Global investment banking keeps setting fresh benchmarks, from JPMorgan’s $7.3 billion in fees in Q4 2023 to 2022 totals like $2.5 trillion in global investment grade bond issuance and $5.7 trillion in M&A worldwide. Behind those headline figures sit sharper questions about how fees, headcount, and deal flow are shifting across debt capital markets, loans, and IPOs. This post pulls together the key industry statistics side by side to show where momentum is building and where it’s tightening.
Key Takeaways
- 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
- Global IPO proceeds reached $700 billion in 2021
- US IPO volume 1,035 in 2021
- Largest IPO 2021: Rivian $11.9 billion
- 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 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
In 2022, investment banking stayed dominant with record bond, loan, and M&A volumes plus strong fee generation.
Related reading
01 · Category
Debt Capital Markets24 stats
01
Global investment grade bond issuance $2.5 trillion in 2022
02
US high yield bond volume $350 billion 2022
03
JPMorgan led DCM with $500 billion issued 2022
04
Global syndicated loans $4.5 trillion 2022
05
Leveraged loans $800 billion US 2022
06
Investment grade spreads averaged 120bps 2022
07
EM bond issuance $150 billion 2022
08
Green bonds global $500 billion 2022
09
Sustainability-linked loans $300 billion 2022
10
Corporate bond refinancing $1.2 trillion US 2023
11
CLO issuance record $180 billion US 2022
12
Term loan B volume $400 billion 2022
13
Eurobond issuance €600 billion 2022
14
Sovereign DCM $1 trillion global 2022
15
ABS issuance $250 billion US excluding MBS 2022
16
Bank capital raising $200 billion DCM 2022
17
High yield spreads peaked at 500bps mid-2022
18
Private placements $200 billion US 2022
19
Asia DCM issuance $400 billion 2022
20
Covered bonds €500 billion Europe 2022
21
DCM fees $20 billion global 2022
22
Jumbo deals (> $5B) 50 in IG DCM 2022
23
Negative yielding debt disappeared in 2022
24
Social bonds issuance $200 billion 2022
Interpretation
Debt Capital Markets Interpretation
In 2022, Debt Capital Markets showed clear momentum with global investment grade issuance of $2.5 trillion and global syndicated loans reaching $4.5 trillion, even as US high yield totaled $350 billion and leveraged loans added $800 billion, suggesting strong demand across the credit spectrum while investment grade spreads averaged 120 bps.
02 · Category
Employment And Compensation26 stats
01
Global employment in IB 250,000 professionals in 2022
02
Average IB analyst salary $150,000base + bonus 2023
03
MD compensation averaged $1.5 million in US bulge banks 2022
04
IB headcount at Goldman Sachs 12,000 in IB division 2023
05
Women represent 40% of IB workforce globally 2023
06
Attrition rate in IB junior roles 20% annually 2022
07
Average bonus multiple for VPs 1.2x base 2023
08
IB recruiting from target schools 70% of analysts 2023
09
Diversity hires up 15% in IB 2022-2023
10
Remote work in IB 30% post-COVID 2023
11
All-in comp for associates $400,000in NYC 2023
12
IB layoffs 5,000 in 2023 amid slowdown
13
Hours worked average 80/week for analysts 2022
14
Promotion to VP rate 50% after 3 years associate
15
Total comp CEO Goldman Sachs $50 million 2022
16
IB MBA hires 2,000 annually from top schools
17
Gender pay gap in IB 25% at senior levels 2023
18
Tech talent hires in IB up 30% 2022
19
Intern conversion rate to full-time 70% 2023
20
Europe IB salaries 20% lower than US peers 2023
21
Compliance roles grew 10% to 20,000 in IB 2022
22
ESG specialists 5,000 new hires in IB 2023
23
Analyst class size 500 per bank bulge bracket 2023
24
Bonus deferral 60% in equity for MDs 2023
25
IB workforce age average 38 years 2022
26
Off-cycle hiring up 25% in 2023 slowdown
Interpretation
Employment And Compensation Interpretation
In the Employment And Compensation snapshot, global investment banking employed about 250,000 professionals in 2022 but with junior attrition as high as 20% per year in 2022 and analyst pay averaging $150,000 base plus bonus in 2023, the industry is both expensive and churn-prone while women still make up only 40% of the workforce in 2023.
03 · Category
Equity Capital Markets26 stats
01
Global IPO proceeds reached $700 billion in 2021
02
US IPO volume 1,035 in 2021
03
Largest IPO 2021: Rivian $11.9 billion
04
Global ECM fees $45 billion in 2022
05
Follow-on offerings raised $450 billion globally 2022
06
Tech IPOs numbered 150 in US 2021
07
SPAC IPOs peaked at 613 in 2021 US
08
Europe IPO proceeds €50 billion in 2022
09
Asia ex-Japan ECM issuance $200 billion 2022
10
Goldman Sachs led ECM underwriting with $100 billion 2022
11
Average IPO pop 20% in US 2022
12
Direct listings used in 10 IPOs 2022
13
India IPO market $20 billion in 2022
14
China IPO proceeds $100 billion 2021 before slowdown
15
Block trades volume $300 billion US 2022
16
Convertible bonds ECM $120 billion global 2022
17
Accelerated bookbuilds accounted for 40% of ECM 2022
18
IPO pricing discounts averaged 15% below midpoint 2022
19
Saudi Aramco IPO record $29.4 billion 2019
20
US ECM issuance fell 30% to $250 billion 2023
21
Biotech IPOs 50 in 2022 down from 100 in 2021
22
PIPE deals $50 billion in 2022
23
Global ECM pipeline $500 billion as of Q4 2023
24
Women-led IPO companies 10% in 2022
25
ESG IPOs raised $15 billion 2022
26
Secondary offerings 1,200 globally 2022
Interpretation
Equity Capital Markets Interpretation
Equity Capital Markets momentum stayed strong in 2021 and 2022 with global IPO proceeds hitting $700 billion in 2021 and follow-on offerings rising to $450 billion in 2022, signaling sustained issuer demand beyond first listings and supporting ECM fee strength with $45 billion earned in 2022.
