Goldman Sachs Tops Global M&A Rankings with €1.266 trillion in deals

Jan 8, 2026 - 02:00

Record surge of mega-deals and Trump’s deregulatory approach propel Goldman to dominance as 2025 marks strongest period for $10 billion-plus transactions since 1980

Goldman Sachs reclaimed its position atop global dealmaking league tables in 2025, advising on $1.48 trillion worth of mergers and acquisitions and capturing 32% of the market—the largest share in a year that witnessed an unprecedented surge in mega-deals reshaping corporate consolidation across sectors. The investment banking powerhouse’s dominance reflects both strategic positioning and favorable regulatory winds that enabled transactions previously considered prohibitive under stricter antitrust enforcement regimes.

The defining characteristic of 2025’s M&A landscape was the explosion of $10 billion-plus deals. A total of 68 such transactions worth $1.5 trillion were completed—more than double the previous year’s volume and representing the strongest period for mega-deals since London Stock Exchange Group (LSEG) records began in 1980. Goldman advised on 38 of these blockbuster transactions, more than any rival investment bank, demonstrating its capacity to navigate complex, high-stakes negotiations across diverse industries.

“It was an extraordinary M&A market,” declared Stephan Feldgoise, Goldman’s Global Co-Head of M&A, attributing the exceptional year to an “ubiquity of capital” that provided companies with abundant financing options. This capital availability, combined with strong equity markets—the S&P 500 rose 16.39% while the Nasdaq gained 20.36% in 2025—made all-stock mergers increasingly attractive as acquisition currency strengthened and leveraged buyout economics improved amid expectations of lower interest rates.

Goldman’s geographical reach proved particularly dominant in Europe, the Middle East, and Africa, where the firm captured a 44.7% market share of announced M&A activity—a level exceeded only once before, in 1999 at the peak of the dot-com merger frenzy. This commanding position in EMEA dealmaking underscores Goldman’s entrenched relationships with corporate boards and C-suites across regions, as well as its ability to deploy global capital markets capabilities to facilitate cross-border transactions.

The Regulatory Catalyst: Trump’s Deregulatory Approach

The 2025 M&A boom cannot be separated from the dramatic shift in US antitrust policy under President Donald Trump’s administration. Trump’s more permissive approach to merger oversight gave industry titans the confidence to pursue scale-enhancing combinations that would have faced substantial regulatory challenges under previous administrations. Once-prohibitive deals spanning railways, consumer products, media, and technology sectors suddenly became viable as CEOs recalculated the probability of regulatory approval.

This policy shift enabled transformative transactions across sectors. Technology deals drove substantial volume, as did media consolidation exemplified by the fierce bidding war for Warner Bros Discovery, where Paramount-Skydance and Netflix submitted competing bids valued at $108 billion and $99 billion respectively (including debt). The railway sector saw Union Pacific’s $88.2 billion acquisition of Norfolk Southern—a combination that would have been unthinkable under stricter antitrust enforcement given the competitive implications of consolidating major freight networks.

The consumer goods sector witnessed similar mega-deal activity, including Kimberly-Clark’s $50.6 billion acquisition of Tylenol maker Kenvue—a transaction that reshaped the consumer healthcare landscape by combining established brands under single ownership. Each of these deals required sophisticated financial advisory, complex valuation work, and intricate negotiation—precisely the services that command premium fees for elite investment banks.

Competitive Dynamics: JPMorgan’s Fee Advantage

While Goldman dominated M&A volume and advisory rankings, JPMorgan Chase emerged as the highest-paid global investment bank when factoring in revenues from equities and debt capital markets alongside M&A fees. JPMorgan’s broader investment banking fees totaled $10.1 billion compared to Goldman’s $8.9 billion, according to LSEG data. This disparity illustrates how bank profitability depends not solely on advisory mandates but on comprehensive capital markets capabilities spanning underwriting, trading, and financing.

JPMorgan served as lead advisor to Warner Bros in its contested sale process and guided Kimberly-Clark through the Kenvue acquisition—the bank’s two largest deals of the year. In pure M&A advisory fees, Goldman led with $4.6 billion, followed by JPMorgan at $3.1 billion, Morgan Stanley at $3 billion, Citigroup at $2 billion, and Evercore in fifth position. These rankings underscore the concentration of advisory expertise among a handful of elite institutions capable of managing multi-billion dollar transactions.

Notably, Goldman did not advise on the year’s two largest individual transactions—the Union Pacific-Norfolk Southern railway merger and the Warner Bros Discovery bidding contest. Bank of America, Barclays, and Wells Fargo secured roles on these mega-deals, demonstrating that even dominant market leaders cannot monopolize every marquee mandate. Wells Fargo’s performance proved particularly impressive, advising on ten deals exceeding $10 billion and leapfrogging eight positions from 2024 to rank ninth globally—a dramatic ascent fueled by its involvement in the Netflix bid for Warner Bros Discovery.

Boutique investment banks also benefited from the mega-deal environment. Moelis, which advised Netflix on its Warner Bros bid, advanced three positions to finish 2025 ranked 16th globally, having participated in five transactions worth more than $5 billion each, including the $20 billion sale of Essential Utilities. This demonstrates how exceptional deal cycles create opportunities for specialized advisors to compete against bulge bracket rivals on high-profile mandates.

Looking Forward: Sustainability Questions

The extraordinary dealmaking activity of 2025 raises questions about sustainability. The confluence of abundant capital, relaxed regulatory scrutiny, strong equity markets, and corporate cash accumulation created ideal conditions for M&A that may prove difficult to replicate. Macroeconomic shifts—including potential interest rate increases, inflation persistence, or economic slowdown—could dampen future activity. Additionally, regulatory pendulums historically swing, and the permissive antitrust environment may tighten if political winds shift or if mega-mergers produce anti-competitive outcomes that draw renewed scrutiny.

Goldman’s stock performance reflected investor confidence in the investment banking cycle, with shares gaining 64.7% over the past year—significantly outperforming the S&P 500’s 25% advance. This premium valuation prices in expectations of sustained dealmaking momentum, leaving the stock vulnerable to disappointment if M&A activity normalizes from 2025’s extraordinary levels.

Nevertheless, Goldman’s entrenched market position, deep client relationships, and proven capability to execute complex transactions provide durable competitive advantages. As companies continue pursuing strategic consolidation to achieve scale, access new markets, and respond to technological disruption, the demand for sophisticated financial advisory will persist—ensuring that elite investment banks remain essential intermediaries in global capital allocation.