Top U.S.-listed investment banks to watch in 2026
Corporations and governments tap investment banks to raise capital for acquisitions, expansion and debt. Some of these banks also run asset management arms, so revenue extends beyond deal activity.
Investment banks raise capital for corporations and governments through stock and bond offerings, and advise on deals like mergers and acquisitions. This list covers six U.S.-listed names, from diversified firms like Morgan Stanley ($MS) and Goldman Sachs Group ($GS) – which combine trading, advisory and asset management – to Evercore Inc. ($EVR), which concentrates on M&A and restructuring counsel rather than trading.
How we built this list: We selected these companies based on their investment banking, capital markets and advisory business and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.
Company Name | Ticker | Share Price | Market Cap | In Watchlists |
|---|---|---|---|---|
Morgan Stanley | $192.76 | $304.12B | 1769 | |
Goldman Sachs | $916.24 | $266.79B | 3635 | |
Citi | $130.80 | $220.26B | 2771 | |
Nomura Holdings, Inc. | $9.91 | $30.02B | 151 | |
Jefferies Fincl | $46.52 | $10.87B | 168 | |
Evercore US | $258.46 | $10.74B | 90 |
Past performance is not a reliable indicator of future performance.
Source: Stake market data. Figures in US$. Data updated as of 29 September 2026.
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1. Morgan Stanley ($MS)
Morgan Stanley (MS) share price over the last year: started at US$158.96, ended at US$192.76, a change of +21.3%. Range over the period: high US$228.55, low US$151.86. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$192.76 · Daily: -0.5% · Market cap: US$304.12B · Sector: Financials · Industry: Investment Services
Morgan Stanley ($MS) runs three distinct businesses under one roof: an institutional arm that helps corporations, governments and financial institutions raise capital and navigate deals; a wealth management operation that serves individual investors including high and ultra-high net worth clients; and an investment management division that puts money to work across asset classes and markets for institutional and intermediary clients alike.
The investment banking side covers underwriting debt and equity offerings, advising on mergers and acquisitions, and working through restructurings and project finance. That breadth – from an initial public offering to a complex corporate restructuring – sits within the Institutional Securities segment, which also serves ultra-high net worth individuals directly.
CEO Ted Pick leads a firm of around 83,000 people. That headcount reflects just how much of $MS sits outside the trading floor: wealth advisers, portfolio managers and support staff across the investment management arm all count toward that number.
2. Goldman Sachs ($GS)
Goldman Sachs (GS) share price over the last year: started at US$796.35, ended at US$916.24, a change of +15.1%. Range over the period: high US$1,152.07, low US$744.60. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$916.24 · Daily: -0.00% · Market cap: US$266.79B · Sector: Financials · Industry: Investment Services
Goldman Sachs ($GS) operates across three distinct parts of the business. The Global Banking & Markets segment is where the firm works with corporations, governments and financial institutions on financing, deal advisory and hedging. It also makes markets in fixed income, equities, currencies and commodities – acting as a counterparty for institutional clients trading those products.
The Asset & Wealth Management segment manages assets across multiple asset classes and provides investment and advisory services to a broad client base. Platform Solutions, the third segment, sits in a different corner of the business: it includes credit card partnerships, point-of-sale financing and transaction banking. CEO David Solomon oversees a workforce of 47,400 people across the firm.
3. Citi ($C)
Citi (C) share price over the last year: started at US$101.50, ended at US$130.80, a change of +28.9%. Range over the period: high US$145.67, low US$93.93. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$130.80 · Daily: -0.4% · Market cap: US$220.26B · Sector: Financials · Industry: Investment Services
Citigroup Inc. ($C), under CEO Jane Fraser, employs 226,000 people across five business segments that mix corporate finance with consumer products. Its Treasury and Trade Solutions arm handles cash management, trade finance and working capital for multinationals, financial institutions and public sector organisations. The Markets segment covers sales and trading across equities, foreign exchange, rates and commodities for corporate, institutional and public sector clients.
