Titans of Wall Street: A Guide to the 20 Biggest Investment Banks in the US

Investment banks are the financial architects of the global economy. They are the power brokers behind massive corporate mergers, the facilitators of game-changing IPOs, and the trusted advisors to governments and institutions. In the United States, a handful of these financial giants dominate the landscape, wielding immense influence over capital markets. Whether you’re an aspiring financier, a business owner seeking capital, or an investor curious about the major players, understanding these institutions is crucial. This guide unpacks the 20 biggest investment banks in the US, from the legendary bulge bracket firms to the elite boutique powerhouses.

What Do Investment Banks Do?

Before diving into the list, let’s quickly clarify what an investment bank does. Unlike commercial banks where you might have a checking account, investment banks operate on a much larger scale. Their primary services fall into a few key categories:

• Mergers & Acquisitions (M&A) Advisory: Advising companies on buying, selling, or merging with other companies.
• Capital Markets Underwriting: Helping corporations and governments raise money by issuing and selling securities, such as stocks (IPOs) and bonds.
• Sales & Trading: Buying and selling financial instruments on behalf of clients or the bank itself.
• Asset Management: Managing investments for a wide range of clients, from individuals to large institutions.

The Top 20 US Investment Banks

The US investment banking scene can be broken down into a few tiers, each with its own reputation and areas of expertise.

The Bulge Bracket: The Global Leaders

These are the largest, most prestigious, and globally recognized investment banks. They offer a full suite of services and handle the biggest deals on the planet.

1. Goldman Sachs: Often considered the gold standard in investment banking, renowned for its M&A advisory and trading prowess.
2. JPMorgan Chase: A financial supermarket, it boasts the largest investment banking division by revenue, with immense strength in debt and equity capital markets.
3. Morgan Stanley: A top-tier competitor to Goldman Sachs, with a world-class wealth management arm and a formidable M&A and IPO advisory practice.
4. Bank of America Securities: Leveraging the massive balance sheet of its parent company, BofA is a dominant force in corporate lending and debt underwriting.
5. Citigroup: A global bank with a strong international presence, particularly in emerging markets, and deep expertise in fixed-income markets.
6. Wells Fargo Securities: A major player in debt capital markets and has been steadily growing its M&A advisory services.

Elite Boutiques & Middle-Market Champions

This group includes highly respected firms that specialize in advisory services, often out-competing bulge brackets on specific types of deals, as well as firms that dominate the “middle-market” space (deals involving mid-sized companies).

7. Evercore: A leading independent advisory firm, known for its high-profile M&A assignments and strategic advice.
8. Lazard: With a history stretching back to 1848, Lazard is a prestigious name in M&A and asset management, with a strong global network.
9. Centerview Partners: A smaller, but incredibly elite boutique that consistently advises on some of the largest and most complex M&A deals.
10. Moelis & Company: Known for its aggressive deal-making and strong restructuring advisory practice.
11. Jefferies Group: A full-service global investment bank that has successfully challenged larger rivals, with strong capabilities across M&A, capital markets, and trading.
12. PJT Partners: An advisory-focused firm specializing in strategic advisory, restructuring, and fund placement services.
13. Guggenheim Partners: A rapidly growing firm with strong expertise in M&A and a powerful asset management division.
14. Houlihan Lokey: The undisputed leader in middle-market M&A and the go-to firm for valuation and restructuring advice.
15. William Blair & Company: A premier middle-market bank with a focus on growth sectors like technology and healthcare.
16. Baird: A respected employee-owned firm with a strong presence in wealth management, private equity, and middle-market investment banking.
17. Piper Sandler: A leading investment bank focused on the middle market, with deep expertise in sectors like healthcare, technology, and financial services.
18. Stifel: A full-service brokerage and investment banking firm that has grown significantly through acquisitions.
19. Raymond James: A major financial services firm with a robust investment banking division catering to middle-market clients.
20. Perella Weinberg Partners (PWP): An independent advisory firm founded by industry veterans, known for its senior-level attention on complex strategic transactions.