The Top 10 Investment Banks – By Size & Tier (2025)

The Different Kinds of Investment Banks

All investment banks provide a wide range of financial services, many of which are overlapping. However, they can be broadly categorized into one of three types based on their specific roles and services: bulge bracket, middle market, and boutique. We'll go into more depth in what each of these are, but at a glance:

• Bulge Bracket: These are major global financial institutions that provide a full spectrum of services including mergers and acquisitions (M&A), asset management, and securities underwriting. They handle large-scale transactions and typically work with multinational corporations and governments.
  • Examples: Goldman Sachs, Morgan Stanley, Bank of America, Citi, Barclays, UBS, JP Morgan, Deutsche Bank
• Middle Market: Middle market investment banks focus on medium-sized transactions, catering to companies and deals smaller than those typically handled by bulge brackets. They offer specialized financial services within regional or industry-specific markets.
  • Examples: Baird, Harris Williams, Houlihan Lokey, Jefferies, Macquarie, Piper Sandler, Oppenheimer, William Blair, Cowen, Janney
• Boutique: These are smaller firms that specialize in specific areas such as M&A, restructuring, or certain industry sectors. Boutique banks are known for their personalized service and deep expertise, focusing on building strong client relationships and delivering tailored advice.
  • Examples: Centerview, Lazard, Moelis, Qatalyst, Evercore, Perella Weinberg, PJT Partners, Rothschild

Outside of these three, you'll also see the following classifications.

• In-Between-a-Banks (IBABs): IBABs are larger than typical boutique banks but not as extensive as bulge brackets. They often offer services akin to bulge brackets but focus on a narrower range of industries or regions. These banks typically handle deals that are too large for boutiques but not large enough for bulge brackets, filling a niche in the market that demands specialized yet comprehensive financial advisory services.
  • Examples: Wells Fargo, RBC, and many regional players (BNP Paribas, HSBC, BMO, Mizuho, etc.)
• Up-and-Coming Elite Boutique (UCEBs): UCEBs are boutique banks on the rise, known for handling high-profile deals within specific sectors such as technology, healthcare, or media. They are recognized for their agility and expert knowledge, rapidly gaining reputation and market share. These banks often attract top talent and high-profile clients by offering bespoke services that rival those of the larger institutions.
  • Examples: LionTree, Robey Warkshaw, Dyal Co., Lakeside Capital Advisers, Zaoui & Co.
• Industry-Specific Boutique (ISBs): ISBs are highly specialized boutique banks that focus exclusively on a particular industry. These banks offer deep, unparalleled expertise in their chosen field, providing tailored advice and services that are directly aligned with the unique dynamics and requirements of their industry. This focus allows them to offer insights and solutions that are not readily available from larger, more generalized competitors.
  • Examples: Allen & Co. (TMT), FT Partners (FinTech), Leerink (Healthcare), Telsey Advisory Group (Consumer)
• Regional Boutique (RBs): RBs focus on serving clients within a specific geographic area, offering personalized services tailored to the local market's needs. These banks often have a profound understanding of the regional economic climate and regulatory environment, making them indispensable partners for local businesses and investors.
• Merchant Banks: Primarily engage in offering capital to companies in the form of share ownership instead of loans, and they often assist in the organization of mergers and acquisitions.
• Hybrid Banks: These institutions blend the features of investment and retail banking, offering a mixture of services such as investment advice and personal banking. They cater to clients looking for a one-stop-shop for both personal and corporate financial services.

Now, let's break down the three big buckets: BBs, MMs, and boutique firms.

Bulge Bracket Investment Banks (BBs)

Bulge bracket investment banks are the largest and most profitable global investment banks. They offer a full range of services to their clients, including mergers and acquisitions (M&A) advisory, equity and debt underwriting, asset management, and brokerage services. These banks operate on a global scale and their clients typically include large corporations, governments, public sector entities, institutional investors, ultra-high-net-worth individuals, and other large institutions. The size of the deals is the biggest of all banks, with many transactions exceeding $1 billion. Examples include Goldman Sachs, Morgan Stanley, J.P. Morgan Chase, Credit Suisse, and Bank of America Merrill Lynch/Bank of America Securities.

