Three Investment Banks Dominate Capital Markets Performance in H1 2026

Market intelligence provider Tricumen analyzed operating revenue per front-office full-time employee at major investment banks in H1 of 2026. The analysis revealed that just three banks stood out as 'above average' in performance for capital markets activities: JPMorgan, Goldman Sachs, and Morgan Stanley.

The data showed that these three banks captured a significant portion of the global wallet share in the industry, accounting for around a quarter of total investment banking revenue. In fact, according to Dealogic's aggregated year-to-date numbers, these three combined had a substantial lead over their competitors.

Goldman Sachs was particularly notable, with its 'banking' category seeing revenue grow by an impressive 52% compared to the same period last year. This growth came despite a reduction in headcount from 47,000 to 46,200, indicating that Goldman's teams were leaner yet more productive.

While performance was mixed within sales & trading, JPMorgan and Morgan Stanley's equities traders stood out as being well above average. This suggests that these banks have a strong presence in the market and are performing well in key areas.