The financial crisis has shaken up leadership of the U.S. mergers and acquisitions market. At a time when buyers are hungry for capital, J.P. Morgan Securities, backed by the balance sheet of corporate parent JPMorgan Chase & Co., was able to grab first place from rival Goldman Sachs Group. J.P. Morgan worked as a lead adviser on four of the ten biggest deals completed during the past 12 months. In each case, it represented the acquirer. Goldman Sachs was a lead adviser on six of the ten top deals, but always on the side of the targeted company.
J.P. Morgan had a 9.06 percent share for the 12 months ended June 26, up from 8.53 percent for the comparable period of last year, according to research firm Dealogic. Goldman Sachs had an 8.61 percent share, down from 10.41 percent during the year-ago period. M&A activity for the past 12 months fell 40 percent, to $760.3 billion, a far cry from the $1.5 trillion level of the previous year.