO Jane Fraser has overseen a sweeping transformation, exiting more than a dozen international consumer banking markets to refocus on institutional clients and wealth management.
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Wealth management now makes up the largest share of Morgan Stanley's firmwide revenue, a transformation led by former CEO James Gorman's strategy, including the acquisitions of E*Trade and Eaton Vance, which built a wealth and investment management business overseeing several trillion dollars in client assets. The bank also maintains a top-tier global franchise in M&A and equity underwriting.
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Goldman Sachs generated $54 billion in net revenue in 2025, despite shedding its consumer banking division, which lost $3 billion over three years. The bank has refocused on core investment banking and trading, commanding premium advisory fees that keep it consistently ranked #1 in M&A advisory by deal count. Its Global Markets division produced $26 billion in revenue in 2025, accounting for 48% of total revenue, while the bank's return on equity hit 14.2%. Founded in 1869 and famously dubbed the "vampire squid" by Rolling Stone in 2009, it remains a Wall Street powerhouse.
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Barclays Investment Bank, operating as Barclays Capital in the US, contributed significantly to the group's roughly $37 billion in total revenue in 2025 (about £29 billion), reflecting a more focused, US-centric footprint than some larger Wall Street rivals. The bank acquired the North American operations of Lehman Brothers in 2008 for about $1.35 billion, immediately establishing a top-10 Wall Street presence almost overnight. Its US franchise remains a notable player in investment-grade and high-yield bond underwriting, and fixed income continues to be a significant contributor to its US revenue.
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Centered on its New York investment banking hub at Deutsche Bank Center in Columbus Circle, the bank has selectively rebuilt its US capabilities after a deep restructuring that included exiting its equities business globally in 2019. It remains a significant player in foreign exchange and leveraged finance, two areas where it has worked to defend its market position since the retreat.
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UBS's Americas franchise grew substantially after its transformative 2023 acquisition of Credit Suisse for $3.25 billion, brokered in an emergency rescue deal with Swiss authorities. The deal roughly doubled UBS's scale overnight, absorbing Credit Suisse's US investment banking and wealth management operations. UBS was already the world's largest private wealth manager before the merger, and combined invested assets have since grown to more than $5 trillion.
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Lazard generated approximately $3 billion in revenue in 2025, establishing itself as the premier independent M&A advisory boutique on Wall Street. Founded in 1848, the firm advised on over $200 billion in announced transactions that year, demonstrating deep expertise in complex cross-border deals and sovereign debt restructuring, including high-profile assignments for Greece, Argentina, and Puerto Rico. Michael Lewis famously began his finance career at Lazard before writing "Liar's Poker."
Frequently Asked Questions: US Investment Banks by Revenue (2026)
How were these 10 banks ranked?
Banks are ordered by reported net revenue for the most recent fiscal year available (calendar 2025 results used as the basis for the 2026 outlook). Net revenue is used rather than gross income because it reflects the diversified mix across advisory, underwriting, trading, and asset management.
Why are Barclays, Deutsche Bank, and UBS included if they are not US-headquartered?
Each firm's US operations contribute a measurable share of group net revenue and are ranked based on that US-segment figure, consistent with the list's focus on activity inside the US capital markets.
What is the difference between 'investment banking revenue' and 'net revenue' shown here?
The figures are total firm-wide net revenue, not the narrower investment-banking segment alone. Investment banking segment revenue is discussed within individual entries where disclosed.
Where can I verify the revenue figures?
Each firm's net revenue is sourced from publicly filed annual reports (10-K or equivalent foreign filings). See the source link on each entry for the filing referenced.
Frequently Asked Questions About US Investment Banks
## Frequently Asked Questions About US Investment Banks
What does "net revenue" mean for an investment bank? Net revenue is the total income a bank reports after certain accounting adjustments but before deducting operating expenses such as salaries and overhead. For the firms in this ranking, it reflects the combined income from investment banking advisory, underwriting, trading, and asset and wealth management.
Are these figures for 2025 or 2026? The list is titled for the 2026 ranking cycle. The revenue figures shown are the most recent full-year reported numbers available, with 2026 figures used where firms have already disclosed them.
Why do some non-US banks appear in a US list? Barclays, Deutsche Bank, and UBS all maintain major US investment banking operations. They are included based on the revenue their US operations contribute, not their global totals.
How can I vote for my favorite bank? Scroll to the voting widget at the top of the list and select the firm you believe deserves the top spot. You can also leave a comment to explain your pick.
Revenue Scale Isn't the Same as Advisory Prestige
Ranking banks by revenue rewards scale — a bank with a giant consumer and trading business will out-earn a pure advisory boutique even if the boutique wins more prestigious deals. Lazard, at the bottom of this list by revenue, is still one of the most sought-after names in sovereign debt restructuring and complex cross-border M&A; it's simply a fraction of the size of a universal bank like JPMorgan or Bank of America that also takes consumer deposits and trades on its own balance sheet. If you're choosing a bank by reputation in a specific deal type rather than by sheer size, revenue rank is the wrong metric to lean on.
Why the Post-2008 Landscape Still Shapes This List
Several of the names and market positions on this list trace directly back to the 2008 financial crisis. Barclays only has a major US presence because it bought Lehman Brothers' North American operations out of bankruptcy. Wells Fargo is still constrained by a Federal Reserve asset cap tied to a scandal from 2016, not 2008, but the enforcement regime that produces caps like that was built in the crisis's aftermath. And UBS's scale jump came from absorbing Credit Suisse, a bank whose troubles were the clearest sign that the post-2008 regulatory settlement hadn't made every large bank permanently stable. None of this shows up in a revenue number, but it explains a lot about why the field looks the way it does.
Image credits
- JPMorgan Chase: Percival Kestreltail / CC BY-SA 3.0 (entity-adopted)
- Bank of America: Kiran891 / CC BY-SA 4.0 (entity-adopted)
- Wells Fargo: Laimerpramer / CC BY-SA 3.0 (entity-adopted)
- Citigroup: Beyond My Ken / CC BY-SA 4.0 (entity-adopted)
- Morgan Stanley: PLBechly / CC BY-SA 4.0 (entity-adopted)
- Goldman Sachs: Quantumquark / CC BY-SA 3.0 (entity-adopted)
- Barclays (US Operations): Secretlondon / CC BY-SA 3.0 (entity-adopted)
- Deutsche Bank (US): GraphyArchy / CC BY-SA 4.0 (entity-adopted)
- UBS Americas: Louis / Pexels
- Lazard: SteveStrummer / CC BY-SA 3.0 (entity-adopted)
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