October 2026
Largest Investment Banking Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
JPMorgan Chase, Bank of America, Morgan Stanley, Goldman Sachs and Wells Fargo.
 | JPMorgan Chase is a publicly traded financial services group based in New York that operates through the J.P. Morgan and Chase brands. It serves consumers, small businesses, corporations, institutional investors and government clients in the United States and internationally. Its consumer and community banking activities provide deposit, borrowing and related financial services to individuals and businesses. Commercial and investment banking operations advise clients, arrange capital, extend liquidity, manage financial risk and provide payments and asset-custody services. Asset and wealth management businesses manage investments across multiple asset classes for individuals, financial advisers and institutions. The group earns interest, banking and transaction fees, advisory fees and investment-management income from these activities. It has also made private investments through affiliated vehicles, including the indirect ownership of JPMorgan Private Capital Asia’s investment in Tianrui Cement. | $340 | +8% | $902B | $902B | 5.0x | - | ||
| Bank of America is one of the largest financial institutions in the United States, with more than $3.4 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused. | $51 | -4% | $358B | $358B | 3.2x | - | ||
| Morgan Stanley is a global financial-services firm founded in 1935 that serves individuals, companies, institutional investors and governments. Its investment-banking and capital-markets businesses advise clients on transactions and help them raise financing. The firm also provides securities sales, trading, market-making and research services to institutional clients. Its wealth-management business supports individuals and organisations in building, preserving and managing their assets. Investment Management offers strategies across public and private markets for institutional and individual investors. The group earns revenue from financial advice, capital-raising services, trading and investment-management activities. It also provides workplace financial solutions for employers and their employees. Its international office network supports cross-border transactions and investment services. Morgan Stanley participated as an equity investor in the 2007 TXU acquisition, a role distinct from merely providing acquisition financing or advisory services. | $181 | +10% | $284B | $284B | 4.3x | - | ||
| Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more predictable, fee-based businesses like asset and wealth management, which contributed roughly 30% of postprovision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans. | $881 | +12% | $257B | $257B | 4.4x | - | ||
| Wells Fargo is a United States financial-services company headquartered in San Francisco. It provides consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management. Customers include individuals, households, small businesses, large companies and institutional investors. The company earns revenue from interest on loans, service fees, investment and advisory activities and other banking products. Its operations are concentrated primarily in the United States and include branches, digital banking and corporate financial services. Wells Fargo completed the acquisition of First Interstate Bancorp in April 1996, combining two large western banking networks and creating substantial branch overlap. The current listed company has undergone later corporate combinations, but the existing record represents the buyer identity used for the historical First Interstate transaction. | $84 | -4% | $252B | $252B | 3.0x | - | ||
| Citigroup is a global financial services group whose banking businesses serve corporations, institutional investors, governments and individual customers. Its core activities encompass Services, Markets, Banking, Wealth and United States consumer cards. Services provides cash management, payments, trade and working capital solutions, together with securities and issuer services across the group’s international network. Markets supplies trading and related financial products, while Banking supports corporate financing and investment banking transactions. Wealth serves investment and financial planning needs, and the consumer card business provides credit products to individuals. The group earns income from lending, transaction and advisory services, investment activities and client asset management, using its cross-border network to connect customers with financial markets and banking services. | $124 | +19% | $208B | $208B | 2.4x | - | ||
| BNY, formerly BNY Mellon and legally The Bank of New York Mellon Corporation, is a US financial services holding company headquartered at 240 Greenwich Street in New York City. It provides custody, securities servicing, clearing, collateral and liquidity management, payments, asset management and wealth management through businesses such as BNY Pershing, BNY Investments and BNY Wealth. Its clients are mainly institutions, including asset managers, banks, corporations, pension plans and governments, and BNY says it serves 94% of the Fortune 100 and 96% of the top 100 investment managers worldwide; its wealth business also serves individuals. At the end of 2025 BNY had $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management. For 2025 it reported record revenue of $20.1 billion, of which $14.4 billion was fee revenue and $4.9 billion net interest income, and net income applicable to common shareholders of $5.3 billion. The Bank of New York was founded in 1784 with Alexander Hamilton among its founders, merged with Mellon Financial on July 1, 2007 in a $16.5 billion deal, and adopted the shorter BNY brand in June 2024. Its shares trade on the NYSE, under the ticker BNY since May 2026. | $143 | +33% | $97B | $97B | 4.9x | - | ||
