Goldman Sachs and PwC were the top mergers and acquisitions (M&A) financial advisers in the European region during the first half (H1) of 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, which ranks financial advisers by the value and volume of M&A deals on which they advised.

Based on its Deals Database, the leading data and analytics company has revealed that Goldman Sachs achieved its leading position in terms of value by advising on $23.8 billion worth of deals. Meanwhile, PwC led in terms of volume by advising on a total of 52 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Goldman Sachs was the top adviser by value in H1 2024, and despite registering a year-on-year drop in terms of value, it managed to retain its leadership position by this metric in H1 2025 as well. It is noteworthy that seven of the top 10 advisers by value registered a decrease in the total value of deals advised by them during H1 2025 compared to H1 2024.

“Similarly, eight of the top 10 advisers by volume registered a decline in the total number of deals advised by them during H1 2025 compared to H1 2024. In fact, PwC also registered a decline; however, despite that, its ranking by volume improved from the second position in H1 2024 to the top position in H1 2025.”

An analysis of GlobalData’s Deals Database reveals that JP Morgan occupied the second position in terms of value, by advising on $21.8 billion worth of deals, followed by Barclays with $19.3 billion, Jefferies with $15.3 billion, and Lazard with $14.7 billion.

Meanwhile, Clearwater occupied the second position in terms of volume with 51 deals, followed by Rothschild & Co with 50 deals, Ernst & Young with 42 deals, and Deloitte with 36 deals.