Global Investment Bank Tracker US IPO multiplier effect undiscounted, with global equity trading the growth engine: tactically GS, MS to outperform

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Global Investment Bank Tracker US IPO multiplier effect undiscounted, with global equity trading the growth engine: tactically GS, MS to outperform

J P M O R G A N Europe Equity Research

12 June 2026

Global Investment Bank Tracker

US IPO multiplier effect undiscounted, with global

equity trading the growth engine: tactically GS, MS to

outperform

We expect consensus to upgrade EPS going into 2Q as we see another strong Global IBs

ACtrading performance in 2Q 26E for Global IBs with ongoing outperformance in Kian Abouhossein

Equities S&T which we expect to have the second best revenue quarter ever after (44-20) 7134-4575

a record 1Q 26. As we have discussed in our previous reports (see Global kian.abouhossein@jpmorgan.com

Investment Banks: The future of Investment Banking), trading has become a best Amit Ranjan

execution pre/post trade platform business with the key driver being volatility (44-20) 7134-4576

driving activity levels. Global Markets business for IBs already started very amit.x.ranjan@jpmorgan.com

strongly in 1Q (+16% YoY) and while VOL has come down in 2QTD, we see client Delphine Lee

activity supported by increased hedging in FICC and higher transaction volumes (44-20) 7134-3971

delphine.x.lee@jpmorgan.com

in Equities as equity markets have remained buoyant (MSCI World +10% QTD)

Sheel Shah, CFAdespite market uncertainty. For 2Q 26E Global IB S&T, we estimate Equities

(44-20) 7134-8455

+21% YoY, FICC +7% YoY in (USD), leading to Markets Revenues +14% YoY. sheel.shah@jpmorgan.com

We forecast IB Fees +24% YoY in 2Q 26, driven by very strong ECM which is

Venkat Madasu

tracking +94% YoY based on Dealogic data QTD and we would note that there is (44-20) 3493-9041

a further tailwind for IB fees from some of the mega IPOs which are yet to come.