| With assets of around $695 billion, U.S. Bancorp is one of the largest regional banks in the US with its footprint in 26 states. The bank’s branch network is mostly in Midwestern and Western markets. U.S. Bancorp has a comprehensive product set, with offerings in retail and commercial banking, credit cards, mortgages, payment services, trust, wealth, and capital market services. | $59 | +26% | $92B | $92B | 3.2x | - | ||
| PNC Financial is one of the three super-regional banks in the US, with around $574 billion in total assets at the end of Dec. 30, 2025. Headquartered in Pittsburgh, Pennsylvania, PNC Financial has a coast-to-coast branch network, with a strong presence in the US Midwest and Northeast. It closed its acquisition of FirstBank in January 2026, which added around $26 billion in assets to its balance sheet, and PNC is currently expanding in the Southern and Western regions of the US. The bank provides a diversified set of financial services in retail banking, commercial banking, card and treasury management, asset management, and investment banking. PNC derived around 38% of revenue from fee income and 62% from net interest income in 2025. | $217 | +19% | $87B | $87B | 3.8x | - | ||
| Truist Financial is one of the three super-regional banks in the US, with around $565 billion in assets as of the fourth quarter of 2025. Truist emerged from the combination of BB&T and SunTrust in 2019. Based in Charlotte, North Carolina, the bank’s footprint is largely in the Mid-Atlantic and Southeast. Apart from retail and commercial banking operations, the bank also offers online and point-of-sale consumer lending, cards, wealth management, investment banking, and other banking services. | $47 | +5% | $58B | $58B | 2.8x | - | ||
| State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $54 trillion in assets under custody and administration, and $5.7 trillion in assets under management, as of Dec. 31, 2025, State Street operates globally in more than 100 geographic markets and employs about 51,500 worldwide. | $166 | +43% | $46B | $46B | 3.3x | - | ||
| Jefferies Financial Group is a full-service investment banking and capital markets firm that was founded in 1962. After nearly 30 years of focusing on institutional trading services, it entered the investment banking industry in the early 1990s, which ultimately grew into the core business. In 2013, Jefferies merged with Leucadia, a manufacturing-focused holding company. Since merging, Jefferies became the bedrock of the business as the bulk of the legacy portfolio was sold off and the parent company was renamed to match the subsidiary. Within the investment banking landscape, Jefferies predominately serves the North American middle market and has captured considerable market share over the past decade. | $45 | -15% | $10B | $10B | 1.0x | 2.3x | ||
| Stifel Financial is a diversified financial-services provider that generates revenue from wealth management, investment banking, and lending. The firm was founded in 1890 as a St. Louis-based full-service brokerage but has been transformed under CEO Ronald Kruszewski through a slew of acquisitions into a globally competitive wealth manager, investment bank, and retail and institutional brokerage. The firm generated $5.5 billion in revenue in 2025, with roughly two-thirds derived from wealth management and one-third derived from investment banking and trading. | $68 | -15% | $10B | $10B | 1.9x | - | ||
| Evercore is a leading independent investment banking advisory firm that generates most of its revenue through merger and acquisition and restructuring advisory services, with much smaller capital raising, equities trading, and investment management businesses. Founded in 1995, it has built a reputation for advising on some of the world's largest and most complex transactions. Evercore operates globally, with a particularly strong presence in the US and Europe, serving corporations, financial sponsors, and government clients. Its business model emphasizes high-touch, conflict-free advice rather than balance sheet lending, allowing it to compete with larger bulge-bracket banks. | $254 | -14% | $9.8B | $9.8B | 2.5x | 11.2x | ||
| Houlihan Lokey Inc is an investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, valuation, and strategic consulting. The firm serves corporations, institutions, and governments world-wide with offices in the United States, Europe, and the Asia-Pacific region. The company operates in three segments. In the Corporate Finance business segment, it provides M&A and capital markets advisory services. Through the Financial Restructuring business segment, the company advises on some of the complex restructurings around the world. The Financial and Valuation Advisory Services business segment provides valuation and financial opinion, and financial and strategic consulting practices in the United States. | $130 | -27% | $9.1B | $9.1B | 3.5x | 15.0x | ||
| Piper Sandler Cos is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States (U.S.) and internationally. The company provides a broad set of products and services, including financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; fixed income services; and alternative asset management strategies. It generates maximum revenue from Advisory services followed by Equity financing. | $65 | -19% | $4.6B | $4.6B | ||||