In recent years, there has been a split among the bulge bracket banks. The top three – Morgan Stanley, Goldman Sachs, and JP Morgan – have separated from the crowd and typically perform better than the best. Now, it is more common to sort bulge bracket banks into three different tiers. Tier 1 includes the "big three" listed above. Tier 2 includes Credit Suisse, Barclays, and Deutsche Bank. Tier 3 includes UBS, BNP Paribas, and SocGen. These tiers are, of course, somewhat subjective.

Middle Market Investment Banks (MMs)

Middle market investment banks provide a suite of services similar to bulge bracket banks but are tailored to mid-sized companies and transactions. These banks often excel in offering more personalized services and may focus on specific sectors such as healthcare, technology, or manufacturing. They are ideal for companies seeking expert guidance through mergers and acquisitions, capital raising, or financial restructuring. The average deal size handled by middle market investment banks typically ranges between $50 million and $500 million, though this range can vary based on the specific focus and capacity of the bank, as well as market conditions. Notable examples include Jefferies, which specializes in complex, sector-specific transactions, Houlihan Lokey, renowned for its restructuring expertise, and Piper Sandler, which focuses on key growth sectors like technology and financial services.

Boutique Investment Banks

Boutique investment banks operate on a smaller scale, focusing intensely on specialized services such as mergers and acquisitions (M&A) advisory, financial restructuring, or targeted industry sectors. These banks are known for their high level of expertise and personalized client service, though they typically do not offer the broad array of services found in larger, full-service banks.

Boutique banks are usually categorized into two types: elite boutiques and regional boutiques. Elite boutiques, such as Lazard, Evercore, and Moelis & Company, offer services comparable to bulge bracket banks and often handle large, high-value transactions that rival those of their larger counterparts, with deal sizes often exceeding $1 billion. On the other hand, regional boutiques focus on smaller, local markets, providing bespoke services tailored to regional business needs and typically dealing with transactions valued under $100 million. This segmentation allows boutique banks to deliver highly specialized and expert advice within their respective domains.

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What Differentiates Top Banks?

All top banks have a similar suite of offerings, including mergers and acquisitions (M&A) advisory, equity and debt underwriting, asset management, and sales and trading. They also all operate on a global scale, work with massive deals, and have a wide range of clients. This begs the question, how are the top banks any different? Especially as we descend into the lower levels of this list, there are a few differentiating factors:

1. Deal Size: Not all investment banks are working with $1B+ deals, many are working with $100 million+ deals. Some firms are known for their ability to manage the largest and most complex deals, such as mega-mergers, large public offerings, or intricate financing structures. Their track record in successfully closing significant transactions sets them apart. The question is what size of deal they are primarily working with.
2. Industry Expertise: While all top banks cover the major industries, some banks may develop a reputation for particular sector expertise, such as technology, healthcare, or energy. This reputation can be built through a history of high-profile deals, leading research in the sector, or having key personnel with significant industry experience.
3. Client Portfolio: The prestige and type of clients an investment bank attracts can also differentiate it. Some banks may boast a client list heavy with Fortune 500 companies, sovereign wealth funds, or large private equity firms, enhancing their reputation and attracting further high-profile clients.
4. Performance and Rankings: Annual league tables, which rank investment banks based on the volume and value of the transactions they advise on, can play a significant role in differentiating banks. Being consistently ranked at the top for deal-making in various sectors or types of transactions enhances a bank's reputation.
5. Corporate Culture/Talent: The culture within a bank and the talent it attracts and retains can significantly impact its success and reputation. Banks known for their collaborative culture, commitment to client success, and ability to attract top industry talent can differentiate themselves in the market. This extends to exit opportunities – where are bankers from the firms moving to? Big private equity firms, other banks, or corporate finance?
6. Geographical Reach: The presence of a bank in key financial markets around the world, such as New York, London, Hong Kong, and more emerging markets like Africa and Latin America, can also serve as a differentiator. Some banks may have a stronger foothold in certain regions due to historical ties, strategic expansions, or regulatory advantages, which can influence their ability to facilitate cross-border transactions and offer localized insights that cater to regional client needs.
7. Services Provided: While all top banks offer a core set of financial services, the extent and sophistication of these offerings can vary. Some banks might excel in providing comprehensive risk management solutions, digital banking services, or innovative sustainable finance products. The ability to offer unique, value-added services such as proprietary technology platforms or specialized investment vehicles can set a bank apart from its competitors, appealing to niche markets or client needs that require specific expertise.

