The Top Investment Banks in the U.S. in 2025
This report presents the top investment banks of 2025. To compile the dataset, our research team sourced active investment banks operating in North America that conducted a minimum of 5 deals from Q3 2023 – Q1 2025. From an initial list of >80 investment banks, they applied the criteria listed below and sorted the investment banks based on total score.
Table 1. Evaluation Criteria
| Criteria | Description | % of Total Score |
| Success Rate | The percentage of total deals the investment bank closed in the given time frame. When companies did not publicly disclose their success rate, we approximated it by comparing average deal activity for similarly-sized firms to the number of deals that firm closed. | 35% |
| Leadership Experience Score | A qualitative evaluation of the investment bank’s leadership, expressed on a 5 point scale, based on prior experience at larger firms and # of years in the industry. | 30% |
| Total Annual Deals | The number of transactions handled by the investment bank from Q2 2023 – Q2 2024. | 20% |
| Notable Rankings & Awards | Recognition of the investment bank in notable M&A publications or at major industry events over the last calendar year. | 15% |
The table below contains the 10 highest-scoring institutions from our study. We’ve included a column for: (a) each of the 4 ranking criteria; (b) the average EBITDA range of the investment bank’s clients; and (c) area of specialization as noted on the firm’s website or third-party databases.
The Top Investment Banks of 2025, US
| # | Name | Client EBITDA Range | Total Annual Deals (2023-Q1 ’24) | Leadership Experience Score | Success Rate | Notable Rankings & Awards | Specialty |
| 1 | Goldman Sachs | $100M+ | 100+ | 5.0 | 81% | Bank of the Year 2023 International Financing Review Awards | Public & private cross-border M&A for enterprise level companies |
| 2 | JP Morgan | $100M+ | 100+ | 4.9 | 77% | Best Private Bank in Euromoney’s Private Banking Global 2023 | International M&A advisory for large public companies |
| 3 | Morgan Stanley | $100M+ | 100+ | 4.8 | 85% | #8 in S&P Global Market Intelligence League Tables | M&A advisory and capital raising for public companies |
| 4 | Jeffries | $5M-30M | 10-15 | 4.6 | 94% | ECM Bank of the Year in the UK & Ireland | Enterprise level companies in consumer & retail, energy, and industrials |
| 5 | Moelis & Company | $30-60M | 100+ | 4.8 | 80% | Investment Bank of the Year for Private Placements by The Banker | Strategic & capital structure advisory for private placement |
| 6 | BofA Securities | +$100M | 100+ | 4.5 | 90% | Best International Investment Bank in India by Finance Asia | International deals focusing on $2B+ public companies within the healthcare sector |
| 7 | BMI | $10-50M | 5-10 | 4.5 | 89% | #24 in Axial’s Top 25 Investment Banks 2023 | M&A for private architecture & interior design companies |
| 8 | Evercore Inc. | $20-50M | 65-80 | 4.0 | 91% | Best M&A Advisor in Singapore by The Asset Magazine | Strategic advisory and restructuring services for international businesses |
| 9 | Barclays | $10M-100M | 100+ | 4.3 | 88% | Best Bank for Markets in Euromoney Awards | Capital raising services for IPOs energy companies |
Note: We define investment banks as financial institutions that provide either, or all of: M&A advisory, capital raising, IPO services, and strategic & legal guidance.
Goldman Sachs
Goldman Sachs is arguably the best known name in global investment banking, handling deals for large corporations interested in cross-border M&A to increase their market share. Goldman’s specialists help these companies navigate complex equity and debt capital markets complete nuanced deal types utilizing leverage and financing structures to secure the best deal possible.
Because of their size, Goldman is likely to have specialists that can manage transactions in every industry, although, it should be noted that these will likely be junior executives as the firm’s principals don’t touch most deals.
- Client EBITDA Range: $100M+
- Total Annual Deals (Q1 2023-Q1 2024): 100+
- Leadership Experience Score: 5.0
- Success Rate: 81%
- Notable Rankings & Awards: Bank of the Year 2023 International Financing Review Awards
- Specialty: Public & private cross-border M&A for enterprise level companies
- Contact:Goldman Sachs Website
JP Morgan
JP Morgan specializes in syndicated and leveraged finance options for companies seeking to effect a buyout or make an acquisition using leveraged loans, high-yield and junk bonds and/or mezzanine debt for their clients. Their teams navigate complex deal and payout structures.
Listed deal activity suggests a great deal of international exposure across a variety of sectors, including consumer retail, industrials, and real estate. The size of listed deals would also indicate a preference towards enterprise-level companies.
