AfE 2024
In tough markets, changes in banks’ market share can be particularly telling. Mergers and acquisitions had another down year in 2023, with total volume falling to $3.13 trillion, from $4.3 trillion in 2022, when rates first started rising, and $5.7 trillion in the post-Covid boom of 2021.
But some things don’t change. Goldman Sachs retains its normal position at the top of the global advisory league tables by both M&A revenue and M&A volume. It was top ranked in the biggest M&A market of all, the US, in 2023 with a 13.8% share of revenue, comfortably ahead of JPMorgan with 11.2% and almost twice as much as Morgan Stanley in third place with 7.4%. Goldman was also top in Asia Pacific ex-Japan, while JPMorgan nudged it into second place in Europe.
“Our league table lead has expanded in the last couple of years, as the market drivers have changed,” says Avinash Mehrotra, co-head of Americas M&A at Goldman.