JPM · 10-Q · 2026Q2 · Full report

Investment Banking Demand Trends

JPMORGAN CHASE & CO · 2026-08-06 · Importance 40 · Surprise 56 · No source text

Investment banking fees increased 30% year over year in CIB, supported by higher equity underwriting from large IPOs and convertible securities offerings, higher investment-grade loan and bond underwriting, and higher non-investment-grade bond underwriting. Advisory fees increased in the Financial Institutions, Technology, and Diversified Industries sectors, while Consumer & Retail deal fees declined. JPMorgan ranked first globally for investment banking fees with a 9.3% wallet share year to date, based on Dealogic data as of July 1, 2026. The firm also reported higher deal activity across equity underwriting products and higher advisory fees in the first half of 2026.

Key facts

• Investment Banking revenue for the three months ended June 30, 2026: $3,902 million, up 45% year-over-year. source
• Equity underwriting fees for the three months ended June 30, 2026 were $829 million, up 78% year-over-year. source
• Investment banking fees were $3,208 million for the three months ended June 30, 2026 and $2,499 million for the three months ended June 30, 2025. source
• Investment banking fees — six months ended June 30, 2026: Underwriting total $3,780 million, Advisory $1,537 million, Total investment banking fees $6,066 million. source
• Advisory fees for CIB for the three months ended June 30, 2026 were $1.0 billion, up 20% year-over-year. source
• Investment banking fees (CIB) for the three months ended June 30, 2026: $3,277 million. source
• Investment banking fees — three months ended June 30, 2026: Underwriting total $2,197 million, Advisory $1,011 million, Total investment banking fees $3,208 million. source

Impact estimates