Other differentiators include exit opportunities for employees (PE, other banks, something else), variety of services provided, geography, and regulatory record.

Top 10 Investment Banks in the World in 2025

Here is a list of the top ten investment banks in the world, based on market capitalization. At a glance, this list includes:

• JP Morgan
• Goldman Sachs
• Bank of America Securities
• Morgan Stanley
• Citigroup
• Barclays
• Wells Fargo & Co.
• BNP Paribas
• Deutsche Bank
• Jefferies LLC

Year-Over-Year Changes: From the 2023-2024 to the 2024-2025 period, Goldman Sachs jumped from fourth to second place. Wells Fargo moved into the top 10 at position seven, as well as Deutsche Bank and Jefferies in positions nine and 10, respectively. Those that fell off the list in 2025 include HSBC, UBS, and Société Générale.

1. JPMorgan Chase & Co

• Type of Bank: Bulge bracket
• Headquarters: New York, NY

JPMorgan Chase & Co. is a multinational investment bank and financial services holding company in the US. They are headquartered in New York City. It is the largest bank in the United States and has a wide range of investment banking products and services in all major capital markets, including consulting on corporate strategy and structure, raising capital in the stock and debt markets, risk management, and creating a securities market. JP Morgan's market cap in January 2025 is $744.02 billion.

Additional reasons why Chase is a top investment bank:

• Diverse Services: JPMorgan Chase offers a wide array of financial services, including investment banking, asset management, wealth management, and trading. This diversity allows it to cater to various client needs and provide integrated solutions.
• Global Presence: Chase has a significant global presence, with offices and operations in multiple countries. This global reach allows it to tap into various markets and provide services to a diverse clientele.
• Strong Reputation: Over the years, Chase has built a strong reputation in the financial industry. Its history, stability, and track record of success have contributed to its credibility as an investment bank.

Learn more at JPMorgan Chase & Co.

2. Goldman Sachs & Co.

• Type of Bank: Bulge bracket
• Headquarters: New York, NY

Goldman Sachs is a multinational investment bank and financial services company. The services they offer in investment banking include advisory for mergers and acquisitions and restructuring, securities underwriting, asset management, investment management, and prime brokerage. They make markets and broker credit products, mortgage-backed securities, insurance-linked securities, securities, currencies, commodities, equities, equity derivatives, structured products, options, and futures contracts. Its market cap currently stands at $200.74 billion.

Additional reasons why Goldman Sachs is a top investment bank:

• Expertise in Investment Banking: Goldman Sachs is renowned for its investment banking services, which include advising on mergers and acquisitions, underwriting securities offerings, providing strategic financial advice to corporations, and facilitating complex financial transactions.
• Networking and Relationships: Investment banking often involves complex transactions and deals. Goldman Sachs’ extensive network and relationships in the financial industry can provide access to opportunities and partnerships that other institutions might not have.
• Strong Financial Position: Goldman's own financial stability and strength can also contribute to its reputation as a top investment bank. Clients want to work with institutions that have the financial resources to support their needs and withstand market volatility.

You can learn more at Goldman Sachs.

3. Bank of America Securities (Previously Bank of America Merrill Lynch, BAML)

• Type of Bank: Bulge bracket
• Headquarters: New York, NY

Located in New York City, New York, Bank of America Securities is a multinational investment banking division under Bank of America. BofA Securities is the wealth management division after the acquisition of Merrill Lynch & Co. in January 2009. It was previously known as Bank of America Merrill Lynch (BAML). BoA Securities provides services as an investment bank in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payment management. Bank of America's market cap in January 2025 is $353.06 billion.

