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Wall Street’s Biggest Banks Are Muscling Into Small Deals

  • Banking giants advise on more transactions up to $500 million
  • Goldman Sachs’s mid-market push pays off with rankings jump
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Photographer: Mark Kauzlarich/Bloomberg
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Wall Street’s biggest banks traditionally shied away from getting their hands dirty advising on small mergers and acquisitions. Too much work for the modest fees, so they focused on the blockbuster deals.

But with the pandemic-induced slowdown in dealmaking this year, bankers who have been talking about embracing smaller clients for ages are finally doing it. They’re swooping in on smaller transactions -- those of $500 million or less -- winning assignments to an extent not seen in five years. And in so doing, they are elbowing out some lesser rivals that typically make their bread and butter advising smaller clients.