More related reading
04 · Category
M&a Activity28 stats
01
Global M&A volume reached $5.7 trillion in 2021
02
US M&A deals numbered 12,389 in 2022
03
Largest M&A deal 2023: Microsoft-Activision $69 billion
04
M&A advisory fees global $55 billion in 2022
05
Cross-border M&A value $1.6 trillion in 2022
06
Tech sector M&A deals 1,850 in 2022
07
Healthcare M&A volume $550 billion in 2022
08
Energy M&A deals up 25% to $300 billion in 2022
09
Bulge bracket banks advised on 70% of mega deals (> $10B) in 2022
10
Europe M&A value fell 30% to €800 billion in 2023
11
Asia M&A volume $1.2 trillion in 2021
12
Sponsor-backed M&A deals 4,500 globally 2022
13
Distressed M&A rose 40% in 2023 amid rate hikes
14
Average M&A deal size $250 million in US 2022
15
Goldman Sachs topped M&A league table with 300+ deals 2022
16
JPMorgan advised on $1.2 trillion M&A volume 2022
17
Hostile takeovers numbered 50 in 2022 globally
18
Divestitures value $400 billion in 2022
19
M&A completion rate 85% in 2022
20
Tech M&A declined 50% to $300 billion in 2023
21
PE dry powder for M&A $2.5 trillion in 2023
22
Antitrust blocks affected 10% of mega deals 2022
23
UK M&A deals 2,500 in 2022
24
Canadian M&A volume $150 billion CAD 2022
25
Australian M&A $120 billion AUD 2022
26
Brazil M&A deals 1,200 valued at $70 billion 2022
27
M&A involving SPACs dropped 90% post-2021 peak
28
Family office M&A participation up 20% to 500 deals 2022
Interpretation
M&a Activity Interpretation
M&A activity is clearly rebounding on a global scale, with total M&A volume hitting $5.7 trillion in 2021 and cross-border deals reaching $1.6 trillion in 2022, while the US alone logged 12,389 deals in 2022 and tech accounted for 1,850 of them.
05 · Category
Revenue And Profitability30 stats
01
Global investment banking revenue reached $283 billion in 2021
02
U.S. investment banks reported $102 billion in fees in 2022
03
Goldman Sachs generated $50.2 billion in investment banking revenue in 2022
04
JPMorgan Chase's investment banking fees were $7.3 billion in Q4 2023
05
European IB revenue grew 15% YoY to €45 billion in 2022
06
Bulge bracket banks captured 45% of global IB fees in 2022
07
M&A advisory fees accounted for 35% of total IB revenue in 2023
08
Debt underwriting fees hit $42 billion globally in 2022
09
Equity underwriting revenue was $22 billion in the US in 2022
10
Morgan Stanley's IB division revenue was $27 billion in 2022
11
Global IB industry profit margins averaged 25% in 2021
12
Citi's IB fees reached $8.5 billion in 2022
13
Bank of America's IB revenue was $28.3 billion in 2022
14
IB revenue per employee averaged $1.2 million in top banks 2022
15
Asia-Pacific IB fees grew 20% to $35 billion in 2022
16
Total IB fees in 2023 declined 8% to $130 billion globally
17
Barclays IB revenue was $14.5 billion in 2022
18
Credit Suisse IB fees before acquisition were $10 billion in 2022
19
IB trading revenue surged 30% to $90 billion in 2022
20
UBS IB revenue post-Credit Suisse was $12 billion in H1 2023
21
Global IB market size projected at $500 billion by 2027
22
Top 10 banks hold 60% IB revenue share in 2023
23
Leveraged finance fees were $15 billion in 2022
24
Syndicated loan fees totaled $25 billion globally 2022
25
IB revenue CAGR 2018-2022 was 8.5%
26
US IB revenue share of global total is 45% in 2022
27
Fintech disruption reduced traditional IB revenue by 5% in 2023
28
ESG-related IB fees hit $2 billion in 2022
29
Private equity advisory fees grew to $18 billion in 2022
30
Total IB assets under management influence $10 trillion in 2023
Interpretation
Revenue And Profitability Interpretation
Global investment banking revenue climbed to $283 billion in 2021 and then scaled further in 2022 with U.S. fees at $102 billion and European revenue up 15% to €45 billion, highlighting strong and accelerating profitability momentum under the Revenue and Profitability category.
report visual · Key figures
Investment banking market scale across core deal types
Bond and loan issuance volumes highlight the breadth of investment banking activity, from investment grade and high-yield bonds to syndicated and leveraged loans (2022).
$2.5
Global investment grade bond issuance $2.5 trillion in 2022
$350 billion
US high yield bond volume $350 billion 2022
$4.5
Global syndicated loans $4.5 trillion 2022
$800 billion
Leveraged loans $800 billion US 2022
$400 billion
Term loan B volume $400 billion 2022
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Priya Chandrasekaran. (2026, February 13). Investment Banking Industry Statistics. Gitnux. https://gitnux.org/investment-banking-industry-statistics
MLA
Priya Chandrasekaran. "Investment Banking Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/investment-banking-industry-statistics.
Chicago
Priya Chandrasekaran. 2026. "Investment Banking Industry Statistics." Gitnux. https://gitnux.org/investment-banking-industry-statistics.
Sources & references
66 datasets cited across this report · attribution is report-level