Barclays (US Operations)

Barclays Investment Bank, operating as Barclays Capital in the US, contributed significantly to the firm's $28 billion in total group revenue in 2025, a figure that is $26 billion less than #5 Morgan Stanley, reflecting its more focused niche. The bank acquired the North American operations of Lehman Brothers in 2008 for $1.75 billion, immediately catapulting it to a top-10 Wall Street presence. Its US franchise specializes in investment-grade and high-yield bond underwriting, where it ranks 8th by volume with a 4.8% market share, making it cheaper than the average top-tier rival in fees. The bank's fixed-income business generated 45% of its US revenue in 2025.