J.P. Morgan Dominates 2026 All-America Research Team Survey as Extel Unveils Rankings

J.P. Morgan has secured the top spot in Extel’s 2026 All-America Research Team survey for the ninth time in a decade, highlighting the continued dominance of bulge-bracket firms in sell-side research. For fintech and investment professionals, these rankings serve as a critical benchmark for evaluating the data and insights driving institutional capital allocation across the U.S. market.

What was announced

Extel’s 55th annual independent survey, which assesses the best-in-class sell-side research teams in the United States, revealed J.P. Morgan as the leader with 47 published positions. BofA Securities followed in second place with 44 positions, while Morgan Stanley took third with 43. UBS showed significant momentum, adding nine positions to reach 42 and climbing to fourth place. Other notable performers included Evercore ISI and Wells Fargo Securities, which shared joint fifth place with 36 positions each, with Wells Fargo rising three places after adding eight positions. Jefferies followed in seventh with 35 positions, while Wolfe Research, Barclays, and Bernstein rounded out the top ten.

In the Analyst Leaders table, Jefferies claimed the top spot with 43 published positions, an increase from 41 in the previous year. BofA Securities and Evercore ISI shared second place with 40 positions each. The 2026 results were derived from the feedback of 4,451 portfolio managers and analysts across 1,608 institutions, covering 60 sectors. A total of 129,919 votes were counted. Despite a slight decrease in the total number of participating institutions from 1,705 in 2025, the survey noted a shift toward higher-tier engagement. Eighty-nine firms now occupy the top two commission bands, up from 82 last year. Furthermore, the voting process is becoming increasingly centralized, with more than 300 investment management firms—representing 49% of the weighted universe—submitting votes through formal internal evaluation processes to improve accuracy and reduce industry disruption.

"Being ranked #1 in All-America Equity Research for the ninth time in 10 years reflects the strength of our franchise and our continued commitment to innovation. This recognition underscores the differentiated insights, high-conviction calls, and comprehensive coverage our team provides — delivering research excellence at scale with global reach. We are grateful to the clients who supported us with their votes."

Ken Goldman, Head of North America Equity Research J.P. Morgan.

The companies involved

J.P. Morgan is a global financial services firm and one of the largest banking institutions in the world. Its equity research division provides analysis across various asset classes and sectors, serving institutional investors globally. The firm has consistently maintained a leading presence in market research rankings, leveraging its scale and data capabilities to provide market sentiment and investment strategies to the buy-side.

Extel, which operates the website extelinsights.com, is a primary provider of market sentiment and performance data within the financial industry. The firm is best known for its long-running surveys that allow buy-side investors to evaluate the quality of research they receive from sell-side firms. By providing a structured framework for assessment, Extel acts as a bridge between the providers of financial insights and the portfolio managers who utilize them to make capital allocation decisions. The 2026 survey marks over half a century of the firm’s involvement in benchmarking the U.S. research landscape, making it one of the most established evaluators of sell-side performance in the market.

What FF News has reported before

FF News has previously covered J.P. Morgan’s expansion into blockchain and cross-border payment technologies. In September 2026, the firm collaborated with Deutsche Bank and Standard Chartered in J.P. Morgan, Deutsche Bank, and Standard Chartered Join Partior for 24/7 Cross-Border Settlement. This move followed the announcement that KB Kookmin Bank Launches Blockchain-Powered Trade Payments via J.P. Morgan’s Kinexys, utilizing the firm’s blockchain-powered platform to modernize trade finance. These reports highlight the bank's broader strategy of integrating advanced technology into its core financial services, complementing the traditional research excellence highlighted in the Extel survey.

What this means

The consolidation of influence among top-tier research providers suggests that scale remains the ultimate competitive advantage in the sell-side market. As the number of participating institutions drops while commission-paying engagement rises, the industry is seeing a "flight to quality" where only the most well-resourced teams can maintain high-conviction coverage across 60 sectors. The rise of centralized voting also indicates that buy-side firms are professionalizing their research procurement, putting pressure on mid-tier banks to prove their specific value. The key question for the sector is whether independent and boutique firms can continue to compete with the sheer volume of data and distribution power held by the bulge bracket.