Additional reasons why Bank of America is a top investment bank:

• Market Research and Insights: Top investment banks often have dedicated research teams that provide in-depth market analysis, economic insights, and investment recommendations. Bank of America's research capabilities can attract clients seeking informed investment decisions.
• Innovation and Technology: The integration of technology and innovation can enhance an investment bank's offerings. Bank of America's investment in technology such as AI for fraud detection and digital payment solutions can contribute to its position as a top investing bank, allowing it to offer efficient services and stay competitive.
• Client Base: Bank of America serves a wide range of clients, including corporations, institutional investors, high-net-worth individuals, and retail clients. This broad client base enables it to generate significant revenue streams from different segments.

Check more information at Bank of America Securities.

4. Morgan Stanley

• Type of Bank: Bulge bracket
• Headquarters: New York, NY

Morgan Stanley is a multinational investment bank and financial services company in Midtown Manhattan, New York City. Founded in 1935, the firm’s clients include corporations, governments, institutions, and individuals. Their main areas of business are institutional securities, wealth management, and investment management. Morgan Stanley’s market cap is at $221.44 billion.

Additional reasons why Morgan Stanley is a top investment bank:

• Expertise and Talent: Top investment banks typically attract and retain skilled professionals in various fields, including finance, economics, law, and more. Morgan Stanley's ability to attract top talent contributes to its ability to provide sophisticated financial solutions.
• Emphasis on Five Core Values: Do the Right Thing, Put Clients First, Lead with Exceptional Ideas, Commit to Diversity and Inclusion, and Give Back
• History and Reputation: A long-standing history and a solid reputation in the financial industry can enhance an institution's credibility. Morgan Stanley’s history and reputation contribute to its status as a respected investment bank.

Get more info at Morgan Stanley.

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5. Citigroup

• Type of Bank: Bulge bracket
• Headquarters: New York, NY

This multinational investment bank and financial services corporation was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. It provides strategic and financing products as well as advisory services to multinational and local countries. It also offers client services such as mergers and acquisitions advice and underwriting of initial public offerings. Citigroup's current market cap is at $153.88 billion.

Additional reasons why Citigroup is a top investment bank:

• Global Transaction Services: Citigroup's transaction services division offers solutions related to cash management, trade finance, and securities services. This comprehensive suite of services can be appealing to businesses with international operations.
• Industry Recognition: Over the years, Citigroup has received numerous awards and accolades in the financial industry, including “Best Investment Bank in Emerging Markets” and “Best Payments and Treasury Bank” in 2023. These recognitions can further solidify their reputation as a top investment bank.
• Risk Management Expertise: Citigroup's history and experience in risk management can be an advantage when dealing with complex financial transactions that involve various forms of risk mitigation.

Visit Citigroup to learn more.

6. Barclays Investment Bank

• Type of Bank: Bulge bracket
• Headquarters: London, UK

Barclays is a British multinational universal bank. It operates as two divisions, Barclays UK and Barclays International, and is supported by the service company Barclays Execution Services. It can trace its origin to the goldsmith banking business in London in 1690. Its IB business division provides advisory, financing, and risk management services to large companies, institutions, and government clients. In January 2025, Barclay's market cap is at $53.56 billion.

Additional reasons why Barclays is a top investment bank:

• Integrated Banking Model: Barclays is known for its integrated banking model, which combines retail banking, corporate banking, wealth management, and investment banking under one roof. This holistic approach allows the bank to offer comprehensive financial solutions to a wide range of clients.
• Strong Mergers and Acquisitions (M&A) Practice: Barclays has historically been active in mergers and acquisitions advisory. Its M&A expertise, along with its research capabilities, allows the bank to guide clients through complex transactions.
• Research and Thought Leadership: Barclays produces research reports and market analyses that are widely respected in the industry. These insights provide valuable information to clients making investment decisions.

Learn more at Barclays.

