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The latest league tables show that Goldman Sachs and JPMorgan are leading the field in Wall Street’s 2025 M&A advisory race, but their leadership varies depending on whether the metric is value or volume, and by which time slice or region is under consideration. ([globaldata.com](https://www.globaldata.com/media/business-fundamentals/goldman-sachs-and-houlihan-lokey-top-ma-financial-advisers-by-value-and-volume-during-q1-q3-2025-finds-globaldata/?utmsource=openai))
Peak global dealmaking resurgence: Global M&A for the year has so far topped $4.3-$4.5 trillion depending on source, driven by 68 “mega-deals” (each ≥US$10 billion) and favorable macro conditions like easing interest rates and regulatory clarity in the U.S. ([ft.com](https://www.ft.com/content/46b87305-4bd7-4e64-81f9-ad6b9a9bc429?utmsource=openai))
Goldman Sachs leads on value as JPMorgan dominates many segment-by-segment battles: Through Q1-Q3 2025, Goldman advised on ~$432.3 billion worth of deals, leading by value, while Houlihan Lokey led by volume. JPMorgan closely competed: its value advisory was ~$426.8 billion in that period, with notable strength in volume. ([globaldata.com](https://www.globaldata.com/media/business-fundamentals/goldman-sachs-and-houlihan-lokey-top-ma-financial-advisers-by-value-and-volume-during-q1-q3-2025-finds-globaldata/?utmsource=openai)) Earlier in H1, JPMorgan exceeded Goldman in value ($237.1B vs $217.2B), though Goldman trailed by a narrower margin. ([globaldata.com](https://www.globaldata.com/media/business-fundamentals/jp-morgan-houlihan-lokey-top-ma-financial-advisers-value-volume-h1-2025/?utmsource=openai))
Leading banks by fees and across deal types: According to the FT “Banking Leaders” table as of mid-2025, JP Morgan tops global investment banking fees across M&A, bonds, loans, and equity underwriting. Goldman Sachs, however, leads in M&A advisory fees globally and specifically in Europe. ([markets.ft.markitdigital.com](https://markets.ft.markitdigital.com/data/league-tables/banking-leaders?utmsource=openai))
Notable secondary players & regional rise: Houlihan Lokey continues to excel in deal counts. Others such as Bank of America, Barclays, Morgan Stanley, Citi, and Wells Fargo show pockets of strength, especially in regional/leverage / sector deals. Wells Fargo, free from its asset cap mid-2025, climbed from #17 to #8 globally by deal volume. ([privatebankerinternational.com](https://www.privatebankerinternational.com/news/mea-top-financial-advisers-h1-2025/?utmsource=openai))
Strategic implications and open questions:
- Oversupply vs selectivity: While deal value is rising sharply, deal count is often flat or falling—suggesting banks will lean more on large, marquee deals to drive revenue rather than chasing volume. This could favour banks with strong advisory reputations and global reach (e.g., Goldman, JPMorgan) over mid-tiers. ([ft.com](https://www.ft.com/content/46b87305-4bd7-4e64-81f9-ad6b9a9bc429?utmsource=openai))
- Regulatory risk: Gains in advisory activity assume continued favorable regulatory conditions—especially around antitrust and cross-border review. Any tightening could disrupt momentum. U.S. regulatory environment is cited as lighter in recent periods. ([ft.com](https://www.ft.com/content/46b87305-4bd7-4e64-81f9-ad6b9a9bc429?utmsource=openai))
- Cost base / talent retention: The banks surging in M&A must invest heavily in talent (senior bankers, sector specialists) and manage risk exposures in underwriting and lending amid rising macro uncertainty. For Wells Fargo and others to break higher, scale and credibility matter. ([privatebankerinternational.com](https://www.privatebankerinternational.com/news/mea-top-financial-advisers-h1-2025/?utmsource=openai))
- Forward indicators: Late-year deals (Close dates, regulatory approvals), and pipeline strength into 2026, will matter more than headline numbers now, especially as macro risks (e.g., rate hikes, geopolitical disruption) could shift risk premium. Open questions include: is Goldman’s lead in value sustainable? Can rivals close the gap? How will cross-border, tech-sector, and PE-led M&A evolve given valuation and financing pressures?
