JPMorgan and Santander lead the best M&A year since 2006

Investment banking fees in Spain have surged 63.4% to €566 million in the first nine months of 2026, with mergers and acquisitions (M&A) accounting for 51% of total fees. JPMorgan and Santander are the top two earners, with JPMorgan leading the ranking with €63.4 million in fees and Santander second with €51 million. The two banks were involved in several major deals, including Santander's purchase of Webster for over €10.7 billion and the sale of Urbaser for €5.6 billion.

These deals, along with the absorption of Cirsa by Lottomatica, have driven the growth in M&A fees, which have not been this high since 2006.