Goldman Sachs anticipates that this year will be the second-largest in history for mergers and acquisitions, signalling a positive outlook extending into 2026. According to finance chief Denis Coleman, this surge in M&A activity is an encouraging sign. These comments align with the general optimism across Wall Street, including at rival Morgan Stanley, where expectations for M&A are on the rise. Dealmaking in the U.S. has been invigorated by a resilient economy, reduced financing costs, and a resurgence in corporate confidence. Goldman Sachs is a leading global investment banking, securities, and investment management firm. The company provides a wide range of financial services to a substantial and diversified client base.
Coleman highlighted that the volume of deals led by financial sponsors has jumped by approximately 40% industry-wide. Goldman Sachs, consistently ranked as a top M&A advisor, has already benefited from advising on several large deals this year. The bank surpassed Wall Street’s third-quarter profit expectations, driven by higher advisory fees from its investment bankers and increased revenue from managing client assets due to rallying markets. Goldman earned a record $110 million advisory fee for advising Electronic Arts on its $55 billion take-private acquisition by a consortium led by Saudi Arabia’s PIF and Silver Lake.
In 2025, a total of 63 deals valued at $10 billion or more have been announced up to late November, surpassing the previous annual high set in 2015. This marks a new all-time record for megadeals, according to data from LSEG. Coleman noted that Goldman’s criteria for “transformative acquisitions” remain stringent. Earlier in the month, Goldman Sachs announced its plans to acquire Innovator Capital Management, an active exchange-traded fund sponsor, in a deal valued at approximately $2 billion. In October, it also struck a deal for Industry Ventures, a venture capital firm managing $7 billion in assets.
