Goldman, Morgan Stanley Predict IPO Resilience as Revenue Climbs

Wall Street’s biggest banks kicked off 2026 with strong gains in equity capital markets revenue, even as the war in Iran weighed on IPO activity.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. topped the first-quarter rankings for revenue from leading deals including initial public offerings and share sales, with $535 million and $472 million respectively. All five firms saw double-digit percentage gains versus the same period in 2025, according to data compiled by Bloomberg.

The jump in underwriting fees came as activity was broadly healthy in the first quarter, amid wild market swings and a spike in volatility ...