Goldman Sachs reinforced its position at the top of global investment banking league tables in 2025, benefiting from a dramatic resurgence in large-scale mergers during a year marked by political uncertainty and regulatory change.
The bank captured a growing share of advisory work as companies pursued transformational transactions, particularly those valued at $10 billion or more, reshaping the competitive landscape across global capital markets.
A total of 68 deals exceeded the $10 billion threshold during the year, with a combined value of roughly $1.5 trillion, representing more than double the volume recorded in the previous year.
Goldman advised on 38 of those mega-deals, more than any rival, helping it secure advisory mandates worth $1.48 trillion across all transactions it worked on.
According to industry data, this marked the strongest year on record for large-scale mergers by deal count since tracking began in 1980.
Fee leadership and expanding global market share
Goldman ranked first globally for both merger fee revenue and total deal value advised, extending its lead over peers across multiple performance metrics.
The firm earned approximately $4.6 billion in M&A fees during 2025, comfortably outpacing JPMorgan, which generated around $3.1 billion, and Morgan Stanley, which earned roughly $3 billion.
Citi and Evercore followed behind, reflecting a widening gap between the top tier of global advisory banks and the rest of the field.
In terms of total transaction volume, Goldman maintained its lead ahead of JPMorgan and Morgan Stanley, with Bank of America and Citi rounding out the top five.
Goldman’s influence was particularly pronounced in Europe, the Middle East and Africa, where its market share reached 44.7 percent, a level surpassed only once before, in 1999.
Capital abundance and regulatory shifts reshape M&A
Calling 2025 an “exceptional M&A year,” Goldman’s Global Co-Head of M&A Stephan Feldgoise told clients that activity reflected an “extraordinary M&A market” driven by the “ubiquity of capital.”
Dealmakers pointed to looser regulatory oversight as a critical factor, allowing transactions that previously faced significant antitrust resistance to move forward.
A more permissive approach under U.S. President Donald Trump’s administration encouraged consolidation across sectors including rail, consumer goods, media and technology.
Technology accounted for a significant portion of deal activity, although advisors noted that momentum extended broadly across industries.
Despite its dominance, Goldman did not advise on the two largest transactions announced during the year.
Those included Union Pacific’s $88.2 billion acquisition of Norfolk Southern and the high-profile bidding battle for Warner Bros Discovery.
Rivals gain momentum through marquee transactions
Other global banks and boutique advisors gained prominence by securing roles on those landmark deals as executives sought scale and strategic advantage.
“The strategic desire to grow and find scale is high, and that has driven boardrooms and C-suites to be more proactive,” JPMorgan’s global head of advisory and M&A Anu Aiyengar said.
“So people are not waiting for a company to be put up for sale to initiate M&A activity,” she added.
JPMorgan advised on several major transactions, including Kimberly-Clark’s $50.6 billion purchase of Tylenol maker Kenvue.
When equity and debt capital markets fees were included, JPMorgan surpassed Goldman in total investment banking revenue, earning $10.1 billion compared with Goldman’s $8.9 billion.
Size creep signals continued consolidation
Legal advisors also benefited from the surge in deal size, with rising equity markets pushing valuations higher across industries.
Charles Ruck of Latham & Watkins attributed the trend to “size creep,” noting that gains in the S&P 500 and Nasdaq increased transaction costs.
“With interest rates coming down, significant corporate cash reserves, and a subdued IPO market, M&A remains the preferred exit strategy,” Ruck said.
“The pipeline is full,” he added, signaling expectations for continued consolidation.
