Investment Banks: Deal Dashboard

Research evidence excerpt

Investment Banks: Deal Dashboard

Update

May 28, 2026 07:10 PM GMT

Morgan Stanley & Co. LLCMInvestment Banks | Global Manan Gosalia

Equity Analyst

Deal Dashboard Manan.Gosalia@morganstanley.comRyan Kenny, CFA +1 212 761-4092

Ryan.Kenny@morganstanley.com +1 212 761-1664

Connell J Schmitz

Research Associate

Connell.Schmitz@morganstanley.com +1 212 761-6252

Key Takeaways

Morgan Stanley & Co. International plc+

Positive messaging on cap mkts trends at this week's industry conference aligns Giulia Aurora Miotto, CFA

with the data, w/ QTD volume of announced M&A up 49% y/y / ECM 67% y/y. EquityGiulia.Aurora.Miotto@morganstanley.comAnalyst +44 20 7425-5344

GS said that CEO confidence and a need for scale are driving continued strategic Morgan Stanley Europe S.E., Madrid Branch+

M&A strength, with total M&A volume on pace to reach or break 2021 levels. Alvaro Serrano

BAC described 2Q IB fees as in ‘pretty good shape’ and that some numbers ‘will Alvaro.Serrano@morganstanley.com +44 20 7425-6942

look big’ given Liberation Day in 2Q25. DL shows strong growth, +49% QTD y/y.

Morgan Stanley & Co. LLC

JPM called out a 'gung ho' M&A market and a 'huge' year for ECM activity. JPM's Michael J. Cyprys, CFA, CPA

2Q IB guide of up ≥10% is slightly better vs. Cons. / worse vs. DL. EquityMichael.Cyprys@morganstanley.comAnalyst +1 212 761-7619

BAC and JPM both acknowledged trading revenue strength has continued in 2Q: Morgan Stanley & Co. International plc+

BAC up 15% y/y (better than Cons. 7%); JPM up ≥11% (better than Cons. +8%). Franco Insausti, CFA

Franco.Insausti@morganstanley.com +44 20 7677-3769

Today's data compares 2Q26 quarter to date as of May 27 vs. the same point in time

in the prior quarter and prior year's quarter. Morgan Stanley MUFG Securities Co., Ltd.+

Mia Nagasaka