Goldman Tops, Citigroup Tanks in M&A

Goldman is the top merger advisor through the third quarter this year.
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NEW YORK (

TheStreet

) --

Goldman Sachs

(GS) - Get Report

is out in front, while

Citigroup

(C) - Get Report

has taken a serious tumble in the race for bragging rights among merger advisers.

Goldman has advised on $392 billion worth of deals through the first three quarters of the year, edging past

JPMorgan Chase

(JPM) - Get Report

, which got credit for $344 billion, according to data from

Thomson Reuters

. Both Goldman and JPMorgan leapfrogged over

Morgan Stanley

(MS) - Get Report

, which was the top merger adviser through the third quarter of 2009.

The big loser was Citigroup, which fell to 10th place after having been in third place at the end of the third quarter last year. Citigroup

lost some big name bankers last year

, but recently recruited a team of energy bankers from

UBS

(UBS) - Get Report

,

according to several reports

. Citigroup spokespeople had no immediate comment on the bank's performance.

Merger and acquisition activity this year adds up to $1.68 billion versus $1.46 billion in the first three quarters of 2009. Investment banks generally earn far more money in their trading and lending businesses than they do from advising on deals, but they nonetheless attach great importance to their rankings in the underwriting "league tables," as they believe it help drive other, more profitable, business opportunities their way.

--

Written by Dan Freed in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.