Goldman Sachs has retained its position at the top of the global M&A rankings for 2025, after advising on deals worth $1.48 trillion in a year marked by major consolidation and complex negotiations.

Data from LSEG shows the bank secured the leading spot as companies pursued increasingly larger transactions, despite political uncertainty and shifting regulatory pressures worldwide.

A surge in ‘mega deals’ helped shape the rankings. There were 68 transactions valued at $10 billion or more last year, amounting to $1.5 trillion, more than double the previous year’s total. Goldman advised on 38 of those deals, the highest among investment banks, as global corporates moved ahead with ambitious expansion plans. It was also the most active period for large transactions since LSEG began tracking records in 1980.

Calling 2025 an “exceptional M&A year,” Goldman’s Global Co-Head of M&A Stephan Feldgoise told clients “it was an extraordinary M&A market,” driven by what the bank described as a “ubiquity of capital,” according to its 2026 outlook.

Goldman ranked first both in fee revenue generated from M&A work and in the total value of deals handled. LSEG figures show the bank collected $4.6 billion in fees, ahead of JPMorgan at $3.1 billion, Morgan Stanley at $3 billion, Citi at $2 billion and Evercore at $1.7 billion.

On deal volumes, Goldman, JPMorgan and Morgan Stanley occupied the top three positions, followed by Bank of America and Citi.

For transactions involving Europe, the Middle East and Africa, Goldman achieved a market share of 44.7% in 2025, a level that has only been surpassed once before, in 1999, according to LSEG.

Technology remained a key driver of activity. However, dealmakers also pointed to looser scrutiny from competition authorities, which paved the way for mergers that had previously seemed unlikely to clear regulatory hurdles. They say the approach of U.S. President Donald Trump’s administration encouraged companies across sectors including rail, consumer goods, media and tech to move ahead with transformative deals.

Although Goldman advised on $1.48 trillion worth of transactions, representing 32% of the overall market, it was not involved in the two largest deals of the year: Union Pacific’s $88.2 billion takeover of Norfolk Southern and the high-profile battle for Warner Bros Discovery. Banks including Bank of America, Barclays and Wells Fargo, along with boutique advisory firms, also took roles in those transactions as companies sought specialist input.

“The strategic desire to grow and find scale is high, and that has driven boardrooms and C-suites to be more proactive. So people are not waiting for a ‍company to be put up for sale to initiate M&A activity,” Anu Ayiengar, JPMorgan’s global head of advisory and M&A, said in an interview.

JPMorgan served as a key adviser to Warner Bros in its sale process and supported Kimberly-Clark on its $50.6 billion purchase of Kenvue, which became two of its most significant mandates of the year. Including fees from equities and debt capital markets, JPMorgan overtook Goldman as the highest-paid investment bank globally, earning $10.1 billion compared with Goldman’s $8.9 billion, according to LSEG.

Competitive bidding activity surrounding Warner Bros saw various firms climb the league tables. Paramount Skydance and Netflix submitted rival offers valued at $108 billion and $99 billion respectively, including debt, providing advisory mandates for banks and law firms such as Wells Fargo, Moelis, Allen & Co and Latham and Watkins. Wells, which worked on ten deals worth $10 billion or more, including Netflix’s bid for WBD, moved up eight places to ninth.

Moelis also advanced, finishing the year at 16th after advising on five deals exceeding $5 billion, including the $20 billion sale of Essential Utilities.

Future rankings may hinge on the eventual outcome of the Warner Bros process. LSEG data indicates that advisers to both bidders are currently credited, but standings will shift once a final decision is made. RedBird Capital Partners and M. Klein & Co., which were absent from the top 120 previously, entered the top 25 on the back of their involvement with Paramount.

That is the only transaction for which they receive credit, LSEG added, and Reuters has reported that the Warner Bros board is leaning toward rejecting Paramount’s latest proposal. If Paramount pulls its bid, Wells could climb further, while the Paramount team would fall in the tables.

Commenting on broader deal momentum, Charles Ruck, global chair of the corporate department at Latham & Watkins, LSEG’s top-ranked M&A legal adviser, linked recent activity to “size creep.” He pointed to market gains, with the S&P 500 up 16.39% and the Nasdaq 20.36% higher last year, pushing valuations higher and transactions more expensive. Latham advised on the Paramount offer, the $55 billion leveraged buyout of Electronic Arts and the $40 billion sale of Aligned Data Centers.

With banks competing across mega transactions and the pipeline still active, analysts say the coming months will show whether Goldman can retain its commanding position, or whether rivals edge closer as even larger deals take shape.