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This year, Goldman Sachs has demonstrated a strong comeback in global M&A advisory, reasserting its dominance after underwhelming early 2025 performance. With the resurgence of mega-transactions—defined as deals above US$10 billion—Goldman has captured approximately 34 % of the value in global M&A deals announced in 2025, up from 28 % in 2024; this ratio is comparable to its peak in 2015. ([ft.com](https://www.ft.com/content/54a3fe7e-f1da-4a93-88e8-ea2714f32e7f?utmsource=openai))
Data from GlobalData tracking Q1-Q3 2025 positions Goldman as number one in value with US$432.3 billion of advised deals, including 84 out of ~several dozen billion-dollar deals. ([globaldata.com](https://www.globaldata.com/media/business-fundamentals/goldman-sachs-and-houlihan-lokey-top-ma-financial-advisers-by-value-and-volume-during-q1-q3-2025-finds-globaldata/?utmsource=openai)) The bank trails some peers in volume—only about 159 deals—while firm like Houlihan Lokey lead in sheer number of deals. But Goldman’s focus on high-value transactions allows it to generate outsized advisory fees per deal. ([globaldata.com](https://www.globaldata.com/media/business-fundamentals/goldman-sachs-houlihan-lokey-top-ma-financial-advisers-north-america-q1-q3-2025-finds-globaldata/?utmsource=openai))
Geographic performance shows strength in North America (top by value, US$369 billion in Q1-Q3) and solid position in Europe (leading by value in Q1). In sector breakdowns, Goldman led in the construction sector both in H1 2025 and across Q1-Q3 by value, and was front-runner in insurance underwriter M&A deals. ([globaldata.com](https://www.globaldata.com/media/business-fundamentals/goldman-sachs-houlihan-lokey-top-ma-financial-advisers-north-america-q1-q3-2025-finds-globaldata/?utmsource=openai))
Goldman’s internal strategy is shifting: it has restructured its TMT division to sharpen coverage of digital infrastructure and AI, aligning resources for what’s seen as accelerating demand in those sectors. ([reuters.com](https://www.reuters.com/business/goldman-sachs-reshapes-tmt-investment-group-focus-digital-infrastructure-ai-2025-12-15/?utmsource=openai)) Mega-transactions such as Electronic Arts’ US$55 billion take-private, yielding Goldman’s record US$110 million advisory fee, also elevated its advisory revenue and brand. ([ft.com](https://www.ft.com/content/1aeee4c7-95c6-4118-b82b-203c0f3b90fe?utmsource=openai))
Key risks remain. Analysts have flagged tariff policy, geopolitical uncertainty, inflation and interest rate volatility as potential brakes on further dealmaking. Goldman had a sluggish early start to 2025, prompting downgrades. ([reuters.com](https://www.reuters.com/markets/us/oppenheimer-downgrades-goldman-jefferies-tariff-uncertainty-clouds-ma-rebound-2025-03-19/?utmsource=openai)) Also, while announced deal value is strong, conversion to closed deals—especially cross-border transactions—often lags. Execution risk and regulatory scrutiny continue to cast a shadow, especially for megadeals. Open questions include: can Goldman sustain its lead if macro risks re-intensify? How many announced mega deals will actually close? And how will peer banks respond strategically to reclaim ground, especially in volume-driven sectors?