- Goldman Sachs led EMEA investment banking by fees in H1 2025 with $858m and a 7.4% share, overtaking JPMorgan’s 6.9%.
- Its biggest jump came in the UK, where it rose from fourth to first with an 11.1% fee share.
- US banks now take about 37% of EMEA investment-banking fees, with Goldman ahead of JPMorgan and BNP Paribas.
- Leadership reshuffles and a sharper focus on key markets helped Goldman gain ground as European rivals largely stagnated amid broadly stable fees.
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Recent industry data confirms that Goldman Sachs has made measurable gains in EMEA investment banking over the first half of 2025. According to reports, Goldman earned $858 million in fees in EMEA, enabling it to jump ahead of long-time rival JPMorgan to lead the fee rankings in the region. JPMorgan, which previously held the top spot, earned slightly less and now trails with a 6.9 % market share, while Goldman achieved 7.4 %.
Goldman’s outperformance was particularly pronounced in the UK, its biggest European market, where it captured an 11.1 % share of investment banking fees—moving up from its prior position in the country, which had been fourth. This reflects a successful strategy of targeting key country-level opportunities rather than simply global deal flow.
The broader context is that U.S. investment banks continue to consolidate power in EMEA. Across all IB fee segments, U.S. banks held about 37 % of fees in 2025, up marginally from prior years but close to a near-record high. This reflects sustained strength in large-cap deals, equity offerings, and advisory work—areas where U.S. firms have competitive edges in capital, talent, and cross-border reach.
Goldman’s gains correspond with internal strategic changes: leadership overhauls, greater investment in its EMEA team structure, and reorientation toward high-growth sectors—which have been cited as factors driving its rise relative to European peers who are “treading water” amid broader macro challenges.
However, gain is tempered by several risks: competition remains fierce, deal volumes are recovering unevenly, and large announced mandates still face execution and regulatory risk. For European banks, these trends pose the question of how to respond—whether through focus, specialization, or internal transformation.
Supporting Notes
- Goldman Sachs earned $858 million in EMEA investment banking fees during H1 2025 and secured a 7.4 % market share, overtaking JPMorgan (6.9 %) to lead the region.
- In the UK, a core EMEA market, Goldman captured 11.1 % of IB fee share and moved from fourth to first place.
- U.S. banks collectively command roughly 37 % of global investment banking fees in EMEA as of 2025, up modestly year-over-year; Goldman is now the top bank, followed by JPMorgan and BNP Paribas.
- Revenue performance: Goldman’s investment banking fees globally have surged, driven by mega-deals and advisory dominance; in 2025 it captured approximately 34 % of global M&A deal value per GlobalData, up from ~28 % in 2024.
- Goldman also restructured its leadership—earlier in 2025 it appointed new global co-heads of Investment Banking and elevated roles in its EMEA team—positioning for stronger regional execution.
- European peers including Barclays and HSBC saw declining market share, while BNP Paribas and Deutsche Bank only achieved marginal gains, underscoring Goldman’s relative momentum.