The following list catalogues the largest, most profitable, and otherwise notable investment banks. This list of investment banks notes full-service banks, financial conglomerates, independent investment banks, private placement firms and notable acquired, merged, or bankrupt investment banks. As an industry it is broken up into the Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses).
Largest full-service investment banks The following are the largest full-service global investment banks; full-service investment banks usually provide both advisory and financing banking services, as well as sales, market making, and research on a broad array of financial products, including equities, credit, rates, currency, commodities, and their derivatives. Based on data from London Stock Exchange Group, the largest investment banks by fees in 2024 are as follows: JPMorgan Chase Goldman Sachs Bank of America Morgan Stanley Citigroup Barclays Wells Fargo BNP Paribas Deutsche Bank Jefferies Group RBC Capital Markets UBS Mizuho Financial Group HSBC Sumitomo Mitsui Financial Group TD Securities Evercore Lazard BMO Capital Markets Centerview Partners Crédit Agricole Corporate and Investment Bank CITIC Group Mitsubishi UFJ Financial Group Santander Corporate & Investment Banking Nomura
Many of the largest investment banks are considered among the "bulge bracket banks" and as such underwrite the majority of financial transactions in the world. Additionally, banks seeking more deal flow with smaller-sized deals with comparable profitability are known as "middle market investment banks" (known as boutique or independent investment banks).
Financial conglomerates Large financial-services conglomerates combine commercial banking, investment banking, and sometimes insurance. Such combinations were common in Europe but illegal in the United States prior to the passage of the Gramm-Leach-Bliley Act of 1999. The following are large investment banking firms (not listed above) that are affiliated with large financial institutions:
ABN AMROABN AMRO Bank N.V. was acquired by a consortium of Fortis, RBS and Santander in October 2007. Since October 2009 ABN AMRO is owned by the state of the Netherlands. Banca Monte dei Paschi di Siena (MPS Capital Services) Banco Bradesco Banco Santander Bank of China (BOC International Holdings) Bank of Communications (BOCOM International Holdings) BBVA Berenberg Bank Canadian Imperial Bank of Commerce (CIBC World Markets) China CITIC Bank China Construction Bank (CCB International Holdings) CIMB Commerzbank Crédit Agricole Daiwa Securities DBS Bank (Capital Markets Group) Desjardins Group (Desjardins Capital Markets) Handelsbanken ICICI Bank Industrial and Commercial Bank of China (ICBC International Holdings) ING Group Intesa Sanpaolo (Banca IMI) İş Bankası (Is Investment) Itaú Unibanco (Itaú BBA) BTG Pactual KBC Bank KeyCorp (KeyBanc Capital Markets) Kotak Mahindra Bank Laurentian Bank of Canada (Laurentian Bank Securities) Lloyds Banking Group (Lloyds Bank Wholesale Banking & Markets) M&T Bank Macquarie Group Maybank Mediobanca Mizuho Financial Group National Bank of Canada (National Bank Financial Markets) Natixis Nordea PNC Financial Services (Harris Williams & Company) Rabobank RHB Bank / Rothschild & Co Sanlam Sberbank Scotiabank (Scotia Capital) SEB Société Générale Standard Bank Standard Chartered Bank State Bank of India (SBI Capital Markets) Stifel Financial (Stifel Nicolaus) Sumitomo Mitsui Financial Group SunTrust (Robinson Humphrey) TD Securities Truist Financial UniCredit (UBM) VTB Bank (VTB Capital)
Private placement companies Private placement agents, including companies that specialize in fundraising for private equity funds:Dow Jones Private Equity Analyst, Special Section "Sources of Capital", page 23 "Placement Agent Ranking" Total Raised From New LPs http://img.en25.com/Web/DowJonesFIS/2010%20SOC.pdfExcludes placement agent groups within large investment banks. Top Placement Agents at End of 2008. Wall Street Journal, April 22, 2009 Asante Capital Campbell Lutyens Probitas Partners Rede Partners
Other notable advisory and capital markets firms The following is a list of other boutique advisory firms and capital markets firms that have some notability: BDO International (BDO Capital Advisors) Berkery, Noyes & Co RBC Brewin Dolphin Capital One (Capital One Securities) Deloitte (Deloitte Corporate Finance) Duff & Phelps Ernst & Young (Ernst & Young Capital Advisors) KPMG (KPMG Corporate Finance) PwC (PwC Corporate Finance) Roth MKM
Notable former investment banks and brokerages The following are notable investment banking and brokerage firms that have been liquidated, acquired or merged and no longer operate under the same name.