Q1 2025 Europe M&A Advisory Rankings: Value Leaders vs Volume Champions

The Q1 2025 European mergers & acquisitions advisory league tables from GlobalData reveal that Goldman Sachs cemented its position as top financial adviser by value, while PwC made strides in deal volume. Goldman advised on US$17.6 billion in deals during Q1 2025—an amount sufficient to maintain its leadership over peers despite a drop from its Q1 2024 value. [1] PwC ran ahead in volume with 29 mandates, having advanced from fourth in Q1 2024. [1]

Beyond the frontrunners, Jefferies secured second place in value at US$12.4 billion, followed closely by Bank of America (US$11.1 billion), Barclays (US$7.9 billion), and Lazard (US$7.2 billion). [1] On volume metrics, Clearwater placed second with 21 deals; Ernst & Young, Deloitte, and Rothschild & Co followed in decreasing deal counts. [1]

These rankings suggest a bifurcation in advisory roles: some firms, like Goldman Sachs and Jefferies, focusing on fewer, larger or more complex deals to drive total value, while firms like PwC and Clearwater continue to build volume through a larger number of smaller or mid-market transactions. Goldman’s involvement in five billion-dollar transactions during Q1 2025 was a key factor in its value leadership. [1]

However, by Q1-Q3 2025 the leadership landscape shifted. Bank of America catapulted to first by value with US$49.4 billion advised, and Rothschild & Co led by volume with 81 deals. [2] This reflects a sustained momentum across the full year that contrasts with the first-quarter story, suggesting strength in mid and large-cap activity through H1 and into Q3.

Strategic implications for advisory firms are clear: maintaining presence in large scale (> US$1bn) deals remains critical for value leadership, while volume leaders may dominate mid-tier mandates but lag in revenue. Firms like Goldman Sachs likely face pressure to continue landing ‘mega’ transactions; meanwhile, volume leaders must balance deal numbers with profitability per deal. The Q1-Q3 shift also indicates increasing competition from firms like Bank of America and Rothschild as dealmaking accelerates.

Open questions include whether Goldman Sachs can reverse declines in deal value seen in some periods, whether PwC can convert volume leadership into more value, and how market conditions – interest rates, regulatory uncertainty, sector-specific cycles – will affect firm hierarchies in Q4 2025 and into 2026.