New IIB Study Shows Vital Role of International Banks in U.S. Economy
U.S. operations of i nternational banks underwr ote over $11 trillion - or 40% - of the $28 trillion in U.S. financing raised since 2020

NEW YORK, NY – The U.S. operations of internationally headquartered bank s underwrote more than $11 trillion in U.S. financing over the last four years, according to a new economic impact study by the Institute of International Bankers (IIB), which reaffirms the vital role international banks play in the U.S. economy. This represents more than 40% of the $28 trillion in U.S. financing raised since 2020 , including 36% of U.S.-headquartered companies’ U. S. issuance.

“ As this new study demonstrates, the U.S. operations of internationally headquartered banks are vital to the U.S. economy,” said IIB CEO Beth Zorc. “These institutions provide significant liquidity to U.S. financial markets, contribute to the depth and breadth of the financial system, and create American jobs and support American companies. We are looking forward to sharing these results with policymakers as we continue to discuss the importance of maintaining a level playing field for the U.S. operations of internationally headquartered banks.”

The study, conducted by management-consulting firm Oliver Wyman , showed that the U.S. operations of international banks also underwrite more than 70% of debt issuance for foreign companies issuing in the U.S., which represents almost a third of all USD-denominated debt issuance. This supports the $5. 4 trillion in foreign direct investment by foreign-headquartered multinational corporations, which generate $27 0 billion in income and employ nearly eight million U.S. residents.

The study reinforces the importance of a U.S. regulatory system that supports global investment and maintains a level playing field for international banks.

In other key findings, the U.S. businesses of international banks:

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The Institute of International Bankers (IIB) represents the U.S. operations of internationally headquartered financial institutions from more than 35 countries around the world. The membership consists principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The IIB works to ensure a level playing field for these institutions, which are an important source of credit for U.S. borrowers and comprise the majority of U.S. primary dealers. These institutions enhance the depth and liquidity of U.S. financial markets and contribute significantly to the U.S. economy through direct employment of U.S. citizens, as well as through other operating and capital expenditures.