- In the first quarter of 2026, investment banking advisory revenues were up an average of 57 percent year-over-year at leading American firms, and total revenues were up 30 percent.
- On average, total investment banking revenue growth came in at 26 percent for upper-market banks, 51 percent in the middle market, and 16 percent at boutique firms.
- Overall, Oppenheimer reported the highest year-over-year growth in investment banking revenues among all banks reviewed with 109 percent growth.
In the first quarter of 2026, investment banking advisory revenues were up an average of 57 percent year-over-year at leading American firms in the upper and middle markets.
Meanwhile, total investment banking revenues were also up 30 percent during the same period.
Oppenheimer and Goldman Sachs led the market in advisory revenue growth across upper and middle market firms.
Oppenheimer reported $63 million in advisory fees with a year-over-year gain of 143% and Goldman Sachs reported $1.49 billion with a year-over-year gain of 89%.
Meanwhile, among leading boutique firms, which often work across upper and middle markets, Evercore saw the largest growth in total investment banking revenues year-over-year during the same period at 100% with $1.39 billion.
Overall, Oppenheimer reported the highest year-over-year growth in investment banking revenues for the same period among all banks surveyed with 109 percent growth.
On average, total investment banking revenue growth came in at 26 percent for upper-market banks, 51 percent in the middle market, and 16 percent at boutique firms.
Across the first quarter, total investment banking revenue growth was stronger in the middle market, while upper-market banks outperformed in advisory revenue growth. Meanwhile, boutique firms, which often work across both segments, lagged with mixed results.
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Upper-Market Banks
In the upper market, Goldman Sachs and JPMorgan led in advisory revenue growth, reporting year-over-year gains of 89 percent and 82 percent respectively, while Citigroup ranked at the bottom with 19 percent.
Meanwhile, Goldman Sachs and Morgan Stanley led in total revenue growth, reporting year-over-year gains of 48 percent and 36 percent respectively, while Wells Fargo ranked at the bottom with 10 percent.
Quarter-over-quarter, JPMorgan and Goldman Sachs led in advisory revenue growth, reporting gains of 23 percent and 10 percent respectively, while Citigroup came in last with -22 percent.
Middle-Market Banks
In the middle market, Oppenheimer and Stifel led in advisory revenue growth, reporting year-over-year gains of 143 percent and 59 percent respectively, while Raymond James ranked at the bottom with 8 percent.
Oppenheimer and Jefferies led in total revenue growth, reporting year-over-year gains of 109 percent and 45 percent respectively, while Piper Sandler came in last with 26 percent.
Quarter-over-quarter, Oppenheimer and Stifel led in advisory revenue growth, reporting 47 percent and 21 percent, while Piper Sandler ranked at the bottom with -38 percent.
Boutique Banks
Among boutiques, Evercore and PJT Partners led in total revenue growth, reporting year-over-year gains of 100 percent and 29 percent respectively, while Perella Weinberg ranked last with -30 percent.
Quarter-over-quarter, Lazard and Evercore led in total revenue growth, reporting gains of 51 percent and 8 percent respectively, while Moelis came in last with -34 percent.
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