The Rainmakers: Top 20 Investment Bankers of 2024
1. The Resurgence of Wall Street: Record-Breaking Deals in 2024
2024 marked a stellar year for investment banking, with US companies announcing over $1.43 trillion in deals, the highest since the record $2.51 trillion in 2021. This surge, combined with economic growth and a more relaxed regulatory environment under the Trump administration, signaled the end of the M&A freeze that began in 2022. Industry leaders, including Goldman Sachs CEO David Solomon, expressed optimism about the market’s return to 10-year dealmaking averages. The year saw 96 megadeals (over $5 billion), the most since 2021, generating $33.4 billion in advisory fees, a 7% increase from 2023.
2. The Rainmakers List: A New Era of Leadership
The sixth edition of "The Rainmakers" by Business Insider, in partnership with MergerLinks, features the top 20 investment bankers who drove 2024’s dealmaking boom. For the first time, a woman, Anu Aiyengar of JPMorgan, claimed the top spot, while Lily Mahdavi of Morgan Stanley also made history as the second woman on the list. The 2024 list also saw a significant number of newcomers, with nearly 50% of the bankers making their debut, reflecting the evolving landscape of investment banking.
3. Anu Aiyengar: Breaking Barriers at the Top
Anu Aiyengar, JPMorgan’s global head of M&A, made history by becoming the first woman to lead "The Rainmakers" list. With 14 deals worth $83.2 billion, Aiyengar advised on landmark transactions such as Intel’s $11 billion joint venture with Apollo Global Management and Rio Tinto’s $6.7 billion acquisition of Arcadium Lithium. Her leadership and influence underscore the growing diversity in the traditionally male-dominated field of investment banking.
4. Key Players and Notable Deals
The 2024 list highlights bankers who excelled in facilitating multibillion-dollar deals. Stephan Feldgoise of Goldman Sachs, with $78.2 billion in deals, advised on George Boutros of Qatalyst Partners, who managed $76.2 billion in transactions, including the $35 billion sale of Ansys to Synopsys. Steve Munger of Morgan Stanley, a newcomer, closed $74.2 billion in deals, while Xavier Loriferne of JPMorgan Chase and Todd Davison of Centerview also made significant contributions.
5. The Rise of New Talent and Milestones
The 2024 list welcomed several newcomers, including Lily Mahdavi of Morgan Stanley, who advised on $59.6 billion in deals, and Conrad Gibbins of Jefferies, marking the first time a Jefferies banker made the top 20. Other notable debutants include Timothy Ingrassia and Chris Gallea of Goldman Sachs, and Gary Posternack of Barclays. Their inclusion reflects the dynamic and competitive nature of the industry.
6. Outlook for 2025 and Beyond
As 2024 closed with a resurgence in dealmaking, banker optimism for 2025 is high. The pent-up demand in capital markets, particularly in the financial-sponsor community, is expected to drive continued growth. With historic megadeals and a diverse group of leaders, the investment banking industry is poised for another strong year. The "Rainmakers" list not only celebrates individual achievements but also highlights the broader trends shaping the future of M&A.
