Citi ranked first in the power sector’s mergers and acquisitions (M&A) advisory market by deal value during the first quarter of 2026 (Q1 2026), advising on transactions totalling $41.4bn, according to GlobalData’s Financial Deals Database.

In terms of deal volume, Morgan Stanley advised on the largest number of deals, acting on six transactions over the same period.

GlobalData’s analysis shows that Goldman Sachs followed Citi in deal value, facilitating $40.1bn in transactions.

JPMorgan ranked third at $35.6bn, with Wells Fargo and Bank of America closing $33.4bn and $22.4bn in deals, respectively.

In terms of transaction volume, Goldman Sachs occupied the second spot with five transactions, while Citi, JPMorgan and Jefferies each contributed to four deals during the quarter.

GlobalData lead analyst Aurojyoti Bose said: “Morgan Stanley was the top adviser by volume in Q1 2025 and retained that position in Q1 2026 as well. It also held the eighth position by value in Q1 2026.

“Meanwhile, Citi registered a significant jump in its ranking by value, moving from the 21st position in Q1 2025 to the top position in Q1 2026. All four deals advised by Citi during Q1 2026 were billion-dollar deals, including a mega deal valued at more than $10bn. Involvement in these big-ticket deals helped it to register a massive jump in terms of value and occupy the top spot.”

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available in the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness of the data, the company also seeks submissions of deals from leading advisers.