North America's Top Investment Banks Shine in Volatile 2025

J.P. Morgan, Houlihan Lokey, Morgan Stanley, and BofA Securities navigated market disruptions to lead major deals.

Apr. 20, 2026 at 10:36am

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An extreme close-up of heavy, metallic banking equipment and machinery, conveying a sense of institutional power and the tangible infrastructure that underpins the global economy.North America's top investment banks demonstrated their ability to thrive in a volatile market environment, reshaping the financial landscape with major deals.NYC Today

North America's top investment banks overcame early market challenges in 2025 to surge with major M&A, IPO, and debt deals. J.P. Morgan, Houlihan Lokey, Morgan Stanley, and BofA Securities demonstrated remarkable resilience, reshaping the financial landscape despite geopolitical tensions and tariff uncertainties.

Why it matters

The ability of these leading investment banks to thrive in a volatile environment highlights their adaptability and the strength of the North American financial sector. Their success in navigating disruptions and executing high-profile transactions underscores the region's continued prominence in global capital markets.

The details

J.P. Morgan led a $1 billion deal for Circle Internet Group, a $364.2 million offering for Heartflow, and four block trades totaling $2.1 billion for LATAM Airlines. The bank also participated in a $20 billion financing for the buyout of Electronic Arts and Oracle's $18 billion issuance. Houlihan Lokey topped the M&A advisory rankings, executing 458 transactions, including Intevac's $119 million sale to Seagate. Morgan Stanley had a strong second half, leading IPOs for Sailpoint, CoreWeave, Chime, and Figma. BofA Securities was a top underwriter in the US corporate investment-grade debt market, nearly reaching $100 billion in volume.

  • In 2025, North America's investment banks navigated a challenging market landscape early in the year.
  • However, the top firms quickly adapted and demonstrated their ability to thrive in a volatile environment.
  • Many of the major deals were executed in the second half of 2025 and into 2026.

The players

J.P. Morgan

A leading global investment bank that executed major M&A, equity, and debt deals in 2025.

Houlihan Lokey

The best M&A bank in North America, executing 458 transactions in 2025, particularly in the technology and financial services sectors.

Morgan Stanley

A top underwriter for high-profile IPOs in 2025, including Sailpoint, CoreWeave, Chime, Figma, and Medline.

BofA Securities

A leading underwriter in the US corporate investment-grade debt market, participating in many of the year's biggest offerings.

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What they’re saying

“North America's investment banks navigated a challenging market landscape, with geopolitical tensions and tariff uncertainties stalling deal activity early in the year.”

— David Sanders, Author

“These top players demonstrated their ability to thrive in a volatile environment, reshaping the financial landscape.”

— David Sanders, Author

What’s next

The investment banks will continue to play a crucial role in navigating the evolving global financial landscape, with a focus on adapting to new market conditions and emerging trends.

The takeaway

The success of North America's top investment banks in 2025 highlights the region's financial resilience and adaptability, positioning it for continued leadership in global capital markets despite ongoing volatility.