In a significant shake-up for the City of London's financial elite, Goldman Sachs has claimed the top spot for UK dealmaking so far in 2024, unseating the long-dominant JPMorgan. The shift in the investment banking league tables signals a resurgent period for mergers and acquisitions and equity fundraising after a prolonged downturn.
A New Leader in the Advisory Arena
According to data from the London Stock Exchange Group (LSEG), Goldman Sachs has advised on deals worth a total of $22.2 billion involving UK companies since the start of the year. This formidable tally has propelled the Wall Street giant to the number one position, a title it last held in 2021. The bank's ascent was powered by its involvement in several of the year's largest and most high-profile transactions.
Key mandates that bolstered Goldman's position include advising the London Stock Exchange Group on its £1 billion share buyback programme and playing a leading role in Samsung's $4 billion acquisition of the UK electronics maker, Dyson. Furthermore, the bank is a pivotal advisor to the board of Anglo American, which is currently fielding a monumental £31 billion takeover approach from the mining titan BHP.
JPMorgan Slips as Market Dynamics Shift
The previous leader, JPMorgan, has slipped to fourth place in the latest rankings, having worked on UK deals valued at $15.6 billion. This repositioning comes as the overall market for mergers, acquisitions, and equity capital raises shows strong signs of recovery. Total UK deal activity has surged by 41% to reach $124.6 billion in 2024 compared to the same period last year.
This revival is particularly evident in the equity capital markets, where proceeds from UK listings and follow-on offerings have skyrocketed by 150% year-on-year. The resurgence has been a boon for banks with strong equity franchises, contributing directly to the reshuffling of the league table hierarchy.
Broader League Table Reshuffle and Future Outlook
The battle for advisory supremacy has seen other major players adjust their positions. Morgan Stanley currently sits in second place with $20.8 billion in credited deal value, while Rothschild & Co holds third with $16.8 billion. The data underscores a fiercely competitive environment where securing roles on a handful of major transactions can dramatically alter a bank's standing.
Analysts suggest that the renewed activity, driven by larger corporate mergers and a reopening of the public markets, marks a potential turning point for the City. The return of significant initial public offerings (IPOs) and large-scale M&A, such as the potential BHP-Anglo American deal, indicates growing corporate confidence and a thaw in the capital markets freeze that characterised much of 2023.
While the rankings are fluid and can change rapidly with a single major deal, Goldman Sachs's current lead demonstrates its powerful client relationships and execution capability in a recovering market. The coming months will test whether it can maintain this pole position as rivals like JPMorgan and others vie to reclaim their dominance in the UK's lucrative investment banking landscape.
