Morgan Stanley generated $2.3 billion in debt and equity capital market fees during the first half of 2026. This represents a 64% year-over-year increase. Fees totaled $1.4 billion during the same period in 2025.
The bank now ranks second globally in capital markets fees, according to LSEG data. It previously held the fourth-place position. JPMorgan Chase remains the only firm currently outranking Morgan Stanley.
Financing for the artificial intelligence sector drove the majority of this growth. The bank structured tens of billions of dollars in debt and equity for data centers and AI infrastructure. These deals positioned the firm as a primary financial architect for the industry's expansion.