7. Wells Fargo & Co.

• Type of Bank: In-between-a-bank
• Headquarters: San Francisco, CA

Wells Fargo & Company is a diversified, community-based financial services company with a long history dating back to 1852. It is one of the largest banks in the United States in terms of total assets, which were valued at approximately $1.9 trillion as of 2020. Wells Fargo’s Investment Banking division offers a wide range of services including corporate finance, mergers and acquisitions, and capital markets services. Wells Fargo's market cap is $254.66 billion.

Additional reasons why Wells Fargo is a top investment bank:

• Comprehensive Service Portfolio: Wells Fargo provides a broad array of financial services including banking, insurance, investments, mortgage, and consumer and commercial finance, through more than 8,050 locations and 13,000 ATMs, serving one in three households in the United States.
• Strong Community Focus: Known for its strong retail banking presence, Wells Fargo also places a significant emphasis on community banking and has numerous programs aimed at community development and philanthropy.
• Risk Management Expertise: Wells Fargo has developed sophisticated risk management strategies to safeguard clients' assets, making it a trusted name among investment banks, particularly valuable in volatile markets.

More details are available at Wells Fargo.

8. BNP Paribas

• Type of Bank: Bulge bracket
• Headquarters: Paris, France

A French international banking group, BNP Paribas is the leading European bank in terms of business and profitability. Established in 2000 from the merger of Banque Nationale de Paris and Paribas, BNP Paribas was the eighth French brand with the highest value in 2020. The Corporate & Institutional Banking (CIB) is their financial arm providing financial solutions to corporate and institutional clients, including market issues, financing, risk management, and hedging activities. It connects companies’ financing needs with the investment opportunities sought by institutional investors. BNP Paribas' current market cap is $75.57 billion.

Additional reasons why BNP Paribas is a top investment bank:

• European Presence: BNP Paribas is headquartered in Paris, France, which positions it as a major player in the European financial landscape. Its extensive network of offices and operations across Europe gives it deep insight into regional markets and allows it to offer specialized services to European clients.
• Customized Solutions: Tailoring financial solutions to the unique needs of clients can set an investment bank apart. BNP Paribas' approach to understanding its clients' specific requirements and designing tailored solutions can enhance its reputation.
• Regulatory Understanding: Operating in the financial industry requires a deep understanding of regulatory environments. BNP Paribas' experience and compliance efforts can provide clients with confidence in navigating regulatory challenges.

Check more details at BNP Paribas.

9. Deutsche Bank

• Type of Bank: Bulge bracket
• Headquarters: Frankfurt, Germany

Founded in 1870, Deutsche Bank is a leading global investment bank with a strong presence in Europe and significant operations in the Americas and Asia. Deutsche Bank provides high-quality banking services to corporations, governments, private individuals, and institutions in over 58 countries. The bank is known for its robust investment banking operations which include asset management, sales, trading, and corporate finance.

Additional reasons why Deutsche Bank is a top investment bank:

• Global Reach with Local Expertise: Deutsche Bank's global network is matched by its deep local expertise in major markets, offering clients worldwide access with a personal touch.
• Innovation Leadership: It has been at the forefront of developing innovative financial products, including pioneering work in the area of climate finance and renewable energy investment solutions.
• Comprehensive Risk Solutions: The bank’s risk management services are highly regarded, providing tailored solutions that help clients mitigate financial and operational risks.

Discover more at Deutsche Bank.

10. Jefferies LLC

• Type of Bank: Middle market
• Headquarters: New York City, NY

Jefferies, founded in 1962, is a global investment banking firm that specializes in advisory services and capital market transactions primarily for mid-cap companies. It stands out for its focused approach on growing sectors such as healthcare, technology, and aerospace & defense. Jefferies offers services that include mergers and acquisitions, restructuring and recapitalization, and other advisory services. Jefferies' market cap in 2025 is $15.79 billion.

