Chicago has established itself as a major global financial center and home to many of the world’s largest investment banks. In 2023, several banks either opened new offices or expanded existing ones in Chicago, bringing more jobs and opportunities to the city. This article provides an updated list of top investment banks in Chicago based on size, revenue, reputation and influence.
JPMorgan Chase remains the largest investment bank in Chicago with continuous expansion
JPMorgan Chase has been the dominant investment bank in Chicago for years. In 2023, it plans to add hundreds of jobs to boost its headcount to over 11,400 employees in the area. The bank is developing a new 500,000 square-foot office tower in Chicago to consolidate offices. Its investment banking division offers services including mergers and acquisitions (M&A), debt and equity underwriting, etc.
Bank of America grows Chicago investment banking team to better serve midwest clients
As the second largest bank in Chicago, Bank of America has been actively recruiting senior bankers from competitors to expand its Midwest investment banking practice in 2023. It aims to better cover its broad client base in Chicago and the Midwest region through the moves.
Wells Fargo further cements its Chicago presence with new offices
Wells Fargo has operated in Chicago for over 160 years. In 2023, it opened another new downtown space of around 431,000 square feet for its investment arm. The move represents its long-term commitment to Chicago as a financial hub and allows it to house over 2,000 employees locally.
UBS consolidates Chicago employees into a new high-rise office
The Swiss investment banking giant UBS purchased the top 10 floors spanning 173,000 square feet at Chicago’s tallest skyscraper Vista Tower in 2023. By moving employees from two offices into one tower, the bank aims to enhance collaboration and efficiency among its Chicago workforce.
Other large investment banks like Goldman Sachs, Citigroup also maintain strong Chicago presence
Besides the top few banks above, other Wall Street titans like Goldman Sachs, Citigroup and Credit Suisse have had established offices in Chicago for investment banking, sales and trading, research and more functions. They show long-term confidence in Chicago as an emerging financial center.
In 2023, major global investment banks continue to setup new offices or consolidate existing ones to expand their footprint in Chicago, bringing more high-paying financial jobs. As banks deploy more human resources and capital locally, Chicago’s status as a Midwest financial hub will likely be further strengthened.