J.P. Morgan have done it again and are the #1 global research firm and #1 global equity research team. The firm has accrued the most points from Extel's regional research surveys and Extel's Global Fixed Income Research Team for the fourth time in five years

The 2025 Global Research Leaders ranking lists sell-side research providers by the combined total number of positions earned across Extel’s 2025 research team surveys: the Japan Research Team; the Asia (ex-Japan/ANZ) Research Team; the Australia & New Zealand Research Team; the Latin America Research Team; the Developed Europe Research Team; the Emerging EMEA Research Team; the All-America Research Team; and the Global Fixed-Income Research Team.

“Achieving the #1 ranking across Global Equities, Global Fixed Income, and Global Research overall in 2025 is a humbling recognition of our dedication to meeting our clients’ evolving needs” said Hussein Malik, Head of Global Research at J.P. Morgan. “We deeply value the feedback across diverse asset classes and regions from clients of all sizes, who took the time to participate in the Extel surveys. This acknowledgment motivates us to continue striving for excellence and delivering the insights and experiences our clients rely on.”

Read more on the data behind the survey here and there's an article from Alexandra DeLuca featuring comment from the heads of research from J.P. Morgan, BofA Securities and Morgan Stanley, here. There is a separate article regarding the Global Equity Leaders here.