Global investment banks recorded a significant rise in fees during the first half of 2026, benefiting from a surge in merger and acquisition activity and initial public offerings. According to data from the London Stock Exchange Group, investment banking fees worldwide increased 17 percent to $79.9 billion, marking the highest total for any first half since 2021.

Leading the pack, JPMorgan, Goldman Sachs, and Morgan Stanley secured the largest shares of these fees, generating $6.8 billion, $5.7 billion, and $4.9 billion respectively. A standout transaction was SpaceX’s initial public offering, which generated approximately $756.2 million in fees distributed among its bankers, including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan.

Another major deal was Honeywell International’s spin-off of its aerospace division, valued at more than $70 billion. Morgan Stanley claimed about a quarter of the $413.8 million in fees from that transaction. The buyout of Electronic Arts ranked third in fee generation, producing $252.1 million, with nearly two-thirds going to JPMorgan. This leveraged buyout was led by Saudi Arabia’s Public Investment Fund.

Despite ongoing challenges in the private equity sector, particularly difficulties in exiting investments made during the 2021 valuation peak, firms in the space remained key fee contributors. Private equity-related fees grew 11 percent to $10.5 billion during the period. Blackstone, Apollo Global Management, and KKR were among the top spenders, collectively disbursing more than $1.6 billion across buyouts, asset sales, and portfolio management activities.

Industry observers note that the resurgence in dealmaking seen late last year has continued, driven by strategic corporate transformations in response to evolving global market conditions. Bain & Company described the recovery as broad-based, highlighting Europe as a particularly active region amid ongoing shifts in supply chains and market access, where companies pursue mergers and acquisitions to enhance competitiveness both locally and internationally.

In the United Kingdom, several FTSE 100 companies such as Intertek, Beazley, Schroders, DCC, and Segro were involved in notable deals during the first half of 2026. However, initial public offerings remain subdued compared to expectations, with several IPOs postponed beyond the first half of the year.