Goldman Sachs tops global M&A rankings with $1.48 trillion in deals

Goldman Sachs once again dominated the league tables for global dealmaking in 2025, taking market share and the top spot in a year marked by high-stakes political drama and increasingly bigger mergers.

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The rise of the $10-billion deal, of which there were 68 last year totaling $1.5 trillion, more than double the year prior, helped Goldman secure its No. 1 ranking, according to LSEG data. The firm advised on 38 of those deals — more than any other investment bank — with $1.48 trillion in total volume of deals advised on. It was the strongest period for mega deals, by number, since LSEG records began in 1980.

Calling 2025 an “exceptional M&A (mergers and acquisitions) year,” Goldman's Global Co-Head of M&A Stephan Feldgoise told clients “it was an extraordinary M&A market,” with activity driven by a “ubiquity of capital,” according to the investment bank’s 2026 M&A outlook.

Goldman ranked No. 1 in two key areas: M&A fee revenue and overall value of the deals it worked on, gaining market share in both areas. It was paid $4.6 billion in M&A fees, followed by JPMorgan at $3.1 billion and Morgan Stanley at $3 billion, Citi at $2 billion and Evercore at $1.7 billion, according to LSEG data.

In terms of volume of deals, Goldman, JPMorgan and Morgan Stanley held the first, second and third spots, respectively, followed by Bank of America and Citi.

For announced M&A with any involvement of Europe, Middle East and Africa, Goldman’s market share was 44.7% in 2025, a level only exceeded once before, in 1999, according to LSEG.