The fourth quarter shaped up to be a perfect recipe in the consecutive buildup for investment banking revenues.

“an improving IPO calendar, to a surge in M&A activity, to continued elevated trading activity across commodities, fixed income and equities,” boosted earnings.

According to Dealogic data, global investment banking income surged 15% to approximately $103 billion, the second-highest since 2021, led by JPMorgan.

Data indicated worldwide megadeals drove mergers and acquisitions volume to $5.1 trillion in 2025, up 42% from 2024