- In 2024 U.S. M&A advisory by deal value was led by Goldman Sachs with about $417.8B, while Houlihan Lokey led deal volume with 296 deals.
- JP Morgan, Morgan Stanley, Barclays, and Citi ranked next by U.S. deal value, while Rothschild & Co, Goldman Sachs, UBS, and JP Morgan followed Houlihan Lokey by deal count.
- Across North America, Goldman Sachs again led by value (~$298.6B) and Houlihan Lokey led by volume (184 deals).
- The rankings underscore a split between mega-deal value leadership and high-volume mid-market activity, with regulatory and macro conditions a key wildcard.
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The latest data from GlobalData and corroborated by several trade publications confirm that in 2024, the U.S. financial advisory landscape for M&A continued to be led by Goldman Sachs in deal-value metrics and Houlihan Lokey in deal volume. Goldman Sachs advised on roughly $417.8 billion worth of deals, staying atop the value rankings from the prior year despite a year-on-year decline, largely due to its involvement in high-profile, mega-deals. Houlihan Lokey advised on 296 deals, making it the most active by count.
Following Goldman Sachs in value were JP Morgan ($366.6 billion), Morgan Stanley ($349.7 billion), Barclays ($233.9 billion), and Citi ($227.3 billion). For volume, Rothschild & Co held second with 186 deals, followed by Goldman Sachs, UBS, and JP Morgan. These rankings reflect both balance sheet strength and the ability to win across deal sizes, but also highlight the trade-offs firms face: high volume tends to concentrate in smaller or middle-market deals, while extraordinary value accrues from fewer but larger mandates.
Regionally (North America), Goldman Sachs’ leadership in value persisted (≈ $298.6 billion), with Houlihan Lokey leading in volume (≈ 184 deals). This suggests specialization: Goldman Sachs is still winning large ticket, value-driving mandates, while Houlihan Lokey maintains breadth in smaller and mid-tier transactions. That division of labor appears stable for now.
Strategically, several implications emerge: firstly, investment banking firms face intensified competition for mega-deals, which disproportionately shape reputation and profit pools. Secondly, scale in volume remains essential to maintain relevance across deal sizes, especially as mid-market consolidation continues. Thirdly, regulatory scrutiny and macroeconomic volatility (interest rates, supply chain, inflation) may shift the risk-reward profile, favoring firms with strong balance sheets and diverse deal pipelines.
Key open questions include: Will firms like Goldman Sachs be able to sustain lead in mega-deal advisory under regulatory and antitrust pressure? Can volume leaders like Houlihan Lokey broaden into higher-value mandates without excessive risk? And how will disruption (e.g., in technology, SPACs, or cross-border control) alter the adviser hierarchy over the next few years?
Supporting Notes
- Goldman Sachs advised on approximately $417.8 billion in U.S. M&A deal value in 2024, retaining its top-position by value.
- Houlihan Lokey led U.S. deal volume in 2024, advising on 296 deals.
- JP Morgan followed Goldman Sachs in value rankings, advising on ~$366.6 billion of deals in 2024.
- Morgan Stanley, Barclays, and Citi rounded out the top five by deal value after Goldman and JP Morgan.
- In volume rankings, Rothschild & Co (186 deals), Goldman Sachs (179), UBS (166), and JP Morgan (161) were directly behind Houlihan Lokey.
- In the North American region, Goldman Sachs led by value with ~$298.6 billion; Houlihan Lokey held top volume with 184 deals.
- Goldman Sachs executed 88 billion-dollar deals in 2024 globally, including nine mega deals valued over $10 billion.