| Moelis & Co is an independent investment bank that provides strategic and financial advice to a diverse client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The company assists its clients in achieving their strategic goals by offering comprehensive, globally integrated financial advisory services across all industry sectors. It also advises clients on their critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters. it generates revenue from advisory transactions. The firm derives a majority of its revenue from the United States followed by Europe and the rest of the World. | $55 | -14% | $4B | $4B | ||||
| Lazard Inc is a financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Geographically, the company earns key revenue in the Americas, EMEA then Asia-Pacific. | $36 | -26% | $3.5B | $3.5B | ||||
| PJT Partners Inc is an advisory-focused investment bank that offers a portfolio of advisory services designed to help its clients achieve their strategic objectives. The company delivers a range of strategic advisory, capital markets advisory, restructuring and special situations, and shareholder advisory services to corporations, financial sponsors, institutional investors, and governments around the world. It also provides private fund advisory and fundraising services for alternative investment strategies, including private equity, real estate, hedge funds, and private credit. The company generates its revenue from advisory fees, placement services and others. Geographically, It generates a majority of its revenue from the United States. | $137 | -15% | $3.5B | $3.5B | ||||
| Oppenheimer Holdings Inc conducts activities in the securities industry. The company is involved in retail securities brokerage, investment banking (both corporate and public finance), institutional sales and trading, market-making, research, trust services, and investment advisory and asset management services. The company has two segments: Wealth Management, and Capital Markets. IT generates maximum revenue from Wealth Management Segment which includes commissions and fee income earned on assets under management (AUM), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees and other activities. The company generates the majority of its revenue from the Americas, with the rest from Europe, the Middle East, and Asia. | $101 | +44% | $1.1B | $1.1B | ||||
| Perella Weinberg Partners is a global independent advisory firm founded in 2006 by Joseph Perella, Peter Weinberg and a group of senior finance professionals. The firm advises companies, boards, investors and governments on mergers and acquisitions, capital structure, restructuring, shareholder matters and strategic decisions. It launched with offices in New York and London and later expanded across major financial centres. Its revenue is derived primarily from advisory fees rather than lending, underwriting balance sheet or managing a large commercial bank. Istithmar supplied USD 100 million at launch as one of the firm’s strategic founding investors and represented roughly ten percent of the more than USD 1 billion of initial backing. The investment supported establishment of the advisory platform and its investment-management activities. Perella Weinberg later became publicly traded while retaining its independent advisory positioning. | $13 | -28% | $1B | $1B | ||||
| Lincoln International Inc is an independent investment banking advisory company focused on private capital markets. The company operates its business through its two operating segments: Investment Banking Advisory and Valuations and Opinions. The Investment Banking Advisory segment offers a range of services related to mergers and acquisitions, with key areas of focus including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The majority of revenue is derived from the Investment Banking Advisory segment. Geographically, the maximum revenue is derived from the Americas. | $24 | -- | $838M | $838M | ||||
| MMTEC Inc provides Internet-based technology services and solutions to the Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms engaging in securities market transactions and settlements globally. It offers complete suite trading solutions, including services such as fund establishment, issuance, custody, transaction, and settlement. The Company currently has two operating segments, Gujia, MM Future, HC Securities, and MM Global. It generates maximum revenue from the Gujia segment. Gujia segment provides market data services and investor relations management services to customers in China. | $6 | +823% | $606M | $606M | ||||
| Launch One Acquisition Corp is a blank check company. | $11 | +4% | $82M | $82M | ||||
| Dominari Holdings Inc through its various subsidiaries, is currently engaged in wealth management, investment banking, securities sales and trading and asset management. The company operates in two reportable business segments: Dominari Financial and Legacy AIkido. The Dominari Financial reportable business segment represents the Company’s broker-dealer business, which is composed of mostly underwriting and transactional service activities. The Legacy AIkido reportable business segment includes Aikido Labs, which manages the investments holdings of the legacy entity. It generates the majority of its revenue from the Dominari Financial segment. | $2 | -61% | $48M | $48M | ||||
| Emo Capital Corp is a Shell Company. | $0 | -98% | $63K | $63K | ||||
| Median | $66 | -4% | $10B | $10B | 2.7x | 8.6x |
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