Morgan Stanley’s third-quarter investment banking revenue, due October 14, hinges on advisory fees and equity and debt underwriting amid moderating deal flow. Global investment banking fees rose through nine months of 2026, lifting Morgan Stanley in league tables, yet announced M&A value fell roughly 10 percent year over year in the third quarter. Analyst estimates center near $2.2 billion for the firm’s investment banking line, following a strong $2.44 billion in the prior quarter. Equity market volatility, Treasury yields, and corporate capital-raising trends remain key swing factors, while sequential cooling in trading and underwriting activity after record first-half levels shapes trader expectations for the print.