Investment Banking Fees Finish Strong in H1 Despite Mixed Q2

Revenues were driven by growth in deal fees despite a drop in deal count and uneven QoQ performance.

Investment banking advisory revenues were up an average of 27 percent in the first half of 2025 across the upper and middle markets.
On average, total revenue growth came in at 7 percent for upper-market banks, 11 percent in the middle market, and 14 percent for boutique firms, during the same period.
Quarter-over-quarter, total fees in the upper market grew at 1%, remained flat in the middle market, and grew 14% among boutiques in the second quarter.

During the first half of the year, investment banking advisory revenues at leading American firms in the upper and middle markets that report earnings publicly were up an average of 27 percent year-over-year.

Meanwhile, total revenues were up 11 percent reaching a total of $26.97 billion during the same period.

During that period, Citigroup and Jefferies led the market in advisory revenue growth.

Citigroup reported $832 million in advisory fees with a year-over-year gain of 67% and Jefferies reported $856 million with a year-over-year gain of 37%.

Meanwhile, among leading boutique firms, which often only report total revenues and work across both market sectors, Moelis saw the largest growth year-over-year during the same period at 39% with $672 million.

Overall, Moelis reported the highest year-over-year growth in total investment banking revenues for the same period among all banks surveyed.

On average, total revenue growth came in at 7 percent for upper-market banks, 11 percent in the middle market, and 14 percent at boutique firms, for the same period.

Overall, while deal values remain relatively high in the US and around the world, surging 23 percent in the second quarter, deal count remains relatively low—down 3.5% quarter-over-quarter and 3.9 percent year-over-year.

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‍The Second Quarter

In the quarter ending on Jun. 30, Oppenheimer and Goldman Sachs led the market in year-over-year advisory revenue growth.

Oppenheimer reported $22 million in advisory revenues with a year-over-year gain of 83 percent and Goldman Sachs reported $1.17 billion with a gain of 71 percent.

During the same period, Oppenheimer and PJT Partners led the market in total revenue growth year-over-year at 63 percent and 44 percent with $43 million and $398 million, respectively.

Among leading boutique firms, PJT Partners saw the largest total revenue growth year-over-year for the same period.

Across the upper and middle markets, average total year-over-year growth in advisory revenues was 27 percent and average total growth in overall investment banking revenues, including boutique firms, was 13 percent for the same period.

On average for the same period, total revenue growth came in at 7 percent for upper-market banks, 17 percent in the middle market, and 17 percent for boutique firms.

Quarter-over-quarter, total fees in the upper market grew at 1 percent, remained flat in the middle market, and grew 14 percent among boutiques.

Upper-Market Banks

In the upper market, Citigroup and Goldman Sachs led in advisory revenue growth for the first half, reporting year-over-year gains of 67 percent and 16 percent respectively, while Morgan Stanley and Bank of America ranked at the bottom with -11 percent and 2 percent respectively.

For the second quarter, Goldman Sachs and Citigroup led in advisory revenue growth, reporting year-over-year gains of 71 percent and 52 percent respectively, while Morgan Stanley and Bank of America ranked at the bottom with -14 percent and -11 percent respectively.

Quarter-over-quarter, Goldman Sachs and JPMorgan led in advisory revenue growth, reporting gains of 48 percent and 22 percent respectively, while Bank of America and Morgan Stanley ranked at the bottom with -13 percent and -10 percent respectively.
Middle-Market Banks

Middle-Market Banks

In the middle market, Jefferies and Piper Sandler led in advisory revenue growth for the first half, reporting year-over-year gains of 37 percent and 24 percent respectively, while Stifel and Oppenheimer ranked at the bottom with 6 percent and 10 percent respectively.

For the second quarter, Oppenheimer and Jefferies led in advisory revenue growth, reporting year-over-year gains of 83 percent and 61 percent respectively, while Stifel and Piper Sandler ranked at the bottom with -3 percent and 12 percent respectively.

Quarter-over-quarter, Jefferies and Piper Sandler led in advisory revenue growth, reporting 15 percent and -5 percent, while Raymond James and Oppenheimer ranked at the bottom with -19 percent and -13 percent.

Boutique Banks

Among boutiques, Moelis and Houlihan Lokey led in total revenue growth for the first half, reporting year-over-year gains of 39 percent and 23 percent respectively, while Perella Weinberg and Lazard ranked at the bottom with -2 percent and 0 percent respectively.

For the second quarter, PJT Partners and Moelis led in total revenue growth, reporting year-over-year gains of 44 percent and 38 percent respectively, while Perella Weinberg, Houlihan Lokey and Lazard ranked at the bottom with -43 percent, 21 percent and 21 percent respectively.

Quarter-over-quarter, Lazard and PJT Partners led in total revenue growth, reporting gains of 35 percent and 25 percent respectively, while Perella Weinberg and Houlihan Lokey ranked at the bottom with -27 percent and 9 percent respectively.

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