Goldman Sachs once again led the league tables for global dealmaking in 2025, capturing increased market share and the number one position. The year was characterised by significant political events and a rise in substantial mergers and acquisitions. Goldman Sachs is a leading global investment bank that provides a wide range of financial services to corporations, institutions, and individuals. The firm offers services such as investment banking, securities trading, and investment management.
The surge in deals valued at $10 billion or more was a key factor in Goldman’s success. There were 68 such deals last year, totalling $1.5 trillion, which is more than double the previous year’s total, according to data from LSEG. Goldman advised on 38 of these major transactions, exceeding all other investment banks, with a total advised deal volume of $1.48 trillion. This was the strongest period for mega deals since LSEG began keeping records in 1980.
Goldman Sachs also led in key financial metrics, including M&A fee revenue, earning $4.6 billion. JPMorgan followed with $3.1 billion, and Morgan Stanley with $3 billion. Technology was a significant driver of deal volume in 2025. However, dealmakers noted that more flexible regulatory oversight facilitated deals across various sectors.
Despite Goldman’s overall dominance, the firm was not involved in the two largest M&A transactions of the year, including Union Pacific’s $88.2 billion acquisition of Norfolk Southern and the bidding war for Warner Bros Discovery. Other firms, including Bank of America, Barclays, and Wells Fargo, also played roles in these transactions as companies aimed to expand their operations.
