Top 100 Global M&A Banks in 2025
https://pipeline.thedeal.com/leaguetables/ma
M & A Financial Advisers 2024 Q4
1Goldman Sachs & Co.2Morgan Stanley3JPMorgan Chase & Co.4Bank of America Corp.5Jefferies LLC6Citigroup Inc.7Evercore Inc.8Barclays9Centerview Partners LLC10RBC Capital Markets11Lazard Ltd.12Moelis & Co. LLC13Wells Fargo & Co.14Houlihan Lokey Inc.15Rothschild & Co16UBS Investment Bank17Stifel Nicolaus & Co.18Piper Sandler Cos.19Deutsche Bank AG20Perella Weinberg Partners LP21PJT Partners Inc.22Guggenheim Partners LLC23BMO Capital Markets Corp.24William Blair & Co. LLC25Raymond James & Associates Inc.26TD Cowen27Robert W. Baird & Co.28Mizuho Financial Group Inc.29Macquarie Capital30Qatalyst Partners31Bank of Nova Scotia32Canaccord Genuity Corp.33Stephens Inc.34Lincoln International LLC35Raine Group LLC36Truist Financial Corp.37JVB Financial Group LLC38Harris Williams & Co.39Cohen & Co. Inc.40HSBC Holdings plc41Ardea Partners LP42KeyBanc Capital Markets43Banco Santander SA44Hovde Group LLC45EF Hutton46Janney Montgomery Scott LLC47BNP Paribas SA48LionTree Advisors LLC49BDT & MSD Partners50CIBC World Markets Inc.51Solomon Partners52National Bank Financial Inc.53MTS Health Partners LP54AlixPartners LLP55Leerink Partners LLC56KKR Capital Markets LLC57Mediobanca SpA58Sumitomo Mitsui Banking Corp.59Societe Generale SA60Intrepid Partners LLC61Global Leisure Partners LLP62Singer Capital Markets Ltd.63BTIG LLC64Jett Capital Advisors LLC65Roth Capital Partners LLC66EarlyBirdCapital Inc.67ARC Group Ltd.68Bank Street Group LLC69United Overseas Bank Ltd.70Kroll LLC71Citizens Financial Group Inc.72Mizuho Bank Ltd.73Vestra Advisors LLC74Arma Partners LLP75Desjardins Capital76Shot Tower Capital LLC77CDX Advisors LLC78Allen & Co. LLC79PEI Global Partners LLC80Citizens JMP Group LLC81Berkshire Global Advisors82UniCredit SpA83Chardan Capital Markets LLC84BrightTower LLC85Insurance Advisory Partners LLC86Brown Gibbons Lang & Co.87CG/Sawaya Partners88Tungsten Advisors89SG Americas Securities LLC90Infor Financial Inc.91RedBird Advisors92Consello LLC93BitOoda Technologies LLC94GLC Securities LLC95Rabobank AS96M. Klein & Co.97Greystone Group LLC98Cantor Fitzgerald LP99Greenhill & Co.100Tidal Partners LLC
"The Deal"'s Leauge Tables are irrelevant nor are they a site anybody respectable in banking is ever using in any material. Also, the methodology is weird at best and at worst misleading, it's just the volume of deals above 100MM. The only two truly relevant ways of doing broader league tables are fees and transactional volume, the rest is just marketing. Things like revenue/per MD or revenue/per head are useful for measuring the actual profitability of a bank's IB division/if it punches above its weight relative to size, but league tables are usually just purely fee/revenue-based or transactional volume.
This seems about right looking down the list. Deals over $100mm also shows how much banking experience a firm has. Simply adding zeros to the size of the deal, or size of the fee doesn’t make the firm any smarter in these types of transactions
Adding more zeros to the size of the deal and fee does however mean your bank makes more money... which is the whole goal of any profit-seeking company. Transactional volume is also a nice metric because it broadly shows how reputable your bank is as a whole as it means you were on XYZ billions of EV in deals. There are vast differences in fees and reputational benefits from doing a 100MM MM deal in the Midwest that nobody has read about versus a 10,000MM large-cap M&A that makes the headlines.
EVR is above Jeff in the league tables for a reason for LTM but below here for instance, this methodology lends itself to creating distortions in favor of those who do MM deals over larger-cap ones, which is in-large part a strategic decision on the part of these firms. Not really an apples-to-apples comparison.
If I owned a large company in a generic sector, this sounds about right as to who I’d want as my banker
You'd seriously say with a straight face that you'd prefer Jefferies over Evercore or Barclays or CVP? Or say RBC over Moelis or Lazard? This ranking very clearly favors volume MM players over those who played in the larger-cap space. There's a reason the industry standard for league tables is LTM fees or LTM transactional volume.
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