- Goldman Sachs topped 2025 M&A league tables, advising on $1.48T of deals (~32% of global value) and leading in M&A advisory fees.
- Mega-deals surged, with 68 transactions over $10B totaling ~$1.5T, and Goldman advised on 38 of them.
- Goldman earned ~$4.6B in M&A fees versus JPMorgan’s ~$3.1B and Morgan Stanley’s ~$3.0B, though JPMorgan led total investment-banking fees (~$10.1B vs Goldman’s ~$8.9B).
- In EMEA, Goldman captured 44.7% of announced M&A value, a near-record share highlighting its regional dominance.
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Goldman Sachs reasserted its dominance in global M&A in 2025. According to LSEG, Goldman advised on $1.48 trillion of deals, led both by number of high-value transactions and by fee revenue. Mega-deals (those above $10 billion) surged in both number and value—68 deals amounting to $1.5 trillion, more than double 2024—bolstering Goldman’s lead, having worked on 38 of these blockbusters. JP Morgan and Morgan Stanley round out the top three in fees and deal volumes, though JPMorgan overtook Goldman in total investment banking fees when capital markets (equity and debt) are included.
Goldman’s performance in the EMEA region is particularly notable, capturing 44.7% of announced deal value, a share rarely seen in modern history. This reflects both its global footprint and potentially looser regulatory constraints in certain large deals, as well as appreciation for its advisory capabilities in high-stakes cross-border transactions. Boutique banks and mid-tiers also gained prominence, partly by playing key roles in the largest deals (e.g. Warner Bros., Netflix bids), with Wells Fargo and Moelis among those rising in the rankings.
Strategically, the surge in mega-deals suggests corporates believe the financing environment is supportive: capital is ample, there’s urgency (waiting has a cost), and boards are willing to proceed even when regulatory risks, especially antitrust, are present but mitigated. But league tables are volatile—they may shift if large announced deals fail or if leadership in fee pools shifts as capital markets fluctuate.
Open questions include: Can Goldman and peers maintain momentum if interest rates rise or regulatory scrutiny increases? Which sectors will drive the next wave of mega-deals? Will boutiques continue to win meaningful roles, or will full-service banks reclaim more mandates? The next 12 months, with EMEA, Asia, and tech sectors in focus, will test durability of the structural trends.
Supporting Notes
- Goldman Sachs advised on ~$1.48 trillion in deals in 2025, amounting to roughly 32% of global deal value.
- 68 deals globally exceeded $10 billion, totaling about $1.5 trillion, more than double the number and value in 2024.
- Goldman worked on 38 of those $10B+ deals – the most by any bank.
- Goldman’s M&A advisory fees were ~$4.6 billion; JPMorgan followed at ~$3.1 billion, Morgan Stanley at ~$3.0 billion; Citi ~$2.0B; Evercore ~$1.7B.
- JPMorgan led in total investment banking fees (M&A plus debt & equity) in 2025 with about $10.1 billion; Goldman trailed with ~$8.9 billion.
- Goldman held a 44.7% share of EMEA deal value among announced M&A in 2025—their highest such share since 1999 except one other year.
- The top two largest deals of 2025 were Union Pacific’s $88.2B acquisition of Norfolk Southern, and the Warner Bros Discovery bidding war—neither advised by Goldman.
- Boutiques like Moelis, as well as non-bulge bracket banks like Wells Fargo, showed strong performance, particularly via involvement in marquee $10B+ deals.