Awards for Excellence 2017
The shifting dynamics of the M&A market during the awards period has tested the mettle of advisory franchises. Corporates in particular have been wary – for different reasons at different times. The Obama administration had applied aggressive scrutiny that saw deals blocked in sectors such as healthcare, a situation compounded by the natural caution imposed by an upcoming presidential election.
The caution gave way to a brief period of euphoria following the victory of Donald Trump, with expectations of regulatory easing and tax reform. Little headway has yet been made on either front, however; and a rising rate environment and high stock prices have made life tougher for buyers, particularly corporates.
All in all, it was an environment that demanded more innovation and less traditional thinking, which suited Goldman Sachs just fine. It wins Euromoney’s best bank for advisory in North America.
The bank dominates the league table rankings, with a 40% market share in completed deals by value in the region for the period, according to Dealogic – compared with closest rivals Morgan Stanley and JPMorgan on 28%.