Goldman Sachs was named the lead adviser in the financial services sector -- the investment bank was involved in 5 out of 6 megadeals struck last year.
Goldman Sachs has unseated rival JPMorgan Chase to become the lead adviser in the financial services sector, according to new research.
Goldman GS, -0.20% was involved in five out of six of the megadeals struck last year, including advising SunTrust on its $28 billion all-stock merger with BB&T in February to create the nation’s sixth-largest retail bank Truist Financial TFC, -0.39% with more than $440 billion in assets. There were six deals in the sector with a value of more than $10 billion last year, and 70 deals with a value of more than $1 billion, boosting total deal value by 10% compared with the same period a year earlier.
McKinsey said in a research note in November, that while consolidation has already reduced the number of U.S. banks from roughly 15,000 in 1985 to about 5,000 today, many industry executives and experts expect the consolidation trend to continue.
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