2026 has been a strong year for Corporate and Investment Banks so far. The energy shock from the Strait of Hormuz closure reignited inflation and pushed central banks back into tightening.
The resulting volatility lifted trading and advisory activities at the same time. Every bank in our panel grew revenues and almost all now show positive jaws, but gains were uneven. US banks grew c.42% over two years against c.28% for UK/EU banks, a gap that materialised in full over 2026.
Investment banking and capital markets drove the expansion. Global IB revenue rose 24% to $61.4bn in H1 2026, and M&A reached a record $3.28tn, carried by megadeals and AI related financing. The winners were capital markets pure players, above all Goldman Sachs and Morgan Stanley. Still, the transatlantic divide looks increasingly structural: US banks hold 54% of global IB fees against 20% for European banks, and Brexit has left European based activities more fragmented across several hubs.
This year, we have chosen to devote a dedicated section of our analysis to stablecoins and tokenised money, which we see as a defining strategic question for CIBs. Stablecoin supply now exceeds $300bn, nearly all of it in US dollars, and bank consortia on both sides of the Atlantic are moving from pilots to launches. We expect tokenised deposits to prevail for core wholesale flows and value to shift from issuance to orchestration. The winning CIBs will be those that invest early in the underlying infrastructure: custody, on chain compliance and real-time reconciliation.
2026 is an excellent year for corporate and investment banks (CIBs), but it is widening the gap between players considerably
The energy shock caused by the closure of the Strait of Hormuz has reignited inflation and prompted central banks to return to monetary tightening. This environment has been highly favourable for CIBs: volatility in rates, currencies and commodities, strong equity markets, and a spectacular rebound in M&A and financing activity. All the banks analysed have reported revenue growth, and almost all now have positive jaws.
The main growth driver is the strong comeback in Markets and Investment Banking
Capital Markets revenues rose 30% in H1 2026, while global Investment Banking grew 24%. M&A had a record half-year, driven largely by mega-deals, technology investment and AI. For banks today, AI is generating more revenue – through financing for hyperscalers, infrastructure, utilities, M&A and ECM/DCM – than it is yet delivering in operational cost savings.
For European banks, the challenge is becoming as structural as it is cyclical
Business models that rely more heavily on lending are benefiting less from the current cycle and generating less operating leverage. Brexit did not dethrone London, which remains Europe’s leading financial centre, but it has contributed to a multi-hub European model – London, Paris, Frankfurt, Dublin, Luxembourg and Amsterdam – that creates greater fragmentation. Integrating European capital markets has become a direct competitiveness issue in the face of US banks.
To learn more, download our full report, written by our experts Matthieu Prieuret, Léa Probst, Dillon Oppon Ferguson and Thomas Trenel!