Top Investment Banking Firms in 2025: Who Leads the Market and Why?

In 2025, the investment banking industry in the US and abroad is adapting to an extremely regulated and performance-first environment that necessitates using digital innovations. Mergers and acquisitions, fundraising, and financial accounting advisory services continue to dominate deal flows that now incorporate AI, blockchain, and real-time analytics. This post will explore the top investment banking firms and explain why they are market leaders across bulge bracket, boutique, and middle market categories. 

After all, doing so is standard across the board. Meanwhile, regulatory shifts across the US make investment bankers more cautious of transboundary deals. Regardless, investment banking outsourcing is vital for non-core operations, while back-office outsourcing remains fundamental, enhancing cost efficiency strategies. 

Market leaders are blending traditional relationship management with algorithmic, AI-assisted deal sourcing. Thematic, ethical investments make investment banks (IBs) more likely to use environmental, social, and governance (ESG) reporting and compliance metrics for their long-term client retention strategies. Ultimately, IB firms that balance legacy expertise with digital transformation will stay at the top, outperforming their competitors in deal advisory and underwriting activities. 

What Are the Different Types of Investment Banking Firms in the US? 

The investment banking sector includes three main categories: bulge bracket, boutique, and middle market firms. Each type serves unique client segments. As a result, transaction sizes vary. 

Bulge bracket banks operate globally. They also cover everything from IPOs to leveraged finance. On the other hand, boutique firms concentrate on specialized advisory services. Their core activities concern M&A or restructuring. Finally, middle market banks focus on mid-sized transactions. While they also prioritize regional clients, their scope differs.  

All types, from bulge brackets (BB) to middle market, provide data-backed advisory and capital market services. Still, the difference in their scale, technology use, and geographic location results in varying suitability. Besides, many top investment banking firms in the US also engage in private equity and asset management. That gives them a broader financial services footprint. However, investment banking outsourcing is commonly prevalent across all categories. It is among the tried and tested best ways to streamline IB operations and boost profitability. 

Top 8 Bulge Bracket Investment Banks 

1. JPMorgan Chase 

JPMorgan Chase is one of the best bulge-bracket investment banks in 2025. It has ensured its leadership in global Mergers and Acquisitions (M&A), Equity Capital Markets (ECM), and Debt Capital Markets (DCM). Its investment banking division also benefits from a strong research platform and deep client relationships across multiple industries. The firm successfully leverages the newest AI-driven tools for risk modeling, deal sourcing, and long-term client management. Its success is largely bolstered by seamless coordination between its corporate banking, wealth management, and investment divisions. 

2. Goldman Sachs 

Goldman Sachs persists as the one that dominates every list discussing highly respected investment banking firms due to its innovation and risk appetite. The bank’s Marquee platform is essentially a client-facing analytics and trading tool. It gives them an edge in capital markets. Furthermore, it actively advises on SPAC mergers, cross-border M&A deal processes, and tech organizations’ IPOs. Goldman Sachs maintains its stronghold in private equity and structured finance. So, it often wins mandates in most high-profile transactions. 

Read more: What is Investment Banking – Definition, Types, Role & Importance 

3. Morgan Stanley 

Morgan Stanley stands out among the top bulge bracket investment banks given its well-known advisory and wealth management arm. This firm has seen steady deal flow involving healthcare, tech, and infrastructure industry players. Its acquisition of E*TRADE in 2020 has served it well, expanding its client base and digital reach. Morgan Stanley also combines legacy advisory strength with cutting-edge analytics. Doing so allows it to serve both institutional and retail clients. Moreover, AI-powered compliance and due diligence services are paramount to its multi-regional operations. 

4. Bank of America 

Bank of America has a global banking and markets division. This division maintains its standing among the top investment banking firms. After all, its strength lies in credit issuance, capital raising, and foreign exchange services. The firm also serves Fortune 500 clients with integrated solutions, using its global reach to facilitate large-scale mergers and acquisitions (M&A) deal activities. With AI that upgrades all automation and client relations tools of today, BofA remains competitive in transaction execution and risk advisory. 

5. Citigroup 

Citigroup holds a strong position in global capital markets. Besides, it is a consistent performer among the top bulge bracket investment banks. It has a strategically diversified portfolio in sovereign advisory, FX markets, and structured lending. Citi is also known for its numerous innovations concerning digital banking infrastructure development and upgradation. Furthermore, its Citi Velocity platform provides real-time analytics and research. Consequently, Citigroup has enhanced its credibility in cross-border deal handling, especially across emerging market transactions. 

