Goldman Sachs has emerged as the preeminent financial adviser in North America for mergers and acquisitions (M&A) during the first three quarters of 2026, commanding an impressive $510.5 billion in advised deal value. Concurrently, Houlihan Lokey solidified its position as the market leader in terms of deal volume, orchestrating 161 transactions within the same period. These findings are derived from comprehensive data compiled by GlobalData, a leading data analytics and consulting firm, highlighting significant shifts and enduring strengths in the competitive landscape of M&A advisory services.
Dominance in Deal Value: Goldman Sachs’ Strategic Prowess
The sheer scale of Goldman Sachs’ advised deal value underscores its strategic influence and deep engagement with high-value transactions. Surpassing the $500 billion mark, the investment banking giant stands as the sole adviser to achieve this monumental figure in the first three quarters of 2026. This achievement is not merely a reflection of market activity but also a testament to Goldman Sachs’ ability to secure and execute significant, often complex, "big-ticket" deals.
According to GlobalData’s analysis, Goldman Sachs’ advised value experienced a substantial 42.1% year-on-year increase. This surge is largely attributable to its involvement in 17 mega deals, each valued at over $10 billion. Such a concentration of high-value mandates indicates a strategic focus on transformative mergers and acquisitions that shape entire industries. The firm’s ability to navigate these intricate transactions, often involving multiple jurisdictions and regulatory hurdles, positions it as a trusted adviser for corporate leaders undertaking ambitious growth strategies.
The M&A Advisory Landscape: A Tale of Two Metrics
The M&A advisory market is often dissected by two key performance indicators: deal value and deal volume. While value signifies the financial magnitude of transactions, volume reflects the sheer number of deals a firm participates in, indicating breadth of service and market penetration. The Q1-Q3 2026 data from GlobalData reveals distinct leaders for each metric, illustrating different strategic approaches and market strengths among top advisory firms.
Leading Financial Advisers in North America (Q1-Q3 2026)
| Rank (Value) | Adviser | Deal Value ($bn) | Rank (Volume) | Adviser | Deal Volume |
|---|---|---|---|---|---|
| 1 | Goldman Sachs | 510.5 | 1 | Houlihan Lokey | 161 |
| 2 | JPMorgan | 359.0 | 2 | Morgan Stanley | 119 |
| 3 | Morgan Stanley | 351.9 | 3 | JPMorgan | 110 |
| 4 | Bank of America | 217.6 | 4 | Goldman Sachs | 107 |
| 5 | Wells Fargo | 215.7 | 5 | Jefferies | 91 |
Source: GlobalData Deals Database
Houlihan Lokey’s Consistent Volume Leadership
On the volume front, Houlihan Lokey has demonstrated remarkable consistency, retaining its position as the top adviser for the second consecutive year. Having led the rankings in Q1-Q3 2025, the firm’s 161 deals in the current period solidify its reputation for robust deal origination and execution across a broad spectrum of transactions. While GlobalData notes a year-on-year drop in the total number of deals advised by Houlihan Lokey, its continued dominance in volume indicates an enduring ability to engage with a high number of clients, likely across mid-market and growth-oriented segments.
Aurojyoti Bose, Lead Analyst at GlobalData, commented on Houlihan Lokey’s performance: "Houlihan Lokey was the top adviser by volume during Q1-Q3 2025 and maintained its lead by this metric during Q1-Q3 2026 as well, despite a year-on-year drop in the total number of deals advised by it. It also stayed well ahead of its peers." This sustained volume leadership suggests a strong client base and an efficient operational model capable of managing a high deal flow.
The Broader Competitive Landscape
Beyond the top two, the rankings reveal a dynamic competitive environment among North America’s leading financial institutions.
Value Contenders
Following Goldman Sachs in deal value are other titans of Wall Street:
- JPMorgan: Secured the second position with $359 billion in advised deal value, demonstrating its continued strength in large-scale corporate finance.
- Morgan Stanley: Ranked third with $351.9 billion, closely trailing JPMorgan, indicating intense competition among the top-tier investment banks for high-value mandates.
- Bank of America: Advised on deals worth $217.6 billion, placing it fourth.
- Wells Fargo: Rounded out the top five by value with $215.7 billion in advised transactions.
Volume Contenders
In terms of deal volume, the landscape also shows significant activity:
- Morgan Stanley: Claimed the second spot by volume, advising on 119 deals.
