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?
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