The “Megadeal” is back, and Goldman Sachs has capitalized to retain its undisputed #1 ranking for 2025.
In a year defined by political shifts and the return of “Ubiquity of Capital,” Goldman advised on 32% of the entire global M&A market ($1.48 Trillion in volume), securing the top spot for both deal volume and fee revenue.
📊 THE 2025 SCORECARD:
1️⃣ The Top 5 (Fee Revenue):
- 🥇 Goldman Sachs: $4.6B
- 🥈 JPMorgan: $3.1B
- 🥉 Morgan Stanley: $3.0B
- 4️⃣ Citi: $2.0B
- 5️⃣ Evercore: $1.7B
2️⃣ The “Megadeal” Surge ($10B+): This was the strongest year for mega-deals since 1980.
- Volume: 68 deals >$10B (Totaling $1.5 Trillion).
- Goldman’s Share: Advised on 38 of these 68 transformative transactions.
- Drivers: Looser antitrust scrutiny under the new administration fueled consolidation across Tech, Railways, and Media.
3️⃣ The Challengers & Boutiques: While Goldman won M&A, JPMorgan took the overall crown for Total IB Fees ($10.1B) when including ECM/DCM.
- Wells Fargo: Leaped 8 spots to #9, driven by Netflix’s bid for Warner Bros Discovery.
- Moelis: Jumped to #16, advising on 5 deals >$5B.
- Latham & Watkins: Secured #1 Legal Advisor, citing “size creep” (higher equity valuations) as a key driver of deal volume.
💡 ANALYST TAKEAWAY: The “Animal Spirits” have returned to the boardroom. The pipeline for 2026 is full, driven by a “Goldilocks” environment: falling interest rates, cash-rich balance sheets, and a friendly regulatory regime. However, the League Tables remain fluid—final rankings for boutique advisors (like RedBird and M. Klein) hinge entirely on the outcome of the Warner Bros Discovery bidding war.
👇 Dealmakers: With the $10B+ deal count doubling last year, are we entering a new “Gilded Age” of corporate consolidation?