- JPMorgan: Followed closely with 110 deals.
- Goldman Sachs: While leading by value, it also secured a respectable fourth position by volume with 107 deals. Notably, it was one of only four advisers to achieve triple-digit deal volumes in this period.
- Jefferies: Ranked fifth by volume, advising on 91 deals.
Bose further elaborated on Goldman Sachs’ performance: "Similarly, Goldman Sachs was also the clear winner by value outpacing its peers by a significant margin. It was the only adviser to surpass $500bn mark in total deal value during Q1-Q3 2026, recording a 42.1% year-on-year jump in value due to its involvement in big-ticket deals. Goldman Sachs advised on $58bn deals, including 17 mega deals valued more than $10bn. It also held the fourth position by volume during Q1-Q3 2026 and was among the only four advisers to hit triple-digit deal volume during this period."
Context and Methodology
GlobalData’s league tables are meticulously compiled through real-time monitoring of an extensive array of sources. This includes the official websites of thousands of companies, advisory firms, and other authoritative secondary domains. A dedicated team of analysts rigorously vets these sources to capture granular details for each deal, crucially including the names of the advisers involved. To further enhance the robustness and accuracy of its data, GlobalData actively solicits deal submissions from leading advisory firms. This dual approach—combining independent monitoring with direct contributions—ensures a comprehensive and reliable overview of the M&A advisory market.
Broader Implications for the North American M&A Market
The performance of these leading financial advisers provides valuable insights into the current state and direction of the North American M&A market.
Strategic Sector Focus
Goldman Sachs’ dominance in deal value suggests a strong advisory presence in sectors characterized by large-scale consolidations, cross-border transactions, and significant technological or industrial transformations. These often include technology, healthcare, energy, and financial services, where the stakes are highest and the need for sophisticated financial engineering is paramount. The firm’s success in securing mega deals indicates its ability to attract and service the largest corporate clients.
Mid-Market Strength and Efficiency
Houlihan Lokey’s continued leadership in deal volume points to a robust presence in the mid-market segment. This segment, while often involving smaller individual deal values, collectively represents a significant portion of M&A activity. Their high volume suggests a focus on serving a wider range of companies, including private equity-backed firms, growth-stage businesses, and companies undergoing more frequent strategic adjustments. This efficiency in deal execution is crucial for maintaining market share.
The Role of Investment Banks in Economic Cycles
The M&A advisory landscape is inherently linked to broader economic conditions. A strong performance in deal value, as seen by Goldman Sachs, often correlates with periods of economic expansion, corporate confidence, and access to favorable financing conditions. Conversely, a high deal volume, even with potentially lower average values, can indicate a market characterized by a higher number of smaller, strategic acquisitions, or a more fragmented market undergoing consolidation.
The Q1-Q3 2026 data suggests a market where both large-scale, transformative deals and a steady stream of smaller transactions are actively being pursued. The continued strength of both value and volume leaders indicates a healthy, albeit competitive, M&A environment.
Competitive Dynamics and Future Outlook
The close rankings among the top contenders, particularly between JPMorgan and Morgan Stanley for both value and volume, highlight the intense competition in the M&A advisory space. These firms are constantly vying for mandates, leveraging their established client relationships, global reach, and specialized expertise.
The slight year-on-year drop in volume for Houlihan Lokey, despite retaining its lead, warrants attention. It could signal increased competition or a strategic shift in focus. However, its sustained dominance indicates a deeply embedded market position.
For Goldman Sachs, the significant year-on-year increase in advised value is a powerful indicator of its strategic execution and ability to capitalize on significant market opportunities. The firm’s focus on mega deals suggests a strategy aimed at maximizing impact and financial returns through select, high-profile transactions.
Looking ahead, the North American M&A market will likely continue to be influenced by factors such as interest rate policies, regulatory environments, geopolitical stability, and technological advancements driving industry disruption. The ability of advisory firms to adapt to these evolving dynamics, identify emerging trends, and provide strategic counsel will be crucial for maintaining their leadership positions. The data from GlobalData serves as a vital barometer, offering critical intelligence for market participants and observers alike.
This analysis, based on GlobalData’s comprehensive tracking, provides a detailed snapshot of the M&A advisory arena in North America, underscoring the strategic prowess of Goldman Sachs in high-value transactions and the consistent market penetration of Houlihan Lokey in deal volume.
