Goldman Sachs’ Dominance in M&A: A Warning Sign for Financial Competition and Regulation

Investment bank Goldman Sachs is on track to advise on an estimated 34% of the $3.8 trillion in global M&A deals so far in 2025, up from 28% in 2024.

While this highlights the bank’s strength, it also raises questions about concentration in financial advisory services, regulatory oversight, and market structure.

Market Snapshot

• According to data from LSEG, Goldman’s share of announced global M&A value in 2025 is approximately 34%, the highest since 2001.

• Despite the high advisory share, Goldman’s deal-fee revenue share remains much lower around 10.7% as of 2025.

• The global M&A market has seen robust activity, Q3 2025 alone recorded $371 billion in deals, the strongest quarterly showing since 2015.

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Why It Matters Politically & Economically

• Concentration Risk: When one firm advises on a third of all deals, it raises questions about competitive dynamics, pricing power, and systemic influence over industries.

• Regulatory Gate Ways: The dominance can shape cross border deals, antitrust enforcement, and national security reviews if one advisor guides the key transaction flows.

• Macro Implications: Large deals often redraw industrial landscapes, shift employment, tax bases and influence geopolitical supply chains. When a single bank is so deeply embedded, policy spill overs are magnified.

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Key Themes to Watch

• Regulators’ response: Will antitrust authorities or financial-services regulators probe whether advisory market concentration threatens transparency or access?

• Business model reshaping: With costs of capital remaining elevated and private-equity deal pressure mounting, Goldman’s dominance suggests others are falling behind or shrinking.

• Deal geography & sector shifts: Many large 2025 deals are in technology, infrastructure and natural resources sectors areas that invoke national-security or economic resilience concerns.

Goldman Sachs’ record advisory share is a double edged sword: it’s a testament to deal-making strength but also signals growing concentration in a critical financial ecosystem. For investors and policymakers alike, the question is not just how many billions get merged but who decides, who advises, and how that power is checked.