- Goldman Sachs topped FY25 global M&A advisory by value with $1.66T (36.4% share) and 40 megadeals, ahead of JPMorgan at $1.44T and Morgan Stanley at $1.17T.
- Global deal value rose about 42.5% even as deal count fell roughly 3.3%, signaling a market dominated by megadeals over mid-market activity.
- Goldman led most regions (Americas, EMEA, APAC) in value, while challengers like Centerview and Wells Fargo gained ground in top-10 volume rankings.
- Drivers cited include a renewed push for scale and sell-side mandates, AI-led strategic repositioning, and easing U.S. regulatory friction around antitrust.
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The latest FY25 data from ION Analytics’ Mergermarket report confirms a clear winner: Goldman Sachs. With USD 1.66 trillion in global deal value, Goldman not only secured the top spot but achieved a 38.9% growth year-over-year (YoY), closely aligning with a global M&A market expansion of approximately 42.5%. JPMorgan and Morgan Stanley, while also posting strong YoY value growth (44.2% and 32.8%, respectively), trailed in aggregate value and had fewer megadeals (>USD 10bn). This gap underscores Goldman’s successful emphasis on large mandates and premium sell-side advisory roles.
Despite record levels of capital flow and deal value, total M&A deal counts dipped around 3.3% globally. This divergence points to a market sharply bifurcated between megadeals—which are delivering outsized value—and smaller/mid-market transactions, which are declining or facing headwinds. PwC remains No.1 by deal count though its total dropped materially YoY, illustrating volume erosion for count leaders.
Regionally, Goldman effectively swept most regions: Americas, EMEA, and APAC (excluding Japan), dominating both by value and often by deal count. JPMorgan took second place in nearly all regions. Emerging banks like Centerview and Wells Fargo climbed into the top-10 by volume—suggesting that while value remains concentrated among the bulge brackets, challengers are winning portion of deal count via strategic bets in specific markets or sectors.
Strategic implications:
- Bulge bracket banks must keep pushing for mega mandates and sell-side mandates in high-growth sectors (AI, financial services, tech) to maintain leadership; smaller/mid-market banks may need to specialize or partner to retain relevance.
- Regulatory environment, particularly antitrust enforcement and cross-border deal approvals, will be key risk factors for mega deals to close – announcements don’t always lead to closures.
- Clients and boards increasingly prioritize scale—not just financial scale but geographic, technological, and operational scale—driving bank strategy adjustments (hiring, regional presence, sector focus).
Open questions:
- Will the current pipeline of announced megadeals convert at expected rates, given regulatory, financing, and geopolitical risks?
- How sustainable is the focus on scale for banks as interest rates rise or capital becomes less abundant?
- Can non-bulge-bracket advisors increase share in a value-dense market, or will value concentration further harden among top advisors?
Supporting Notes
- Global dealmaking in FY25 reached USD 5.1 trillion; there were approximately 70 megadeals (>USD 10bn).
- Goldman Sachs advised on USD 1.66 trillion worth of deals, with 40 megadeals, for 36.4% market share.
- JPMorgan’s total was USD 1.44 trillion, up 44.2% YoY, working on ~32 megadeals.
- Morgan Stanley came third with USD 1.17 trillion, up about 32.8% YoY.
- Global deal count fell 3.3% YoY amid rising deal values; sell-side mandates and megadeals drove most value growth.
- In the Americas, Goldman Sachs led both deal value and deal count (USD 1.28 trillion across 372 deals) vs JPMorgan’s USD 1.18 trillion across 355 deals.
- In EMEA, Goldman led with USD 600.3 billion, JPMorgan second with USD 409.2 billion.
- GlobalData corroborates Goldman’s Q1-Q3 2025 lead in value (USD 432.3 billion) with Houlihan Lokey leading in volume (240 deals).
- Deal value driven by sector focus (technology and financial services) and sell-side mandates such as Electronic Arts’ USD 56.6 billion pending sale.