The Banking segment concentrates on investment banking and capital-raising, while a Wealth division serves private banking clients under brands including Citigold and Private Bank. The U.S. Consumer Cards segment – covering branded, co-branded and private label cards as well as installment lending – gives $C a retail dimension that sits apart from its institutional operations.
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4. Nomura Holdings, Inc. ($NMR)
Nomura Holdings, Inc. (NMR) share price over the last year: started at US$7.27, ended at US$9.91, a change of +36.3%. Range over the period: high US$10.86, low US$6.73. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$9.91 · Daily: -1.1% · Market cap: US$30.02B · Sector: Financials · Industry: Investment Services
Nomura Holdings, Inc. ($NMR) is a Japan-based financial services group centred on securities businesses, operating across four segments: Wealth Management, Investment Management, Wholesale, and Banking. Its Wholesale arm covers the classic investment banking territory – fixed income and equities trading, derivatives, foreign exchange, and M&A advisory – while the Wealth Management side serves individual investors with asset management and succession planning.
The Banking segment adds trust and private banking to the mix, making $NMR a broader financial services group rather than a pure advisory house. Chief Executive Kentaro Okuda leads a workforce of 28,677 people globally.
5. Jefferies Fincl ($JEF)
Jefferies Fincl (JEF) share price over the last year: started at US$65.42, ended at US$46.52, a change of −28.9%. Range over the period: high US$66.26, low US$36.02. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$46.52 · Daily: -1.3% · Market cap: US$10.87B · Sector: Financials · Industry: Investment Services
Jefferies Financial Group ($JEF) runs two distinct businesses under one roof. One side handles investment banking and capital markets – underwriting stock and bond offerings, advising on deals and running sales and trading desks across fixed income and equities. The other manages alternative investments on behalf of outside investors, alongside capital from the firm's own legacy portfolio.
$JEF operates across the Americas, Europe and the Middle East, and Asia-Pacific, with around 7,787 employees and Rich Handler as chief executive. That geographic reach means the firm can support clients on cross-border transactions rather than being limited to a single market. The asset management arm adds a revenue stream that runs somewhat separately from deal volumes, since it draws fees from managed capital rather than purely from transaction activity.
6. Evercore US ($EVR)
Evercore US (EVR) share price over the last year: started at US$337.32, ended at US$258.46, a change of −23.4%. Range over the period: high US$383.12, low US$256.93. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: US$258.46 · Daily: -1.2% · Market cap: US$10.74B · Sector: Financials · Industry: Investment Services
Advisory work sits at the centre of what Evercore Inc. ($EVR) does. The firm advises multinational corporations and private equity firms on mergers, acquisitions, divestitures and situations where shareholders press for strategic change. It also handles restructuring and liability management for companies in financial stress – advising borrowers, creditors and potential acquirers, not just the company itself.
$EVR's second segment covers investment management, which includes wealth management services for high-net-worth individuals and interests in private equity funds the firm doesn't itself manage. John Weinberg leads the business, which employs around 2,570 people.
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Common questions
How do I invest in U.S. investment banks in New Zealand?
All six stocks in this list trade on U.S. exchanges and are accessible through a share trading platform that provides U.S. market access. You search the relevant ticker, place an order and the shares settle in USD. Access depends on whether your platform supports U.S. market trading.
What are the key risks of U.S. investment banks?
Some of the key risks include sensitivity to capital markets activity – when deal flow and trading volumes fall, revenues tend to follow – along with credit risk from lending and counterparty exposures. Regulatory requirements are substantial, and shifts in capital rules or oversight can affect how these businesses operate. For New Zealand investors, movements between the NZD and USD affect what shares cost to buy and what any proceeds are worth in local currency.
How do full-service investment banks differ from advisory-focused firms?
The firms here range from diversified financial institutions to businesses built primarily around advisory work. $GS and $MS combine investment banking with asset management and wealth operations; $C adds consumer banking and credit cards alongside its markets and banking divisions. $EVR concentrates on M&A and restructuring advice, without the trading books or consumer products that the larger names carry. That difference in business mix shapes where each firm's revenues come from.
Disclaimer
Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.
This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.
Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.
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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.
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