Corporate and Investment Banking Report 2025: Positioning for Growth in Uncertain Times (Boston Consulting Group)

Summary

• Corporate and investment banking revenues rose 4% to $827 billion in 2024, or $989 billion including non-bank financial institutions.p.4
• In 2024, equity capital markets were up 54% YoY, debt capital markets up 39% YoY and equities up 18% YoY, while FICC was flat.p.6
• CIB revenues in H1 of 2025 were up 5% YoY.p.6
• NBFIs are projected to account for up to 22% of total CIB revenue pools by 2030, up from 3% in 2010 and 16% in 2024.p.5
• Stablecoins are expected to scale to more than $3 trillion market cap by 2030.p.5
• Productivity could rise 25% to 40% for corporate and investment bankers and 20% to 35% for operations teams by 2030.p.5
• In the base case, CIB revenues grow at 4% annually through 2030, reaching $1.3 trillion.p.13

Key insights

1. CIB revenues rebounded in 2024, fueled by sponsor activity, fee-based businesses, equities trading and emerging markets.p.4
2. NBFI revenues represented less than 5% of the global CIB revenue pool in 2010 and now account for more than 15%.p.7
3. Non-bank liquidity providers now account for about 20% of global trading revenues.p.7
4. Top firms are concentrating on four to six enterprise AI initiatives with measurable P&L impact.p.9
5. Stablecoins are projected to reach $3 trillion in market capitalization by 2030.p.10
6. In the surge in tech and alternatives scenario, corporate banking's share of the product mix shrinks from 50% to 46%.p.14
7. Under regional fragmentation, the revenue pool would still be about 5% above 2024 levels.p.15
8. One bank reduced onboarding costs by 30% by integrating with a digital-native platform rather than building in-house.p.19