Citi and Morgan Stanley were the top mergers and acquisitions (M&A) financial advisers in the power 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 Citi achieved its leading position in terms of value by advising on $41.4 billion worth of deals. Meanwhile, Morgan Stanley led in terms of volume by advising on a total of six deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Morgan Stanley was the top adviser by volume in Q1 2025 and retained that position in Q1 2026 as well. It also held the eighth position by value in Q1 2026.

“Meanwhile, Citi registered a significant jump in its ranking by value, moving from the 21^st position in Q1 2025 to the top position in Q1 2026. All four deals advised by Citi during Q1 2026 were billion-dollar deals*, including a mega deal valued more than $10 billion. Involvement in these big-ticket deals helped it to register a massive jump in terms of value and occupy the top spot.”

An analysis of GlobalData’s Deals Database reveals that Goldman Sachs occupied the second position in terms of value, by advising on $40.1 billion worth of deals, followed by JPMorgan with $35.6 billion, Wells Fargo with $33.4 billion, and Bank of America with $22.4 billion.

Meanwhile, Goldman Sachs occupied the second position in terms of volume with five deals, followed by Citi with four deals, JPMorgan with four deals, and Jefferies with four deals.

*Deals valued more than or equal to $1 billion