JPMorgan and Morgan Stanley were the top mergers and acquisitions (M&A) financial advisers in the retail sector during 2025 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 JPMorgan achieved the leading position in terms of value by advising on $44.5 billion worth of deals. Meanwhile, Morgan Stanley led in terms of volume by advising on a total of 11 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Morgan Stanley advised on some big-ticket deals, which helped it occupy the second position by value as well. The American multinational investment bank and financial services company advised on five billion-dollar deals*, including a mega deal valued more than $10 billion.

“Meanwhile, JPMorgan advised on eight billion-dollar deals* that also included a mega deal. The global investment bank also held the fourth position by volume in 2025.”

Morgan Stanley occupied the second position in terms of value, by advising on $37.9 billion worth of deals, followed by Goldman Sachs with $33.2 billion, Citi with $29.2 billion and UBS with $28.4 billion.

Meanwhile, UBS occupied the second position in terms of volume with 11 deals, followed by Rothschild & Co with 11 deals, JPMorgan with nine deals and Goldman Sachs with nine deals.

*Deals valued ≥ $1 billion