Read more: Role of Mergers and Acquisitions (M&A) Advisory Consulting Services 

6. Barclays 

Barclays is a major player in Europe and the US and occupies a respectable spot among the top investment banking firms. Its investment banking team is active in leveraged finance, equity issuance, and ESG advisory. Additionally, Barclays continues to benefit a lot from its long-standing corporate relationships in the UK and the EU regions. The bank’s use of novel AI integrations for pricing and client segmentation also helps tremendously in delivering truly tailored solutions at any scale. 

7. UBS 

UBS has expanded its investment banking footprint beyond wealth management. Therefore, UBS has become one of the top bulge bracket investment banks in 2025. This IB excels in advisory and equity capital markets (ECM), especially in Europe and Asia. UBS’s focus on sustainable investing also aligns with the broader market shift, demonstrating the need for universally recognized ESG standards. Technology platforms like UBS Neo further enhance their trading and research capabilities. 

8. Deutsche Bank 

Deutsche Bank has improved itself, securing a reputation as a serious competitor among the top investment banking firms. Its turnaround strategy, often accompanied by a renewed focus on core investment banking services, is delivering great dividends. The bank is specifically active in currency trading, structured products, and European M&A deals. In addition to ongoing investment in compliance automation and workflow optimization, Deutsche Bank embraces back-office outsourcing to stay operationally efficient. 

Read more: Investment Banking Industry Trends – 2025 

Top 6 Boutique Investment Banks 

1. Lazard 

Lazard is one of the most recognized boutique firms worldwide. It is well-known for independent advice in M&A and restructuring. Its strength lies in deep industry specialization and global deal-making experience. Lazard also consistently ranks high in advisory league tables due to its partner-led model. In other words, it avoids balance sheet risk and strategically enhances its objectivity. This firm’s services gain more momentum, especially during economic uncertainty, due to its historically impartial stance. 

2. Evercore 

Evercore has solidified its standing among the top investment banking firms in the boutique category. It provides strategic advisory services in M&A, activism defense, and restructuring. With noteworthy performance in healthcare and industrial sectors, Evercore is one of the preferred deal execution advisors for Fortune 1000 clients. The firm also utilizes proprietary valuation tools and sector-specific research to differentiate itself. 

3. Moelis & Company 

Moelis & Company continues to grow its presence across North America, Europe, and the Middle East. Known for its focus on relationship banking, the firm handles complex M&A, recapitalization, and SPAC-related transactions. Furthermore, Moelis’s flat organizational structure enables agile decision-making and faster deal execution. Similarly, its investment in AI-based financial modeling platforms has remarkably increased its deal closure rates. 

Read more: How Top Investment Banks Are Using Analytics to Transform Deal-Making 

4. Perella Weinberg Partners (PWP) 

PWP is gaining momentum as a trusted advisor in strategic transactions and capital markets. It is particularly active in energy, infrastructure, and financial services. PWP’s agile approach allows it to win mandates against larger, more established competitors. The firm’s independent structure also ensures objective recommendations. That is why it attracts large institutional clients, including sovereign entities. 

5. Centerview Partners 

Centerview Partners continues to maintain its position among the top boutique investment banking firms. Its partner-driven model ensures direct involvement of experienced bankers in every transaction. Centerview advises on high-profile mergers and restructurings. It often represents major technology and consumer brands. Given its limited number of annual orders, it enables deeper client focus and customized strategies. 

6. Rothschild & Co 

Rothschild & Co has a legacy of global advisory excellence, particularly in Europe and Asia. The firm works across M&A, debt advisory, and privatizations. Rothschild’s global network and family ownership structure also contribute to its trusted brand. Today, it remains a consistent performer across market cycles due to its conservative deal selection and thoroughly disciplined underwriting. 

Read more: How US Investment Banks Are Expanding Globally: Opportunities and Risks 

Top 5 Middle Market Investment Banks 

1. Jefferies Group 

Jefferies Group is a leading name among the top middle-market investment banks. It serves clients in energy, healthcare, and technology with both advisory and capital markets services. Besides, Jefferies’ research-driven approach and strong trading capabilities support high execution standards. It also offers comprehensive services from equity research to structured finance. 

2. Baird 

Baird is a top-performing middle market bank based in the United States. This IB focuses on advisory services for privately held businesses, especially in the consumer and industrial sectors. Baird also uses a sector-focused approach, which allows for tailored deal structuring. Its commitment to client outcomes and senior banker involvement augments transaction activities and ensures success. 

3. BMO Capital Markets 

BMO Capital Markets operates in the US and Canada, serving as a leading player in mid-market transactions. It specializes in cross-border M&A and industry-specific advisory. BMO’s full-service offering includes equity underwriting and debt financing. The firm also uses back-office outsourcing to manage transaction processing and post-deal services. 

4. The Peakstone Group 

The Peakstone Group provides investment banking services exclusively to the middle market. It works with family-owned and privately-held companies on mergers, acquisitions, and growth financing. Moreover, the IB firm is known for its long-term client relationships and industry research. Peakstone integrates CRM tools and financial software for client management and deal tracking. 

