Goldman Sachs poised for investment-banking rebound into 2026

The largest U.S. investment banks showed signs of a broad recovery in investment banking, driven by a resurgence in mergers and acquisitions and strong demand for AI-related assets. That rebound is putting Goldman Sachs among the firms best positioned to see investment-banking fees rise meaningfully through 2025 and into 2026, a dynamic that could materially alter the firm’s revenue mix after its recent strategic refocus.

Elevated deal pipelines and fresh private equity activity have combined with investor optimism to create a denser calendar of mandates. For Goldman, that means more pitch cycles, larger syndicate roles, and deeper advisory involvement on strategic transactions tied to AI and technology. Growth in fee pools can translate quickly into expanded resourcing for deal teams, renewed hiring in coverage and execution roles, and upward pressure on variable pay tied to closed deals.

The upside for bankers comes with operational and cultural consequences. Front-office groups may see heavier workloads and longer hours as firms race to capture market share on live deals. Middle-office and compliance teams will face increased transaction volume and tighter timelines, while junior bankers and analysts can expect more immediate exposure to execution work. The revenue lift also raises questions about how excess capital will be deployed across buybacks, dividends, and reinvestment in talent and technology.

Goldman’s recent strategic repositioning — a move toward a steadier mix of fee-based businesses after prior swings in inventory and trading revenues — means investment-banking gains would be welcomed as a stabilizer for net revenue. But the upside comes with risk. High market expectations baked into analyst forecasts could amplify scrutiny if deal pipelines slow, and a concentrated surge in AI-related work may demand new skill sets from coverage bankers and sector specialists.

For employees, the near-term picture is practical and tactical: teams should brace for more deal flow, prepare for cross-functional lift, and document contributions as compensation cycles come into focus. Recruiting markets may tighten for experienced M&A and AI-sector talent, intensifying competition both inside and outside Wall Street.

The takeaway? If momentum holds, bankers at Goldman can expect busier desks and stronger fee pools, but outcomes hinge on sustained deal activity and disciplined capital deployment. Our two cents? Keep your résumé current, sharpen AI and sector know-how, and be ready to translate busy periods into career currency.