For the first time since 1999, Goldman’s market share for announced M&A with any involvement of Europe, the Middle East and Africa, was 44.7% in 2025.
With its highest market share, Goldman Sachs has earned the top position in the global M&A rankings. Although 2025 was fraught with geopolitical tensions and mounting economic uncertainties, companies kept announcing big mergers year-round.
According to LSEG data, there were 68 $10 billion deals last year, totalling $1.5 trillion, which is twice the 2024 figure. This has helped Goldman secure the top spot, as the investment bank served as an adviser for 38 of the 68 deals. This is more than any other bank, comprising a total value of $1.48 trillion on deals it advised on.
Stephan Feldgoise, Global Co-Head of M&A, Goldman Sachs, said that 2025 was an exceptional M&A year, as the ubiquity of capital helped drive the market to extraordinary heights. For the first time since 1999, Goldman’s market share for announced M&A with any involvement of Europe, the Middle East and Africa, was 44.7% in 2025.
The bank earned the No. 1 position in two categories and gained market shares in both areas- M&A fee revenue and overall value of the deals it worked on. Goldman was paid $4.6 billion in M&A fees, followed by JPMorgan at $3.1 billion and Morgan Stanley, closely behind at $3 billion. In terms of deal volumes, these three companies took the top three spots and were followed by Bank of America and Citibank.
Dealmakers claim that less regulatory scrutiny allowed once-prohibited acquisitions across all industries, even though technology accounted for a large portion of last year’s volume. Industry heavyweights were able to collaborate on the largest acquisitions of the year in consumer goods, media, technology, and railroads because of Trump’s laxer antitrust enforcement.
Union Pacific’s $88.2 billion acquisition of Norfolk Southern and the intense bidding war for Warner Bros. Discovery were the two largest M&A transactions of the year, notwithstanding Goldman’s dominance, as it advised on $1.48 trillion in acquisitions last year, or 32% of the market. As CEOs seek to expand their companies, Bank of America, Barclays, Wells Fargo, and a few boutique investment banks have also purchased portions of those two massive deals.
Market observers have noted that the zeal to expand is on the rise, causing company executives to become more proactive. Therefore, board members are no longer waiting for companies to be put up for sale before initiating the merger and acquisition process. With a growing risk appetite, firms are actively seeking out expansion opportunities.
JPMorgan was a key advisor on the two biggest transactions of the year, which were Kimberly-Clark’s $50.6 billion acquisition of Tylenol manufacturer Kenvue and Warner Bros.’ sale. After subtracting fees from the debt and equity capital markets, JPMorgan surpassed Goldman to become the highest-paid global investment bank. JPMorgan received $10.1 billion in total investment banking fees, compared to $8.9 billion for Goldman.
Wells Fargo, Moelis and Allen & Co., and Latham and Watkins were among the banks and boutiques that shot to the top of the M&A list as a result of Paramount Skydance and Netflix‘s competing proposals for Warner Bros. at $108 billion and $99 billion, including debt. Wells advised on eleven deals worth more than $10 billion, including Netflix’s purchase of Warner Bros.
Analysts have attributed the increasing number of larger deals to the ‘size creep.’ This means that deals were much more expensive in 2025, compared to the previous years, resulting in the S&P 500 climbing 16.39% last year, and the Nasdaq finishing 20.36% higher. As interest rates are lower, it is easier for private equity clients to do deals and achieve their targeted returns.
In conclusion, the market conditions are conducive for M&A activities to increase, and 2026 will likely see more such partnerships, and banks like Goldman Sachs are bound to gain big.