Additional reasons why Jefferies is a top investment bank:

• Sector Expertise: Jefferies is renowned for its deep sector expertise, particularly in high-growth industries where it provides clients with specialized market insights and advisory services.
• Client-Centric Approach: Unlike some of the larger banks, Jefferies prides itself on offering more personalized and client-focused services, which can be a significant advantage for mid-cap companies looking for tailored financial solutions.
• Agility and Responsiveness: Being a mid-sized firm, Jefferies is often more agile and responsive to market changes and client needs, an essential attribute in the rapidly evolving financial markets.

For more information, go to Jefferies.

Other Top Investment Banks

Filtering on size as the above list does, the top investment banks will be primarily bulge bracket as those are the ones that deal with the highest valued deals. However, there are other rankings of top banks depending on what you're optimizing for. Here are several other categorizations of the top banks.

Top Middle Market Investment Banks

• Houlihan Lokey
• Baird
• William Blair
• Harris Williams
• TD Cowen
• Lincoln International
• Oppenheimer
• Macquarie
• RBC
• Brown Gibbons Land & Company

Top Boutique Investment Banks

• Lazard
• Evercore
• Qatalyst
• Guggenheim Partners
• Centerview Partners
• PJT
• Moelis & Company
• LionTree
• Perella Weinberg
• Greenhill

The Top Investment Banks to Work For

According to Vault, which conducted surveys from bankers actually employed by these firms, the best investment banks to work at include:

• Centerview Partners
• Evercore
• Moelis & Co.
• Lazard
• Guggenheim
• Morgan Stanley
• PJT Partners
• Perella Weinberg
• Greenhill & Co.
• Harris Williams

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Top Investment Banks FAQs

Is working at an investment bank worth it?

• Working at an investment bank can be highly rewarding, offering lucrative salaries, prestigious career opportunities, and the chance to work on significant financial transactions. However, it demands long hours and a high-stress environment. It's important to weigh the rewards against the lifestyle considerations to determine if it's right for you. Also, consider your career goals and where you hope to go after.

How much money do investment bankers make?

• Investment bankers earn significantly high incomes, with compensation packages that include base salaries, bonuses, and sometimes stock options. Entry-level analysts typically start with salaries ranging from $100,000 to $150,000 annually, including bonuses (the salary also depends on where they are located). More experienced professionals, such as associates and vice presidents, can earn from $150,000 to $350,000 or more, while senior positions like managing directors can see total compensation in the millions, depending on the bank's performance and individual contribution to deals.

What are the biggest investment banks in the USA?

• The biggest investment banks in the USA include J.P. Morgan Chase, Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch, and Citigroup. These banks lead in terms of deal volume, global presence, and financial services offered.

What is a commercial bank?

• A commercial bank is a financial institution that offers banking services to the general public and businesses, including deposit accounts, loans, and other basic financial products. They play a key role in the everyday financial system by managing deposits and providing credit. While commercial banks focus on serving the general public, an investment bank specializes in securities trading, corporate finance services like mergers and acquisitions, and raising capital for companies and governments.

What does a trading bank do?

• A trading bank engages in buying and selling financial securities, such as stocks, bonds, and derivatives, on behalf of its clients or for its own account. These banks aim to generate profits from trading activities by leveraging market movements and arbitrage opportunities.

What investment banks are on Wall Street?

• Wall Street is home to many prestigious investment banks, including Goldman Sachs, Morgan Stanley, and J.P. Morgan. These institutions are central to the global finance industry, providing a wide range of investment banking services.

What is the hardest investment bank to get into?

• Goldman Sachs is often cited as the hardest investment bank to get into, due to its prestigious reputation, highly competitive hiring process, and rigorous standards for candidates in terms of experience, education, and skills.

Which investment bank has the best work culture?

• J.P. Morgan is frequently recognized for having one of the best work cultures among the bulge bracket investment banks, with a focus on diversity and inclusion, employee development, and a supportive working environment.

What are the 4 divisions of investment banking?

• The four main divisions of investment banking are Corporate Finance (dealing with mergers, acquisitions, and capital raising), Sales and Trading (handling securities transactions), Asset Management (managing investments for clients), and Research (providing analysis and insights on markets and investments).