5. RBC Capital Markets 

RBC Capital Markets is a division of the Royal Bank of Canada and holds a strong presence among top middle-market investment banks. It provides many services in fixed income, equity, and advisory transactions. RBC supports clients in North America and Europe with tailored financing solutions. Additionally, this IB firm’s commitment to sustainable finance and advanced analytics enhances its market position. 

Read more: Role of Data Analytics in Investment Banking 

Why the Leading Investment Banking Firms Are Staying Ahead 

Top investment banking firms are maintaining their lead through smart integration of technology, strong client relationships, and global coverage. Their ability to execute large transactions efficiently gives them an edge. Many also rely on investment banking outsourcing to keep operational costs low without compromising quality. 

Besides, embracing tech transformation allows investment bankers to benefit from AI, machine learning, big data, cloud computing, and blockchain breakthroughs. Doing so does not happen in a vacuum, and their leaders recognize that. Therefore, balancing data-centric and client-first strategies is crucial for IB leaders. 

Think of how predictive analytics and generative AI capabilities will differ across the BB, boutique, and middle market firms. These distinctions represent each category’s readiness to invest in novel tools that enhance services, streamline processes, reduce costs, and improve risk management capabilities. Similar differentiation aspects also define who leads and who falls behind in today’s investment banking environment. 

What Sets the Best Investment Banking Firms Apart in 2025? 

Since the best firms differentiate themselves through specialized talent, proprietary software, and sector-specific insights, more competitive opportunities are available to them. For example, when they focus on ESG integration, regulatory compliance, and real-time analytics, the utilized AI and human workforce capabilities vary from IB to IB. 

Another consideration is the uniquely strategic use of back-office outsourcing. Although it ensures consistent service delivery and cost control, the scope of bulge brackets, boutique, and middle market firms also affects their outsourcing policies. So, how they navigate regions with greater challenges for importing and exporting financial services will not be the same. 

In addition to tech and outsourced activities, the third factor setting the top IB firms apart would be their track record. Top investment banks have demonstrated their strengths by helping many institutional investors, corporate clients, and high-net-worth individuals (HNWIs). Consequently, stakeholders in powerful positions are more confident about giving them a significant role in deal transactions. 

Future Outlook for Top Investment Banking Firms 

From 2025 to 2030, top investment banking firms will face new demands around digital transparency, regulatory compliance, and climate disclosures. Clients will also expect tailored insights supported by automation and AI. So, firms that invest in flexible talent models and cloud-based platforms will remain competitive. 

Conclusion: What’s Next for Top Investment Banks by 2030? 

By 2030, top bulge bracket investment banks and boutique advisors alike will likely rely heavily on predictive analytics. At the same time, digital due diligence will increase in demand, prompting regulatory bodies to revisit and revamp old frameworks. 

Global service hubs that cater to multiple client segments and deal execution scopes could emerge. In other words, the divide between full-service and niche players may blur. Both categories will ultimately adopt similar technologies to meet evolving client expectations for long-term relationship development that will result from their unmatched M&A and IPO accomplishments. 

About SG Analytics        

SG Analytics (SGA) is a global leader in data-driven research and analytics, empowering Fortune 500 clients across BFSI, Technology, Media & Entertainment, and Healthcare. A trusted partner for lower middle market investment banks and private equity firms, SGA provides offshore analysts with seamless deal life cycle support. Our integrated back-office research ecosystem, including database access, design support, domain experts, and tech-enabled automation, helps clients win more mandates and execute deals with precision.    

Founded in 2007, SGA is a Great Place to Work® certified firm with 1,600+ employees across the U.S., the UK, Switzerland, Poland, and India. Recognized by Gartner, Everest Group, and ISG and featured in the Deloitte Technology Fast 50 India 2023 and Financial Times APAC 2024 High Growth Companies, we continue to set industry benchmarks in data excellence. 

FAQs – Top Investment Banks

1. What are the top 5 investment banks in 2025 by revenue? 

JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup lead in revenue. These investment banks have well-defined workflows, global presence, and an affinity for new technological integrations. Therefore, they also rank among the top IB-focused firms. 

2. How are boutique firms competing with bulge brackets in 2025? 

Boutique firms win by focusing on personalized service, deep industry knowledge, and faster decision cycles. In other words, they thrive thanks to highly specialized offerings instead of scaling that empowers bulge brackets. 

3. What role does AI play in modern investment banking? 

AI supports risk modeling, compliance, client analytics, and deal origination, making investment banking more efficient and predictive. So, global professionals at various IBs seek AI-enhanced techniques and tools to streamline the M&A deal lifecycle and IPO issuance.