Top 10 US Investment Banks by Net Revenue (2026 Ranking & Comparison)

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

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.

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.

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.