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Merchant Banking Services in the US Industry Data and Analysis
The industry experienced moderate growth during the period. Merchant banks provide equity, debt and trade financing to middle-market private companies. Merchant banks often invest in the debt of private companies through mezzanine financing and senior loans. Regarding trade financing, merchant banks provide foreign corporate investment and international transaction facilitation services. Merchant banks also offer lines of credit and issue letters of credit between importers and exporters. While large financial holding companies, like The Goldman Sachs Group Inc. (Goldman Sachs), have merchant banking segments or subsidiaries, most merchant banks are relatively small and specialized, with the average enterprise employing about 21 individuals. Overall, industry revenue has grown at a CAGR of 6.9% to $15.4 billion over the past five years, including an anticipated increase of 3.3% in 2025 alone. However, profit is expected to lag to 33.7% of revenue in the current year, down from 36.2% in 2020.
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What's included in this industry analysis
IBISWorld's research coverage on the Merchant Banking Services industry in the United States includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released December 2025.
About this industry
What's this industry report about?
The Merchant Banking Services industry in the United States operates under the NAICS industry code OD6088. This industry primarily makes private equity investments with firm or investor capital into the securities of private or public companies. It also provides a wide range of ancillary bridge, mezzanine, real estate and distressed financing as well as international trade financing and foreign direct investment services in varying degrees. This industry is a segment of the Investment Banking and Securities Dealing industry (IBISWorld report 52311). Related terms covered in the Merchant Banking Services industry in the United States include underwriting, bridge financing and mezzanine financing.
What's included in this industry?
Products and services covered in Merchant Banking Services industry in the United States include Equity financing, Debt financing and Trade finance and related services.
What companies are included in this industry?
Companies covered in the Merchant Banking Services industry in the United States include The Goldman Sachs Group, Inc., Jpmorgan Chase & Co and Bank Of America Corporation.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Merchant Banking Services industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Merchant Banking Services industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Merchant Banking Services industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Merchant Banking Services industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Merchant Banking Services industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Merchant Banking Services industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Merchant Banking Services industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Merchant Banking Services industry in the United States.
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Frequently Asked Questions
What is the market size of the Merchant Banking Services industry in the United States in 2026?
The market size of the Merchant Banking Services industry in the United States is $15.4bn in 2026.
How many businesses are there in the Merchant Banking Services industry in the United States in 2025?
There are 680 businesses in the Merchant Banking Services industry in the United States, which has grown at a CAGR of 6.0 % between 2020 and 2025.
How may import tariffs affect the Merchant Banking Services industry in the United States?
The Merchant Banking Services industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Merchant Banking Services industry in the United States?
The Merchant Banking Services industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Merchant Banking Services industry in the United States grown or declined over the past 5 years?
The market size of the Merchant Banking Services industry in the United States has been growing at a CAGR of 7.0 % between 2020 and 2025.
What is the forecast growth of the Merchant Banking Services industry in the United States over the next 5 years?
Over the next five years, the Merchant Banking Services industry in the United States is expected to grow.
What are the biggest companies in the Merchant Banking Services industry in the United States?
The biggest companies operating in the Merchant Banking Services industry in the United States are The Goldman Sachs Group, Inc., Jpmorgan Chase & Co and Bank Of America Corporation
What does the Merchant Banking Services industry in the United States include?
Providing equity financing and Providing bridge and mezzanine financing are part of the Merchant Banking Services industry in the United States.
Which companies have the highest market share in the Merchant Banking Services industry in the United States?
The company holding the most market share in the Merchant Banking Services industry in the United States is The Goldman Sachs Group, Inc..
How competitive is the Merchant Banking Services industry in the United States?
The level of competition is moderate and increasing in the Merchant Banking Services industry in the United States.
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