Global Investment Banks Capital Markets Scorecard Q2 Snapshot

Global Investment Banking fees are rising in Q2 2026, driven by a 110% surge in ECM and a 10-year record high M&A backlog. US banks are outperforming European peers with stronger revenue upgrades and pipeline activity.

Key Takeaways

• 1.Investment Banking (IB) fees are trending higher in Q2 2026, with QTD fees up 17% YoY, primarily driven by exceptional growth in Equity Capital Markets (ECM) fees (+110%).
• 2.The M&A deal backlog reached a new 10-year monthly high in May 2026, suggesting significant future fee potential despite a current 2% YoY dip in realized fees.
• 3.US investment banks are seeing stronger consensus upgrades and performance compared to European peers, with US 2026 revenue estimates upgraded by 3% vs 1% for Europeans.

Table of Contents

• Capital Markets Scorecard Q2 Snapshot: ECM dominates
• Summary: Capital Markets revenue indicators
• Indicators: As volatility has declined, IB fees increased but facing a higher base in June
• Q2 Consensus: IB fees expected to be up 16% YoY and GM revenues up 5%; trends vary by bank
• IB Fees QTD: Q2'26 QTD total IB fees up 17% YoY driven by outstanding ECM
• IB Fees YTD: 26/25 YTD IB fees up 20% YoY driven by outstanding ECM and strong DCM and M&A
• IB Fees geographic mix: US strength driven by ECM performance; May shows slower YoY momentum
• IPO: IPO pipeline volume 70% higher QTD 26/25 while software IPO pipeline volumes 69% lower
• M&A: Announced M&A pipeline reaches the highest monthly deal value in the last 10 years in May
• Leveraged Loans: Appetite for software loans has rebounded faster in Europe than in the US
• Consensus YoY growth: 11% higher IB fees and 5% higher GM fees YoY expected in 2026
• Consensus YTD: consensus upgraded total CM fees driven by upgrades to Equities and M&A
• Consensus QTD: consensus upgraded total CM fees driven by upgrades to Equities and ECM
• Volatility: the share prices of IBs rebounded QTD in Q2'26 as spreads fell and rate volatility declined
• Global IB valuation sheet
• Currency moves in Q2'26 QTD

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