Investment Banking Monitor: Large-cap IBank ing continues to drive the cycle

Research evidence excerpt

Investment Banking Monitor: Large-cap IBank ing continues to drive the cycle

Equity Research

9 July 2026 | 8:31AM EDT

AMERICAS INVESTMENT BANKS

Investment Banking Monitor: Large-cap IBanking continues to drive the cycle

June announced investment banking (IBanking) activity 758%/442% YoY/MoM. James Yaro

+1(212)902-1913 |

continued to grow, rising 31% YoY, driven by strong YoY james.e.yaro@gs.com

YTD investment banking volumes are now up 24% YoY Goldman Sachs & Co. LLC

volumes across all products, especially M&A and ECM,

Ramsden as of the end of June (+51%/+80%/+13% across Richard +1(212)357-9981with large-cap activity once again the key driver. |

M&A/ECM/DCM), 2pp higher vs. end-May richard.ramsden@gs.comGoldman Sachs & Co. LLCAnnounced monthly M&A volumes were +72%/-2%

(+47%/+50%/+14% across M&A/ECM/DCM). YTD M&AYoY/MoM, ECM volumes were up 165%/138% YoY/MoM, Divyam Harlalka

announcements are up 51% YoY, with growth mostly +1(332)245-7818divyam.harlalka@gs.com|with DCM volumes improving 8%/1% YoY/MoM. Large-cap Goldman Sachs India SPL driven by large-cap, strategics, Europe, and the US. We

M&A was +223%/-12% YoY/MoM, and IPOs rose

Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to Zurich Insurance Group AG in relation to its offer for Beazley PLC. As such,

Goldman Sachs is a connected advisor of Zurich Insurance Group AG for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and

Mergers.

Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to Castlelake L.P. in relation to its potential offer for Easyjet Plc. As such,

Goldman Sachs is a connected advisor of Castlelake L.P. for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers.