Decline in syndicated lending leads retreat in bankers’ fees.

While traders may be enjoying the surge in market volatility that has accompanied the U.S. trade war, investment bankers are seeing their business stumble amid the rise in uncertainty.

According to new data from LSEG Data & Analytics, global investment banking fees were down 1% in the first half of 2025 to US$60.5 billion — led by a 5% decline in North and South America to US$31.9 billion.

The drop in fees from the Americas was partly offset by a 27% jump to US$11.9 billion in fees generated in the Asia-Pacific region, it noted.

By industry segment, advisory fees from mergers and acquisitions were flat year over year in the first half. Underwriting fees edged up, but syndicated lending fees were down 10% from last year, LSEG reported.

JP Morgan continued to top the global league tables in the first half, with estimated fees of US$4.6 billion, representing a 7.7% share of the global fee pie. Goldman Sachs held onto second place with an estimated 6.5% share, with BofA Securities, Morgan Stanley and Citi rounding out the top five.

RBC Capital Markets remained the top-ranked Canadian firm, climbing one spot to ninth in the global rankings. TD Securities Inc. took 16th place overall, followed by BMO Capital Markets at 17th.