In a world where investment banking fees reached a staggering $283 billion globally and bulge bracket banks captured nearly half of all profits, understanding the forces reshaping this high-stakes industry has never been more critical.
Key Takeaways
- Global investment banking revenue reached $283 billion in 2021
- U.S. investment banks reported $102 billion in fees in 2022
- Goldman Sachs generated $50.2 billion in investment banking revenue in 2022
- Global M&A volume reached $5.7 trillion in 2021
- US M&A deals numbered 12,389 in 2022
- Largest M&A deal 2023: Microsoft-Activision $69 billion
- Global IPO proceeds reached $700 billion in 2021
- US IPO volume 1,035 in 2021
- Largest IPO 2021: Rivian $11.9 billion
- Global investment grade bond issuance $2.5 trillion in 2022
- US high yield bond volume $350 billion 2022
- JPMorgan led DCM with $500 billion issued 2022
- Global employment in IB 250,000 professionals in 2022
- Average IB analyst salary $150,000 base + bonus 2023
- MD compensation averaged $1.5 million in US bulge banks 2022
Investment banking had a strong year but fees declined recently amid market changes.
Debt Capital Markets
1Global investment grade bond issuance $2.5 trillion in 2022
Verified2US high yield bond volume $350 billion 2022
Verified3JPMorgan led DCM with $500 billion issued 2022
Verified4Global syndicated loans $4.5 trillion 2022
Directional5Leveraged loans $800 billion US 2022
Single source6Investment grade spreads averaged 120bps 2022
Verified7EM bond issuance $150 billion 2022
Verified8Green bonds global $500 billion 2022
Verified9Sustainability-linked loans $300 billion 2022
Directional10Corporate bond refinancing $1.2 trillion US 2023
Single source11CLO issuance record $180 billion US 2022
Verified12Term loan B volume $400 billion 2022
Verified13Eurobond issuance €600 billion 2022
Verified14Sovereign DCM $1 trillion global 2022
Directional15ABS issuance $250 billion US excluding MBS 2022
Single source16Bank capital raising $200 billion DCM 2022
Verified17High yield spreads peaked at 500bps mid-2022
Verified18Private placements $200 billion US 2022
Verified19Asia DCM issuance $400 billion 2022
Directional20Covered bonds €500 billion Europe 2022
Single source21DCM fees $20 billion global 2022
Verified22Jumbo deals (> $5B) 50 in IG DCM 2022
Verified23Negative yielding debt disappeared in 2022
Verified24Social bonds issuance $200 billion 2022
DirectionalDebt Capital Markets Interpretation
In 2022, debt markets were a multi-trillion-dollar theater of disciplined frenzy, where companies soberly borrowed their faces off in everything from green bonds to jumbo loans, proving that even when high-yield spreads scream and negative yields vanish, the world's most creditworthy still know how to throw a record-breaking debt party with a side of virtue.
Employment and Compensation
1Global employment in IB 250,000 professionals in 2022
Verified2Average IB analyst salary $150,000 base + bonus 2023
Verified3MD compensation averaged $1.5 million in US bulge banks 2022
Verified4IB headcount at Goldman Sachs 12,000 in IB division 2023
Directional5Women represent 40% of IB workforce globally 2023
Single source6Attrition rate in IB junior roles 20% annually 2022
Verified7Average bonus multiple for VPs 1.2x base 2023
Verified8IB recruiting from target schools 70% of analysts 2023
Verified9Diversity hires up 15% in IB 2022-2023
Directional10Remote work in IB 30% post-COVID 2023
Single source11All-in comp for associates $400,000 in NYC 2023
Verified12IB layoffs 5,000 in 2023 amid slowdown
Verified13Hours worked average 80/week for analysts 2022
Verified14Promotion to VP rate 50% after 3 years associate
Directional15Total comp CEO Goldman Sachs $50 million 2022
Single source16IB MBA hires 2,000 annually from top schools
Verified17Gender pay gap in IB 25% at senior levels 2023
Verified18Tech talent hires in IB up 30% 2022
Verified19Intern conversion rate to full-time 70% 2023
Directional20Europe IB salaries 20% lower than US peers 2023
Single source21Compliance roles grew 10% to 20,000 in IB 2022
Verified22ESG specialists 5,000 new hires in IB 2023
Verified23Analyst class size 500 per bank bulge bracket 2023
Verified24Bonus deferral 60% in equity for MDs 2023
Directional25IB workforce age average 38 years 2022
Single source26Off-cycle hiring up 25% in 2023 slowdown
VerifiedEmployment and Compensation Interpretation
This is an industry where a few thousand young, sleep-deprived analysts earning the GDP of a small town dream of a distant, seven-figure partnership, all while banks simultaneously promise more diversity, hire more tech and ESG staff, and strategically lay off thousands to protect the profit pools that make such dizzying compensation possible.
