M&A Rankings – LSEG / Refinitiv Q3 2025
Top 10 firms by M&A fees below – it is amazing in an incredibly competitive market where the barrier to entry is nearly nothing besides a laptop with MS Office and some relationships how differentiated Goldman Sachs is.
Imo Jefferies is also having a great year.
- Goldman Sachs – $3,221m (+26%)
- JP Morgan – $2,202m (+1%)
- Morgan Stanley – $2,061m (+30%)
- Citi – $1,337m (+52%)
- Evercore – $1,230m (+28%)
- Jefferies – $1,177m (+50%)
- Centerview – $1,122m (+13%)
- BofA – $1,013m (0%)
- Lazard – $962m (–7%)
- Barclays – $711m (–18%)
i can understand citi's jump with how focused on IB vis has been but any insights into how jeff has gone up so much this year?
Asked the same question on a similar post and answer was very good MD poaching. Bringing in MDs that actually take clients with them.
Citi flying
What's going on w Lazard?
Poor HR recruiting, mass (fee generating) senior exits to PJT/Evercore in EMEA
Based on how this forum was talking, I thougt UBS was down 20 - 30% at minimum, very shocked it's essentially flat.
Most people here are talking about americas UBS, it’s def stronger in EMEA and APAC which are carrying their results, just look at the share of americas m&a compared to other bulges
Also several straight years of a decline. Look at their Americas Franchise
~20% underperformance relative to market
I was in the best coverage group at MS/JPM (one of the groups this forum consistently ranks as the top end of the top) and it completely blowed my mind how far ahead GS was for their equivalent group.
Anyone on the buy-side/in corporate have any insight after having worked with GS as an advisor? What do they differently that's that good? Is the legacy name that much better than MS/JPM or are they doing something that the other top 3 banks can't?
Bumping this question as would really like this forum's insights here
In all honesty, it’s just the legacy brand name driving those relationships (“no one gets fired for buying IBM” etc).
I’ve personally seen GS do some good work and some very underwhelming work. Ofc it all ultimately depends on the team.
Any color/insights on Deutsche?
Autem et magnam expedita consectetur quo molestias. Quia officia repellendus non temporibus. Maxime reiciendis et nemo numquam aut libero. Qui ut consequatur natus possimus.
Saepe fuga rerum impedit aliquid odio aut. Totam iure voluptate totam dicta delectus mollitia nisi. Velit et adipisci et sed eaque ab magnam est. Illum consequatur odio sunt debitis dolorem vero velit.
Nostrum facilis nam rerum provident. Maiores occaecati dolores unde placeat ut veritatis sequi. Dolorem aperiam qui ad totam dignissimos totam. Mollitia quia eveniet natus. Officiis laboriosam voluptas fugiat facere dolore placeat nihil.
Et eum consectetur nihil et quia ipsum ipsum. Voluptatem at est similique sint voluptatem mollitia quibusdam. Voluptatum iure qui deleniti fugit repudiandae velit. Recusandae quia qui officiis iure adipisci molestias nesciunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...