Barclays and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during the first quarter (Q1) of 2026 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform.

An analysis of GlobalData’s Financial Deals Database reveals that Barclays achieved its leading position in terms of value by advising on $31.4 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 15 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Houlihan Lokey was the top adviser by volume in Q1 2025 and managed to retain that in Q1 2026. Interestingly, the number of deals it advised also remained unchanged.

“Meanwhile, all the top 10 advisers by value, including Barclays, registered growth in the total value of deals they advised in Q1 2026 compared to Q1 2025. In fact, Barclays saw more than a seven-fold jump in the total value of deals advised by it, improving its ranking from eighth in Q1 2025 to the top position in Q1 2026. It is noteworthy that Barclays advised on three billion-dollar deals* that included two mega deals valued more than $10 billion, which helped it to register a massive jump in terms of value.”

An analysis of GlobalData’s Deals Database reveals that Morgan Stanley occupied the second position in terms of value, by advising on $27.9 billion worth of deals, followed by Goldman Sachs with $26.8 billion, Lazard with $25.6 billion, and JPMorgan with $25.1 billion.

Meanwhile, Goldman Sachs occupied the second position in terms of volume with 11 deals, followed by Piper Sandler with nine deals, Stifel/KBW with nine deals, and Raymond James Financial with nine deals.

*Deals valued more than or equal to $1 billion