- Client EBITDA Range: $100M+
- Total Annual Deals (Q1 2023-Q1 2024): 100+
- Leadership Experience Score: 4.9
- Success Rate: 77%
- Notable Rankings & Awards: #1 Global Research Firm
- Specialty: International M&A advisory for large public companies
- Contact:JP Morgan Website
Morgan Stanley
Morgan Stanley bears a significantly more conservative reputation than some of the other more well-known names on this list. Specializing in IPO services and capital raising, their teams specialize in helping clients navigate the often confusing and overwhelming regulatory landscape involved in going public and growing their companies prior to sale.
Morgan Stanley makes an ideal match for enterprise-level candidates in need of loss mitigation or risk management services, however, companies considering an IPO should also consider their services.
- Client EBITDA Range: $100M+
- Total Annual Deals (Q1 2023-Q1 2024): 100+
- Leadership Experience Score: 4.8
- Success Rate: 85%
- Notable Rankings & Awards: #8 in S&P Global Market Intelligence League Tables
- Specialty: M&A advisory and capital raising for public companies
- Contact:Morgan Stanley Website
Jeffries
Jeffries is a global investment bank and capital markets firm specializing in debt advisory and restructuring for clients seeking to optimize their finances by selecting optimal sources of debt for the best possible deal structure. In addition, they provide a PCA team for clients seeking expert guidance on secondary market transactions.
This expertise makes Jeffries an ideal candidate for enterprise level companies seeking IB services for general partner and limited partner advisory services, as well as international deal structures.
- Client EBITDA Range: $5M-30M
- Total Annual Deals (Q1 2023-Q1 2024): 10-15
- Leadership Experience Score: 4.6
- Success Rate: 94%
- Notable Rankings & Awards: ECM Bank of the Year in the UK & Ireland
- Specialty: Enterprise level companies in consumer & retail, energy, and industrials
- Contact:Jeffries Website
Moelis & Company
Moelis & Company is a full-service investment bank specializing in private placement for companies seeking to sell shares to private investors rather than take their company public. Their team boasts a wide breadth of experience from financial giants like Goldman Sachs & Merryl Lynch, indicating a significant level of expertise within their ranks.
The specialization of private placement within Moelis & Company makes them a great match for companies seeking to grow their worth without navigating SEC regulations.
- Client EBITDA Range: $30-60M
- Total Annual Deals (Q1 2023-Q1 2024): 100+
- Leadership Experience Score: 4.8
- Success Rate: 80%
- Notable Rankings & Awards: Investment Bank of the Year for Private Placements by The Banker
- Specialty: Strategic & capital structure advisory for private placement
- Contact:Moelis & Company Website
BofA Securities
Bank of America Securities has historically kept a wide breadth of deal activity across many sectors, however, recent deal activity suggests a movement deeper into the healthcare field; a possible result of its growing value following the global pandemic of 2020. With a success rate that is highest amongst the more well-known names on this list, healthcare enterprises are likely to find their best match in BofA Securities.
While they specialize in healthcare companies generally, it’s also worth noting that BofA Securities also has a well-established international presence, making it an ideal candidate for anyone seeking cross-border deals.
- Client EBITDA Range: +$100M
- Total Annual Deals (Q1 2023-Q1 2024): 100+
- Leadership Experience Score: 4.5
- Success Rate: 90%
- Notable Rankings & Awards: Best International Investment Bank in India by Finance Asia
- Specialty: International deals focusing on $2B+ public companies within the healthcare sector
- Contact:BofA Securities Website
BMI
BMI is a full service investment bank which makes its living by targeting a niche market; architectural firms and interior design companies. Within this space, they have dominated national deal activity within a rapidly growing industry, ultimately placing themselves in a favorable position for future growth themselves.
Because so many of BMI’s staff have experience within the larger tech field, they might also make a good match for small tech startups without much capital seeking growth advisory services prior to a sale.
- Client EBITDA Range: $10-50M
- Total Annual Deals (Q1 2023-Q1 2024)): 10-15
- Leadership Experience Score: 4.5
- Success Rate: 89%
- Notable Rankings & Awards: #24 in Axial’s Top 25 Investment Banks 2023
- Specialty: M&A for private architecture & interior design companies
- Contact:BMI Website
Evercore Inc.
Evercore’s investment banking criterion appears to focus strictly on advisory services, including mergers, acquisitions, and strategic advisory. Their website indicates a specialization in shareholder activism and defense advisory services, making them an ideal match for companies in need of defensive strategies in the face of hostile activity.
As such, Evercore is likely the best match for companies seeking to remove redundancies and streamline operations prior to a sale. In addition, their activity in the Asian M&A market suggests a high degree of expertise for companies in the region.
