May 05, 2026 — Macroeconomic turmoil and market volatility that triggered a surge in trading volumes and hedging activity powered a strong double-digit increase investment banking revenue in fiscal year 2025.
The Coalition Investment Bank Index, which tracks the performance of the 12 largest investment banks globally, climbed 14.5% in FY 2025 to $174.7 billion. This expansion was driven by robust gains across equities, where revenues surged by 20.7% to $71.5 billion, and fixed income, currencies and commodities (FICC), which increased by 10.5% to $103.1 billion.
“Heightened geopolitical uncertainty, including trade tensions, tariff announcements and election cycles, have driven volatility and revenues across asset classes,” says Aamir Hazaria, Director of Corporate & Investment Bank Competitor Research & Analytics at Crisil Coalition Greenwich.
Americas Lead on Revenue Growth
Investment banking revenues in the Americas rose 15.8% year over year to $89.3 billion, driven by a 23.8% increase in equities and an 11.2% climb in FICC. IN EMEA, a15.1% increase in equities and a 12.4% increase in FICC contributed to overall revenue growth of 13.4%. In APAC, an increase in electric trading helped power a 22% increase in equities, which, coupled with a more modest 5% rise in FICC, led to a 12.6% increase in investment banking revenues overall.
Strong Expansion in Equities and FICC
Global Cash Equities revenues for investment banks rose by 17.4% to $12.2 billion in FY 2025, driven by higher trading volumes and a 12% increase in client spend. That growth was partially fueled by an acceleration in low-touch trading on stronger electronic volumes in the Americas and APAC. Prime services and futures revenues rose to $34.5 billion, an increase of 21.5% year over year. Equity derivatives revenues grew 21.4% year over year to $24.7 billion.
“Growth in equity derivatives revenues was fueled by elevated volatility amid macroeconomic events, Fed policy and geopolitical uncertainty, with single-stock options a key outperformer driven by AI-stock dispersion,” says Nitin Agicha, Vice President in the Market Structure & Technology Practice at Crisil Coalition Greenwich.
“Meanwhile, exotics derivatives revenues expanded, notably in the U.S., due in part to complex positioning around tariff announcements.”
Within FICC, G10 rates revenues increased 16.9% year over year to $25.0 billion. Regionally, EMEA rebounded strongly off a softer FY24 base. The Americas reaccelerated in 4Q 2025 on a strong flow rates volumes, and APAC lagged due to Japan flow rates drawdowns in the first half of FY2025 and constrained structured performance.
“Globally, macroeconomic conditions, such as central bank policies and ongoing inflation concerns, contributed to increased client activity, hedging demand and repositioning across FICC products,” says Aamir Hazaria.
Crisil Coalition Greenwich Report
A new report from Crisil Coalition Greenwich breaks down FY 2025 Global Investment Banking revenues as captured in the Coalition Investment Bank Index, which draws on public information, proprietary research and validation data from market participants to quantify and track revenues. The report presents revenue trends by region and product, and analyzes revenue growth within Equities and FICC by product line.