Equity Capital Markets
1Global IPO proceeds reached $700 billion in 2021
Verified2US IPO volume 1,035 in 2021
Verified3Largest IPO 2021: Rivian $11.9 billion
Verified4Global ECM fees $45 billion in 2022
Directional5Follow-on offerings raised $450 billion globally 2022
Single source6Tech IPOs numbered 150 in US 2021
Verified7SPAC IPOs peaked at 613 in 2021 US
Verified8Europe IPO proceeds €50 billion in 2022
Verified9Asia ex-Japan ECM issuance $200 billion 2022
Directional10Goldman Sachs led ECM underwriting with $100 billion 2022
Single source11Average IPO pop 20% in US 2022
Verified12Direct listings used in 10 IPOs 2022
Verified13India IPO market $20 billion in 2022
Verified14China IPO proceeds $100 billion 2021 before slowdown
Directional15Block trades volume $300 billion US 2022
Single source16Convertible bonds ECM $120 billion global 2022
Verified17Accelerated bookbuilds accounted for 40% of ECM 2022
Verified18IPO pricing discounts averaged 15% below midpoint 2022
Verified19Saudi Aramco IPO record $29.4 billion 2019
Directional20US ECM issuance fell 30% to $250 billion 2023
Single source21Biotech IPOs 50 in 2022 down from 100 in 2021
Verified22PIPE deals $50 billion in 2022
Verified23Global ECM pipeline $500 billion as of Q4 2023
Verified24Women-led IPO companies 10% in 2022
Directional25ESG IPOs raised $15 billion 2022
Single source26Secondary offerings 1,200 globally 2022
VerifiedEquity Capital Markets Interpretation
The global IPO frenzy of 2021, led by a tidal wave of SPACs and tech dreams, has settled into a more sober 2023 rhythm of follow-ons and block trades, proving that while the market's appetite for capital is still robust, it now prefers its equity served with a side of seasoned reality.
M&A Activity
1Global M&A volume reached $5.7 trillion in 2021
Verified2US M&A deals numbered 12,389 in 2022
Verified3Largest M&A deal 2023: Microsoft-Activision $69 billion
Verified4M&A advisory fees global $55 billion in 2022
Directional5Cross-border M&A value $1.6 trillion in 2022
Single source6Tech sector M&A deals 1,850 in 2022
Verified7Healthcare M&A volume $550 billion in 2022
Verified8Energy M&A deals up 25% to $300 billion in 2022
Verified9Bulge bracket banks advised on 70% of mega deals (> $10B) in 2022
Directional10Europe M&A value fell 30% to €800 billion in 2023
Single source11Asia M&A volume $1.2 trillion in 2021
Verified12Sponsor-backed M&A deals 4,500 globally 2022
Verified13Distressed M&A rose 40% in 2023 amid rate hikes
Verified14Average M&A deal size $250 million in US 2022
Directional15Goldman Sachs topped M&A league table with 300+ deals 2022
Single source16JPMorgan advised on $1.2 trillion M&A volume 2022
Verified17Hostile takeovers numbered 50 in 2022 globally
Verified18Divestitures value $400 billion in 2022
Verified19M&A completion rate 85% in 2022
Directional20Tech M&A declined 50% to $300 billion in 2023
Single source21PE dry powder for M&A $2.5 trillion in 2023
Verified22Antitrust blocks affected 10% of mega deals 2022
Verified23UK M&A deals 2,500 in 2022
Verified24Canadian M&A volume $150 billion CAD 2022
Directional25Australian M&A $120 billion AUD 2022
Single source26Brazil M&A deals 1,200 valued at $70 billion 2022
Verified27M&A involving SPACs dropped 90% post-2021 peak
Verified28Family office M&A participation up 20% to 500 deals 2022
VerifiedM&A Activity Interpretation
While the giants jostled for trillion-dollar headlines and tech's frothy party came to a sobering end, the real story was a global, sector-spanning game of chess—where sponsors sat on a mountain of dry powder, cross-border ambitions faced regulatory roadblocks, and the resilient art of the deal simply found new angles to play.
Revenue and Profitability
1Global investment banking revenue reached $283 billion in 2021
Verified2U.S. investment banks reported $102 billion in fees in 2022
Verified3Goldman Sachs generated $50.2 billion in investment banking revenue in 2022
Verified4JPMorgan Chase's investment banking fees were $7.3 billion in Q4 2023
Directional5European IB revenue grew 15% YoY to €45 billion in 2022
Single source6Bulge bracket banks captured 45% of global IB fees in 2022
Verified7M&A advisory fees accounted for 35% of total IB revenue in 2023
Verified8Debt underwriting fees hit $42 billion globally in 2022
Verified9Equity underwriting revenue was $22 billion in the US in 2022
Directional10Morgan Stanley's IB division revenue was $27 billion in 2022
Single source11Global IB industry profit margins averaged 25% in 2021
Verified12Citi's IB fees reached $8.5 billion in 2022
Verified13Bank of America's IB revenue was $28.3 billion in 2022
Verified14IB revenue per employee averaged $1.2 million in top banks 2022
Directional15Asia-Pacific IB fees grew 20% to $35 billion in 2022
Single source16Total IB fees in 2023 declined 8% to $130 billion globally
Verified17Barclays IB revenue was $14.5 billion in 2022
Verified18Credit Suisse IB fees before acquisition were $10 billion in 2022
Verified19IB trading revenue surged 30% to $90 billion in 2022
Directional20UBS IB revenue post-Credit Suisse was $12 billion in H1 2023
Single source21Global IB market size projected at $500 billion by 2027
Verified22Top 10 banks hold 60% IB revenue share in 2023
Verified23Leveraged finance fees were $15 billion in 2022
Verified24Syndicated loan fees totaled $25 billion globally 2022
Directional25IB revenue CAGR 2018-2022 was 8.5%
Single source26US IB revenue share of global total is 45% in 2022
Verified27Fintech disruption reduced traditional IB revenue by 5% in 2023
Verified28ESG-related IB fees hit $2 billion in 2022
Verified29Private equity advisory fees grew to $18 billion in 2022
Directional30Total IB assets under management influence $10 trillion in 2023
Single sourceRevenue and Profitability Interpretation
While global investment banking revenue continues to climb to astronomical heights, proving the industry's uncanny ability to mint money even in volatility, the staggering concentration of fees among a few bulge-bracket giants reveals an oligopoly so lucrative that a mere 8% annual decline feels less like a downturn and more like a slight adjustment of the crown.
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