How Goldman Sachs Led Global M&A in 2025: Rankings, Deal Value & Fee Trends

In 2025, Goldman Sachs reclaimed its dominance in the global M&A advisory space, solidifying its leadership through unprecedented scale of deal-volume in both deal value and advisory fee income. Advising on $1.48 trillion in transactions—which amounts to roughly one-third of global M&A activity—and working nearly 60 % of the world’s mega-deals (> $10B), Goldman’s strength was built not just on number but size of mandates. ([reuters.com](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/?utm_source=openai))

JPMorgan, while second in pure M&A advisory fees, demonstrated its broader strength via overall investment banking business. Its ability to outperform Goldman in total banking fees (debt, equity, and M&A) reveals a diversified revenue base giving stability and competitive leverage. ([investing.com](https://www.investing.com/news/stock-market-news/analysisgoldman-sachs-tops-global-ma-rankings-with-148-trillion-in-deals-4433299?utm_source=openai))

The macro-environment of 2025 played a pivotal role: 68 mega-deals totaling ~$1.5 trillion—the most since records began in 1980—rewrote previous expectations of scale. Key sectors like tech, media, consumer goods, and rail led the charge, buoyed by expansive capital availability and more lenient antitrust enforcement in the U.S. under the Trump administration. ([reuters.com](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/?utm_source=openai))

Competition dynamics broadened. Boutique firms and non-bulge-bracket banks gained visibility via high-stakes, high-profile mandates (e.g., Warner Bros Discovery, Paramount vs. Netflix, Electronic Arts). Though Goldman led, JPMorgan made strong showings on deal count, boutique participation rose, and shifts in EMEA deal market share tilted further toward Goldman—44.7 % of EMEA announced M&A had Goldman involvement, its largest since 1999. ([investing.com](https://www.investing.com/news/stock-market-news/analysisgoldman-sachs-tops-global-ma-rankings-with-148-trillion-in-deals-4433299?utm_source=openai))

Looking forward, sustainability of this level of activity may be challenged. Key risks include regulatory tightening, capital market volatility, macroeconomic headwinds, deal-execution risks, and the durability of capital abundance. Open questions remain around the degree to which mega-deal momentum can extend into mid-market deals, global regional divergence (notably EMEA and Asia-Pacific), and whether boutique firms can continue converting marquee deals into broader client pipelines.