In the first quarter of 2025, Citi and Houlihan Lokey have been recognized as the leading financial advisory firms in mergers and acquisitions within the financial services sector. According to GlobalData's league table, Citi dominated by deal value, while Houlihan Lokey excelled in deal volume. Citi advised on transactions totaling $16.9 billion, whereas Houlihan Lokey managed a portfolio of 12 deals. Notably, Houlihan Lokey was the only firm to achieve double-digit deal volume during this period, marking a significant improvement from its position in Q1 2024. Meanwhile, Citi also saw an increase in its ranking by value due to advising on several large-scale deals.
JP Morgan closely followed Citi in terms of deal value, with transactions amounting to $16.4 billion. Goldman Sachs ranked third at $15 billion, followed by UBS and Morgan Stanley. In terms of deal volume, Piper Sandler secured the second spot with nine deals, followed by JP Morgan with eight, and UBS and PwC each advising on seven deals. GlobalData's league tables are compiled through real-time tracking of various sources and analyst monitoring, ensuring comprehensive and accurate data collection.
Citi's Ascendancy in Deal Value
Citi has established itself as a dominant force in M&A advisory by securing the top spot in terms of deal value during Q1 2025. The company achieved this milestone by advising on deals worth $16.9 billion, significantly outpacing competitors. Aurojyoti Bose from GlobalData highlighted that Citi’s success was driven by its involvement in high-value transactions, including four billion-dollar deals and one mega deal exceeding $10 billion. This performance not only elevated Citi's ranking but also positioned it seventh in terms of deal volume.
The firm's strategic focus on large-scale transactions contributed immensely to its rise. By concentrating on these substantial deals, Citi ensured its presence in some of the most financially impactful mergers and acquisitions. Additionally, its ability to advise on such complex and high-stakes transactions reflects its expertise and reliability in the field. This combination of experience and strategic acumen allowed Citi to leapfrog from the 11th position in Q1 2024 to the top spot in Q1 2025, showcasing a remarkable improvement. Furthermore, Citi's leadership in deal value underscores its pivotal role in shaping the landscape of financial services M&A activities.
Houlihan Lokey's Leap in Deal Volume
Houlihan Lokey distinguished itself by achieving the highest number of deals in Q1 2025, marking a dramatic shift from its previous standing. With 12 deals under its belt, the firm became the sole adviser to reach double-digit deal volume. This accomplishment represents a notable enhancement compared to its position in Q1 2024, where it ranked 19th in terms of volume. The surge in the number of deals advised by Houlihan Lokey signifies its growing influence and capability in managing multiple transactions efficiently.
This remarkable progression can be attributed to Houlihan Lokey's enhanced operational efficiency and expanded client base. By increasing its capacity to handle more deals simultaneously, the firm demonstrated its adaptability and resilience in a competitive market. Moreover, its ability to secure a diverse range of clients further solidified its reputation as a reliable and versatile advisory partner. The leap from the 19th position to the top in just one year highlights Houlihan Lokey's rapid growth trajectory and its commitment to delivering exceptional service. As a result, the firm has become a key player in the financial services M&A sector, contributing significantly to the overall activity levels in the industry.