Goldman Sachs tops UK dealmaking in first quarter of 2025

Goldman Sachs has ascended to the top of the UK's investment banking fee league tables for the first quarter of 2025, generating $163 million in revenue and surpassing its competitors in this fiercely contested market.

This achievement marks a significant advancement from its previous position, overtaking JPMorgan, which led the rankings in 2024, and Barclays, the frontrunner in 2023. Goldman Sachs's success is largely attributed to its robust performance in mergers and acquisitions (M&A), where it secured €116 million in revenue, capturing a 20% share of the UK M&A market.

Despite the downturn in equity capital markets (ECM) due to a continued shortage of initial public offerings (IPOs), with total ECM fees reaching only €49 million, Goldman Sachs's strong M&A activity has propelled it to the forefront. Barclays led the ECM space with €8 million in fees during this period.

This development underscores Goldman Sachs's strategic focus on M&A advisory services, reinforcing its position as a leading player in the UK's investment banking sector.