Goldman Sachs Dominates M&A in 2025 with $1.48T in Deals Amid Rising Regulatory Pressure

The 2025 M&A cycle reflects both a rebound and reshaping of global dealmaking dynamics. Goldman Sachs has not merely benefited from the resurgence but appears to have strategically positioned itself at the center of it. Advising on $1.48 trillion worth of deals (32% market share) and on more mega-deals than any other bank demonstrates its dominance in value-scale transactions and its access to the largest companies or private equity sponsors pushing for scale.

Its fee income ($4.6 billion) ranks it firmly atop the M&A advisory domain, though when combining investment banking fees including equity and debt capital markets, JPMorgan edged out Goldman ($10.1 billion versus $8.9 billion). This indicates that while Goldman rules M&A advisory, JPMorgan’s broader investment banking franchise allows it to capture value from diversification.

Regulatory context is pivotal: the easing of U.S. antitrust enforcement under President Trump and related policy shifts enabled transactions that previously faced resistance. Goldman deployed this easing effectively across sectors like consumer goods, media, rail, technology, and adjacent fields. The tech sector especially bolstered volume, reinforcing that when regulatory barriers are relaxed, large strategics and consolidators move quickly.

However, there are strategic vulnerabilities and opportunities. Not being involved in the two biggest headline deals potentially signals limits in Goldman’s franchise reach (or in political/regulatory exposure). There is also heavy dependency on mega-deals and regulatory tailwinds; should rates rise, capital cost increase, or antitrust scrutiny return, the environment for size-driven transactions could tighten. Rivals (e.g. JPMorgan, Morgan Stanley, Evercore) and boutiques are likely to continue pushing to secure meaningful advisory roles in such high-visibility but high-risk deals.

Looking forward, several implications arise: Deal pipelines are robust with 68 mega-deals >$10 billion totaling $1.5 trillion—more than double 2024’s number in some comparisons. Goldman’s dominance in EMEA, with 44.7% share in EMEA-involving deals, suggests strong regional positioning—but maintaining that requires consistent access to cross-border regulatory ceilings. Meanwhile, the divergence between advisory fee income versus overall banking fees suggests that full belt-and-braces client franchises and cross-sell remain critical to offset M&A dependency risks.

Open questions include: whether regulatory regimes will reverse (e.g. U.S. FTC, antitrust enforcement), the sustainability of mega-deal frequency, the resilience to interest rate shifts, and whether Goldman can continue to top fee revenue without ceding visibility in marquee mega-transactions.