- Client EBITDA Range: $20-50M
- Total Annual Deals (Q1 2023-Q1 2024): 65-80
- Leadership Experience Score: 4.0
- Success Rate: 91%
- Notable Rankings & Awards: Best M&A Advisor in Singapore by The Asset magazine
- Specialty: Strategic advisory and restructuring services for international businesses
- Contact:Evercore Inc.’s Website
Barclays
Barclays is an investment bank providing M&A advisory services in addition to ECM and DCM services and capital raising options to help companies grow prior to a sale. They specialize in working with energy-efficient and sustainability companies, based on their website, making them an ideal choice for companies seeking to grow their market share within that sector.
Barclays scores remarkably well on our teams algorithm, coming in at #10 due to a slightly lower success rate. It is important to remember, however, that this is at least in part due to the niche sector they target, making dealmaking especially difficult to maintain.
- Client EBITDA Range: $10-100M
- Total Annual Deals (Q1 2023-Q1 2024): 100+
- Leadership Experience Score: 4.3
- Success Rate: 88%
- Notable Rankings & Awards: Best Bank for Markets in Euromoney Awards
- Specialty: Capital raising services for IPOs energy companies
- Contact: Barclays Website
The following sections provide additional rankings for investment banks serving niche subsectors within M&A. For each section, we provide a brief breakdown of each bank, using several of the criteria noted in the larger table above.
Top Investment Banks by Category
Top Rising Investment Banks 2024
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 2 | Woodbridge International | $1-10M | 25-40 | 4.5 | 90% |
| 3 | Clairfield | $5-30M | 100+ | 4.0 | 89% |
| 4 | La Piana | $500K-1M | 1-5 | 4.0 | 90% |
| 5 | Fricke & Associates | $500K-1M | 5-15 | 3.6 | 86% |
Top Boutique Investment Banks 2024
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 2 | Intrepid | $5-50M | 15-25 | 4.5 | 93% |
| 3 | Perella Weinberg Partners | $5-40M | 40-50 | 4.5 | 91% |
| 4 | Loeb & Loeb LLP | $10-40M | 60-80 | 4.0 | 91% |
| 5 | Clairfield | $5-30M | 100+ | 4.0 | 89% |
Top Investment Banks for SaaS 2024
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Goldman Sachs | $100M+ | 100+ | 5.0 | 83% |
| 2 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 3 | Morgan Stanley | $100M+ | 100+ | 4.8 | 88% |
| 4 | Moelis & Company | $30-60M | 100+ | 4.8 | 80% |
| 5 | BMI | $10-100M | 5-10 | 4.0 | 90% |
Top Investment Banks for Services Companies 2024
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | JP Morgan | $100M+ | 100+ | 4.8 | 80% |
| 2 | Sica | Fletcher | $1-30M | 40-70 | 5.0 | 95% |
| 2 | Evercore Inc. | $20-50M | 65-80 | 4.0 | 91% |
| 4 | Lazard | $10-40M | 70-90+ | 4.2 | 85% |
| 5 | Two Roads Advisors | $5-15M | 10-15 | 4.0 | 89% |
Top Investment Banks for Fintech 2024
| # | Bank | Average Client EBITDA Range | Total Annual Deals | Leadership Experience Score | Success Rate |
| 1 | Houlihan Lokey | $30-50M | 500-600 | 4.5 | 95% |
| 2 | Goldman Sachs | $100M+ | 100+ | 5.0 | 83% |
| 3 | Jeffries | $5M-30M | 10-15 | 4.5 | 93% |
| 4 | BofA Securities | +$100M | 100+ | 4.5 | 89% |
| 5 | BMI | $10-50M | 5-10 | 4.5 | 90% |
We hope you found this report useful. If you have any questions about this report, you can contact us here.
If you’re interested in getting a quick valuation of your business, you can use our Business Valuation Calculator.
Sources
- Most Prestigious Banking Firms (Vault)
- Top Investment Banks: Rankings of Banks by Tier and Category (Mergers & Inquisitions)
- The Hierarchy of an Investment Bank (Investopedia)
- Typical Hierarchy of Investment Banks (Corporate Finance Institute)
- League Tables (Financial Times)
Evan Bailyn
Evan Bailyn is a best-selling author and award-winning speaker on the subjects of SEO and AI-powered Search. Contact Evan here.
Top 10 Investment Banking Companies in 2025
Forage puts students first. Our blog articles are written independently by our editorial team. They have not been paid for or sponsored by our partners. See our full editorial guidelines.
