JP Morgan Overtakes Goldman Sachs on Deals
JP Morgan is winning the investment banking race and has overtaken the previous leader, Goldman Sachs. Left and right, JP Morgan now owns the American banking space.
A dealmaking dry spell continues to scorch investment banks, which have seen nearly $1 trillion in business evaporate this year, Bloomberg reports. Deal volumes are at $1.3 trillion for the year, down from $2.2 trillion at this time in 2022. Companies are reluctant to pursue mergers and acquisitions or initial public offerings as a potential recession looms, and would-be deals are getting bogged down in pricing clashes or regulatory scrutiny, experts say. Goldman Sachs, JPMorgan and Citigroup are among firms cutting investment bankers, signaling that a significant recovery isn't expected soon.
- Amid this changed landscape, Goldman Sachs is no longer the world's No. 1 M&A adviser for the first time in years, losing the title to JPMorgan based on total deal value.