- Global investment banking fees hit about US$103bn in 2025, up ~15% from 2024, for the second-best year on record behind 2021.
- Dealmaking value rose to roughly US$4.5tn, driven by 68 megadeals (≥US$10bn), while U.S. transactions generated nearly 60% of global M&A fees.
- Goldman Sachs led global M&A fees (10.9% share) ahead of JPMorgan, but JPMorgan stayed No.1 overall in investment banking revenue (~8.4% share).
- The rebound was helped by abundant capital and easier U.S. regulation alongside recovering leveraged lending and ECM, though trade, geopolitics, and weak mid-market volumes remain risks.
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The data for 2025 underscores a resounding rebound in large-scale dealmaking, with global M&A value rising to approximately US$4.5 trillion—just shy of the 2021 peak—and fees for investment banks hitting US$102.9-135 billion, depending on definitions and sources. This surge was driven overwhelmingly by megadeals, especially in the U.S., which accounted for nearly 60 % of fee revenue in M&A advisory.
Goldman Sachs emerged as the star performer. It led in global M&A deal value and volume, advising on some 38 of the 68 ultra-large deals (>US$10 billion) that totalled roughly US$1.48–1.66 trillion. It also earned approximately US$4.6 billion in advisory fees, topping firms such as JPMorgan and Morgan Stanley.
JPMorgan, while not always first in specific categories (M&A advisory, mega-deal count), continued to dominate overall investment banking revenue by combining M&A, debt, equity capital markets and lending. Its share in overall IB fees was ~8.4 %, ahead of Goldman and Bank of America.
The banking landscape also showed notable movement. Citigroup ascended to 5th in global M&A fee rankings after a wave of senior banker hiring. Mid-market players like Houlihan Lokey made strides (from 13th to 9th), benefiting as the higher end of the market pulled away. UBS edged past Deutsche Bank to 9th in the global rankings. Barclays remained the lead European bank but has been unable to crack the very top.
Structural conditions created a fertile backdrop. Regulatory easing in the U.S.—especially around antitrust enforcement—helped enable transactions that would have previously drawn hesitations. Simultaneously, capital markets improved, with equity and leveraged finance activity recovering. Nevertheless, challenges persisted: trade war tensions (e.g., tariffs), slowing in mid-market deal volume, concerns over interest rates, and geopolitical risks remain tailwinds for volatility.
Strategic implications:
- Large, well-connected global banks are gaining disproportionate benefit; investment in mega-deal capability and cross-border advisory is increasingly rewarded.
- Regulatory policy—particularly antitrust enforcement—remains a critical variable; changes in oversight could materially affect future flow.
- Mid-market fatigue may expose smaller boutiques or regional banks to risk unless they adapt; differentiation via sector expertise or niche markets might offset scale deficits.
- Private equity and AI-themed deals are becoming prominent, offering sectors of opportunity for banks that can align advisory, underwriting, and financial sponsor relationships.
Open questions:
- To what extent will U.S. regulatory policy remain permissive, especially as political pressure on big tech and media deals intensifies?
- Can mid-market deal counts recover, or are we entering a period where only megadeals drive advisory revenue growth?
- How resilient is the capital markets recovery (equity and leveraged finance) in the face of potentially rising interest rates or macro-shock?
- What role will emerging technologies (e.g., AI) play in deal origination vs. risk concentration?
Supporting Notes
- Investment banking fees globally reached US$102.9 billion in 2025, up ~15 % over 2024.
- This amount was second only to US$130 billion in fees earned in 2021.
- Global dealmaking value hit approximately US$4.5 trillion in 2025, up nearly 50 % from 2024.
- There were 68 megadeals of ≥ US$10 billion last year, totaling around US$1.5 trillion.
- Goldman Sachs advised on about 38 of those megadeals, with total deal volume ranging between US$1.48 trillion and US$1.66 trillion depending on the source.
- Goldman’s M&A fee share was ~10.9 % in 2025; it took the lead over JPMorgan in that category.
- For overall investment banking revenue, JPMorgan led with ~8.4 % market share, followed by Goldman Sachs and Bank of America.
- U.S. transactions accounted for nearly 60 % of global M&A fees.
- Houlihan Lokey moved from 13th to 9th in the global M&A fee rankings in 2025.
- Regulatory easing (notably antitrust), surging capital availability, and revived leveraged lending all contributed to the 2025 uptick.
- Mid-market deal count declined significantly; some sources report the lowest number of such deals in years, though value held due to megadeals.