NEW YORK (
is out in front, while
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
, which got credit for $344 billion, according to data from
. Both Goldman and JPMorgan leapfrogged over
, 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
, but recently recruited a team of energy bankers from
. 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
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