🔎 Key Themes Shaping Origination & Advisory
The latest Boston Consulting Group (BCG) Investment Banking Origination & Advisory trends for Q1 2026 show the global IB fee pool up 12% YoY to USD 28.1bn — led by ECM (+51%) and M&A (+17%), with the US extending its grip to 60% of global fees. The growth story continues.
Four themes shaping the year ahead:
📈 Deal-making & Capital Raising Every segment grew, with ECM rebounding sharply (+51% YoY) as follow-ons accelerated and IPO markets selectively reopened — led by AI infrastructure, defense, and energy issuers. Tech, Healthcare, and FIG drove the bulk of volume.
🤝 New Client Archetypes Sponsors are becoming anchor clients as private capital converges with traditional IB — pushing leading banks to build end-to-end coverage across infrastructure, private credit, and bespoke capital solutions.
🤖 IB Gen(AI) Transformation IBs are scaling AI across deal workflows to boost productivity — while AI itself reshapes capital allocation, fueling demand for data center, power, semiconductor, and digital infrastructure financing.
🌍 Global Fragmentation Tariff uncertainty and geopolitical conflict triggered 2026’s first market pullback, reinforcing a selective issuance environment that favors scaled, well-prepared issuers. The US strengthened its lead (60% of fees) as Europe softened and APAC moderated on weaker China activity.
Huge thanks to Julian Hein, Ingmar Broemstrup, Roy Choudhury, Christian (Chris) Schmid, Brad Mayer, Raluca Gligor, Yirou Han, Nicola D’Avino, Quirin Stockinger, Maximilian Burggraf.
👏 Special thanks to BCG Expand’s Chirag Shah, Dipankar Deb and Iram Kazmi for their contributions to this piece.
