Goldman Sachs Tops JPMorgan in UK M&A Fees for Q1 2025 Amid Weak IPO Activity

Goldman Sachs has overtaken JPMorgan as the top UK dealmaking adviser in Q1 2025, driven primarily by M&A fees.
Goldman earned about $163 million in UK dealmaking fees and captured roughly 20% of the UK M&A fee pool amid weak equity capital markets.
While Goldman leads UK fees and global M&A by value, JPMorgan still dominates overall global investment banking fees, especially in capital markets and underwriting.
Goldman’s UK lead depends on continued robust M&A activity, as weak IPO/ECM markets and competition from rivals like Barclays could erode its advantage.

The primary article “Goldman Sachs takes UK dealmaking crown from JPMorgan” (Financial News London) asserts that Goldman Sachs has moved ahead of JPMorgan in the UK’s investment banking league tables for dealmaking fees for the first quarter of 2025. Although the article doesn’t provide a specific fee figure, it emphasizes that Goldman’s strength was largely due to its performance in mergers & acquisitions (M&A), overcoming JPMorgan’s prior lead. [1]

Corroborating this, a report by Economic UK confirms that in Q1 2025 Goldman Sachs generated approximately $163 million in UK dealmaking fees, with about €116 million coming from its UK M&A advisory business, accounting for a 20% share of the UK M&A fee pool—an especially strong result given the subdued equity capital markets (ECM) environment. [2]

GlobalData league tables suggest that while Goldman leads in M&A globally by value year-to-date (YTD) 2025, JPMorgan retains advantage in total investment banking fees, especially in regions outside the UK. For example, in Q1–Q3 2025 Goldman Sachs advised on around $432.3 billion worth of deals globally, narrowly ahead of JPMorgan’s $426.8 billion. JPMorgan, however, continued to lead in overall deal volume during that period. [3]

Strategic implications for Goldman Sachs include the importance of M&A advisory strength in the UK—particularly large, cross-border deals—during times when IPOs and ECM are weak. This positions Goldman well for clients seeking complex advisory mandates. However, its UK dominance is contingent on deal flow remaining robust in M&A; a continued slump in IPOs or equity issuance could limit its ability to top full-market fee tables.

Open questions include: Will Goldman be able to sustain its lead over JPMorgan in the UK beyond Q1, especially if ECM picks up or laps prior performance? How will domestic banks like Barclays respond in terms of competitive positioning in key sectors (e.g., debt capital markets)? What role will regulatory changes and macroeconomic headwinds (interest rates, inflation, trade policy) play in UK’s dealmaking environment?

Supporting Notes

Goldman Sachs generated approximately $163 million in UK dealmaking fees in Q1 2025 and secured a 20 % share of the UK M&A market, with €116 million of its fees coming from M&A advisory. [2]
ECM activity in the UK remains weak: Goldman earned only €49 million in ECM fees in the same period, with Barclays leading ECM with €8 million in fees. [2]
UK investment banking fees rose sharply in 2024: JPMorgan led with $549 million in UK dealmaking fees, taking ~10 % market share; this was up 52 % year-on-year. [5]
According to FT’s league tables as of mid-2025 Goldman Sachs is first among banks in the United Kingdom region by fees ($ millions), ahead of JPMorgan. [4]
Globally, Goldman Sachs is topping the M&A advisory rankings in YTD 2025 by value, slightly ahead of JPMorgan. [3]
JPMorgan retains leadership in overall investment banking fees globally and in capital markets, reflecting its strength in underwriting and debt/equity issuance across regions. [4][5]

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