Goldman Sachs & Co. led mergers and acquisitions (M&A) activity in the Asia-Pacific region in 2025, based on figures from LSEG Data & Analytics.
The bank completed 84 transactions with a total deal value exceeding $126.97 million, representing a 21% year-on-year increase from 2024.
Late in 2025, Goldman Sachs, together with Singapore-based DBS, also executed their first interbank over-the-counter (OTC) cryptocurrency options trade.
China International Capital Co. and J.P. Morgan ranked next, generating deal values of $89.68 million and $83.82 million, respectively — more than double their totals from the previous year.
China International Capital Co. climbed sharply in the rankings, moving from 10th place in 2024 to second overall in 2025.
Morgan Stanley recorded a 32% year-on-year drop in deal value to $73.11 million, slipping from the top position in 2024 to fourth place in 2025.
Hong Kong-based investment bank Somerley posted the strongest growth among the top 10 firms in LSEG’s league table, jumping from 34th place in 2024 to sixth in 2025 after deal value surged 823% year on year to $60.53 million.
Hiring activity for investment bankers in Hong Kong remained subdued in mid-2025, although analysts noted continued demand for high-performing dealmakers and occasional bursts of aggressive recruitment.
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