Table of Contents
- Top 10 U.S. Investment Banking Companies
- Top Investment Banks Overseas
- Bulge Bracket Investment Banks
- Mid-Market Investment Banks
- Boutique Investment Banks
The top investment banking companies are typically banks with large market capitalization or market cap. A bank’s market cap is the value of its shares owned by stockholders. Companies with high market caps are typically very powerful since they’re worth a lot of money and play significant roles in the economy.
Investment banks primarily help large companies and governments raise capital, so investment banking is inherently a global industry. Some of the world’s largest investment banking companies are not based in the U.S., but these international banks still make up a large portion of the market stateside. We’ve compiled a list of the top investment banks in the U.S. based on market capitalization.*
Top 10 U.S. Investment Banking Companies
In the U.S., the top investment banking companies include the Big Four Banks — JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. These banks have massive market capitalizations and are the largest in the U.S. by consolidated assets, each with more than $1.7 trillion in assets according to the Federal Reserve. Consolidated assets include stocks, loans, properties, and reserves.
1. JPMorgan Chase
Market cap: $543.04 billion
Total consolidated assets: $3.4 trillion
With roots stretching back to the 18th century, JPMorgan Chase is a multinational bank formed by a merger of the Chase Manhattan Corporation and J.P. Morgan & Co. in December 2000. Presently, JPMorgan Chase offers a variety of financial services, ranging from investment banking and asset management to credit cards and retail banking.
>>MORE: JPMorgan is hiring — see our guide to JPMorgan internships to get ahead of the competition.
JPMorgan Investment Banking
Step into the role of an investment banker at the world’s leading bank with this free job simulation.
Avg. Time: 5 hours
Skills you’ll build: M&A screening, company analysis, financial modeling, DCF valuation, presentations, client communication
2. Bank of America
Market cap: $280.31 billion
Total consolidated assets: $2.5 trillion
Headquartered in Charlotte, North Carolina, Bank of America is the second-largest bank in the world by market cap and the eighth largest by total consolidated assets. Bank of America mainly handles commercial banking, investment banking, and wealth management.
>>MORE: Bank of America is hiring — check out our guide to Bank of America internships to learn how to land a role.
Bank of America Investment Banking
Explore an investment banking career at Bank of America with this free job simulation.
Avg. Time: 5 hours
Skills you’ll build: SWOT analysis, financial analysis, financial modeling, debt capital markets, business valuation, M&A screening
3. Morgan Stanley
Market cap: $142.35 billion
Total consolidated assets: $209 billion
Morgan Stanley is a multinational financial services company and investment banking institution headquartered in New York City. Although its founders were partners at JPMorgan in the mid-1930’s, Morgan Stanley now operates as an entirely separate entity from JPMorgan Chase.
4. Wells Fargo
Market cap: $204.18 billion
Total consolidated assets: $1.7 trillion
Wells Fargo is a global financial services institution, and a member of America’s Big Four banks. In addition to investment banking and asset management services, Wells Fargo has commercial and retail banking operations. Although Morgan Stanley may have a slightly higher market capitalization, Wells Fargo holds considerably more consolidated assets.
Wells Fargo Software Engineering
Build a system to help your financial advisors better manage their customers portfolios with this free job simulation from Wells Fargo.
Avg. Time: 3 to 4 hours
Skills you’ll build: Data modeling, entity relationship diagramming, system design, Java, JPA, Spring
5. Goldman Sachs
Market cap: $126.00 billion
Total consolidated assets: $521.1 billion
Goldman Sachs is consistently one of the top investment banks in the world based on global revenue. Goldman Sachs has only two domestic branches and offers investment banking services, in addition to financial products like commercial banking and brokerage services.
Goldman Sachs Excel Skills for Business
Learn the skills bankers and finance professionals use every day with Goldman Sachs’ free job simulation.
Avg. Time: 4 to 5 hours
Skills you’ll build: Excel, financial forecasting, financial statements, cash flow modeling, financial modeling, charting
6. Charles Schwab
Market cap: $122.56 billion
Total consolidated assets: $493.2 billion
Charles Schwab was founded in San Francisco, California in 1971. Since then, it has grown to become one of the largest banks in the United States by assets and a global force in the investment banking and wealth management space. Charles Schwab also offers consulting and advisory services to retail and corporate clients.
7. Citigroup (Citi)
Market cap: $109.92 billion
Total consolidated assets: $1.7 trillion
Citigroup is a multinational investment bank and the holding company for a number of subsidiaries, including Citicorp and Citibank. Although Citibank isn’t at the top of the list by market cap, Citi holds significantly more consolidated assets than Goldman Sachs or Morgan Stanley.
>>MORE: Learn how to get hired at Citi with our guide to Citi internships.
