NEW YORK, 14 January 2026 — Citigroup Inc.’s investment banking division saw a massive 84 per cent jump in mergers and acquisitions (M&A) advisory fees in the fourth quarter of 2025, helping the bank close out what executives described as a record-setting year for dealmaking.
Under Chief Executive Officer Jane Fraser, Citi’s dealmakers have made significant strides in global M&A advisory after years of trailing larger Wall Street rivals. The surge in fee income reflects a broader boom in corporate mergers and acquisitions activity in 2025, with advisory revenue rising more sharply than at larger competitors such as JPMorgan Chase, where M&A fees grew at a more moderate pace.
Citi’s performance signals that its strategic focus on expanding investment banking services, particularly in M&A advisory and cross-border transactions, has gained traction as corporations worldwide pursued higher deal volumes and larger transactions throughout the year. The bank’s advisory fee haul in the fourth quarter capped off a year in which the firm’s overall M&A revenue grew by more than half, underscoring robust demand for strategic corporate advice and execution.
Analysts say the strong fee momentum aligns with an active 2025 M&A market, where global deal values surged, supported by abundant corporate liquidity, private equity interest and expectations of looser monetary conditions. Following a busy year, investment banking professionals anticipate that 2026 could continue to see high deal activity, especially in sectors such as technology, healthcare and energy.
Despite Citi’s recent profit pressures from other parts of its business, including a charge related to its sale of Russian operations, the bank’s M&A and capital markets divisions have been standout performers, helping to offset broader earnings headwinds and reshape its reputation in global advisory leagues.