Citi Investment Banking
Get a taste for the challenges investment bankers tackle every day with Citi’s free job simulation.
Avg. Time: 4 to 5 hours
Skills you’ll build: Data analysis, financial modeling, Excel, presentations, attention to detail, professional writing, research
8. U.S. Bancorp
Market cap: $67.40 billion
Total consolidated assets: $650.7 billion
Founded in the late 1800s, U.S. Bancorp holds the second oldest charter in the nation and is the parent organization of U.S. Bank. In addition to wealth management and investment advisory services, U.S. Bancorp also has a strong retail and commercial banking presence.
9. PNC Financial Services
Market cap: $59.80 billion
Total consolidated assets: $557.5 billion
PNC Financial Services is a multinational banking institution and its subsidiary, Harris Williams, is one of the largest investment banking and mergers and acquisition (M&A) advisory businesses in America. Additionally, PNC is a leader in retail banking as one of the most notable credit card issuers in the country.
>>MORE: Get insider tips on landing a summer analyst role with our guide to investment banking internships.
10. Truist Financial Corporation
Market cap: $49.96 billion
Total consolidated assets: $527.5 billion
Truist Financial Corporation was born from a 2019 merger between BB&T and SunTrust Banks. Truist offers a variety of financial services, including brokerage, asset management, commercial banking, and insurance services.
*It’s important to note that market capitalization depends entirely on current stock prices. As stock prices fluctuate throughout the day, market capitalization can change. Data used for this list is accurate as of March 8, 2024 and slight discrepancies in ranking may occur due to market changes.
Find Your Career Fit
Discover the right career for you with our free career quiz.
Top Investment Banks Overseas
The biggest investment banking companies based outside of the United States include:
- HSBC: The largest banking and financial services corporation in Europe, with a market cap exceeding $140 billion
- UBS: A multinational investment banking company considered one of the “bulge bracket” banks
- T.D. Bank: A Canadian-based banking institution offering retail, commercial, and investment banking services
- Barclays: A British multinational banking corporation with a market cap over $34 billion
Bulge Bracket Investment Banks
Another way to categorize the world’s largest investment banking companies is by looking at the so-called “bulge bracket” banks. These banks are the largest, multinational investment banks with clients that include major corporations, institutions, and governments. The name comes from the way public offerings are advertised to the public — called a “tombstone,” it lists the groups involved in underwriting the deal, usually with the most important banks at the top. The font used for the top banks was bolder and bigger, causing them to “bulge” out of the page.
The bulge bracket banks are not a definitive list because financial power fluctuates and there are no explicit criteria for inclusion.
Some of the banks usually considered to be bulge bracket include:
- Bank of America Merill Lynch
- Barclays
- Citigroup
- Credit Suisse
- Deutsche Bank
- Goldman Sachs
- JPMorgan Chase
- Morgan Stanley
- UBS
Upskill with Forage
Build the skills employers are looking for with our free banking and financial services job simulations.
Mid-Market Investment Banks
Middle market investment banks are financial companies that aren’t big enough to be a bulge bracket bank, but still offer similar services such as wealth management, merger and acquisition advice, brokerage, and private equity services. Typically, the deals handled by mid-market investment banks are less than $500 million, and many mid-market banks specialize in a particular industry.
Some examples of mid-market investment banks include:
- William Blair & Co.
- Houlihan Lokey
- PwC
- Lincoln International
- KPMG
Boutique Investment Banks
Boutique investment banks are small investment companies that specialize in specific areas or industries. For example, Rothschild specializes in global mergers and acquisitions advisory and Cain Brothers focuses on the health care industry.
Some examples of boutique investment banks are:
- Montgomery & Co.
- Marathon Capital
- Lazard
- Rothschild
- Sandler O’Neill Partners
The line between boutique investment banks and mid-market firms isn’t always clear — boutique banks are almost always specialized in one area, but some mid-market banks may specialize while others offer a full range of financial services. Additionally, with the volatility of financial power, banks can fluctuate between being considered boutique or mid-market.
Are you considering a career as an investment banker? Learn the skills you need to get ahead with our Investment Banking Career Path!
Guide to Superday
Applying to investment banking companies? For guidance on how to prepare for superday, log in and download our full guide.
Market capitalization data is accurate as of March 8, 2024.
Image credit: Violetkaipa / Depositphotos.com
Written by
McKayla Girardin is a NYC-based writer with Forage. She is experienced at transforming complex concepts into easily digestible articles to help anyone better understand the world we live in.
https://firstpagesage.com/business/the-top-investment-banks-us/https://www.theforage.com/blog/companies/investment-banking-companies
