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The top investment banks in Chicago are Goldman Sachs, JPMorgan, Houlihan Lokey, Piper Sandler, Lincoln International and William Blair. Each advised on more than 100 announced US deals in 2025, and each runs an investment banking team in the city.
This list ranks banks by their 2025 US announced M&A deal count in FactSet’s Flashwire US league table, published in its fourth-quarter 2025 report. It covers firms headquartered in Chicago or with a Chicago investment banking office. If you are recruiting in the Midwest or hiring an adviser, these are the busiest M&A advisers with a base in the city.
You will find a comparison table, a profile of each bank grouped by type, and how to use the list.
The table shows each bank’s 2025 US deal count and disclosed deal value in the FactSet ranking.
| Bank | Chicago presence | 2025 US deals | Disclosed value | FactSet rank |
|---|---|---|---|---|
| Goldman Sachs | Chicago office | 279 | $869.2bn | 1 |
| JPMorgan | Chicago office | 274 | $1,051.2bn | 2 |
| Houlihan Lokey | Chicago office | 223 | $41.5bn | 3 |
| Piper Sandler | Chicago office | 118 | $35.9bn | 12 |
| Lincoln International | Headquarters | 108 | $23.7bn | 15 |
| William Blair | Headquarters | 105 | $22.1bn | 16 |
| Baird | Chicago office | 92 | $10.9bn | 20 |
| BMO Capital Markets | US headquarters | 45 | $68.5bn | 35 |
| Mesirow | Headquarters | Outside top 50 | n/a | n/a |
FactSet counts US announced deals, including those with no disclosed value. Each figure is the bank’s total US count across all its offices.
Deal count and deal value point to two different kinds of bank. The large banks lead on both. Lincoln and William Blair match some global banks on count while working on much smaller deals.
Compare the two leaders by count with the two Chicago-headquartered independents, using FactSet’s 2025 figures:
Goldman Sachs = $869.2bn / 279 deals = about $3.1bn of disclosed value per deal.
William Blair = $22.1bn / 105 deals = about $0.2bn of disclosed value per deal.
Lincoln International = $23.7bn / 108 deals = about $0.2bn of disclosed value per deal.
Deals with no disclosed value add to the count but not the value, so these averages run low. The gap between them still shows the split. Lincoln and William Blair advised on as many US deals as Barclays (105) and Moelis (104).
FactSet’s separate US middle-market table covers deals from $1m to $500m with a disclosed value. Piper Sandler ranks first with 47 deals, Houlihan Lokey third with 37, William Blair 15th with 19 and Lincoln 29th with 11.
These banks lead the national league tables and run Chicago offices alongside headquarters elsewhere.
Goldman Sachs ranks first by count with 279 US deals worth $869.2bn in 2025. It recruits investment banking associates for its Industrials team in Chicago, according to its own careers site.
Goldman also ranks fourth in FactSet’s US middle-market table with 36 deals.
JPMorgan advised on 274 US deals in 2025 and led the value table with $1,051.2bn. JPMorgan Chase said in February 2024 that it employs more than 14,500 people in the Chicago area, including 7,200 at Chase Tower, and more than 15,600 across Illinois.
JPMorgan ranks eighth in the middle-market table with 28 deals between $1m and $500m.
Houlihan Lokey ranks third with 223 US deals, behind only Goldman Sachs and JPMorgan. Its Chicago office occupies 57,388 square feet across two floors at 111 South Wacker Drive, according to Real Estate Journals.
Houlihan Lokey also ranks third in FactSet’s middle-market table with 37 deals. Its 2025 US deals carried $41.5bn of disclosed value, which places most of its work in the mid-sized range.
These firms have their global or US headquarters in Chicago.
Lincoln International advised on 108 US deals in 2025, 15th nationally. It listed on the NYSE under the ticker LCLN in 2026 and reported second-quarter 2026 revenue of $225.7m, up 51% year on year.
Lincoln had more than 1,400 professionals in more than 30 offices and 162 managing directors in its second-quarter 2026 results. Bloomberg reported 2025 revenue of $783.8m and net income of $214.1m in its IPO filing. First-half 2026 revenue reached $383.5m, up 36%.
William Blair advised on 105 US deals, 16th nationally, and ranks 15th in the middle-market table. The firm was founded in 1935, is independent and employee-owned, and has its global headquarters in Chicago. It reports more than 2,000 employees in more than 30 offices.
BMO Capital Markets advised on 45 US deals worth $68.5bn. Bank of Montreal opened BMO Tower at 320 South Canal Street as its US headquarters in June 2022, with more than 3,000 employees based there.
BMO’s $68.5bn of disclosed 2025 deal value is higher than that of Lincoln, William Blair and Baird combined, because it advises on fewer but larger deals.
Mesirow was founded in 1937 and is headquartered at 353 North Clark Street, where it extended its lease by 10 years in January 2024. Its investment banking group includes debt advisory and financial sponsor coverage teams.
These banks have headquarters outside Chicago and run investment banking offices in the city.
Piper Sandler, based in Minneapolis, advised on 118 US deals in 2025 and topped FactSet’s middle-market table with 47 deals. Its Chicago office is at 444 West Lake Street.
Piper Sandler’s 47 middle-market deals put it ahead of Stifel/KBW (40), Houlihan Lokey (37) and Goldman Sachs (36) in that segment.
Baird advised on 92 US deals, 20th nationally. Its investment banking, research, fixed income and private equity teams share offices at 227 West Monroe Street in Chicago.
The right bank depends on what you want from it. Use these rules:
For more context, see our lists of middle market investment banks, industrials investment banks and investment banks in Los Angeles. If you are moving firms, our guide to investment banking headhunters covers who to call.
William Blair and Lincoln International are the largest investment banks headquartered in Chicago by US deal count. William Blair advised on 105 US deals in 2025 and Lincoln on 108, per FactSet. Goldman Sachs and JPMorgan advised on more deals nationally from their New York headquarters and regional offices, including Chicago.
Lincoln International, William Blair, Baird and Piper Sandler are the main middle-market names. In FactSet’s 2025 middle-market table for $1m-$500m deals, Piper Sandler ranked first with 47 deals and William Blair 15th with 19.
Yes, if you want middle-market M&A. Chicago has two banks headquartered in the city that each advised on over 100 announced US deals in 2025, plus Chicago teams at Goldman Sachs, JPMorgan, Houlihan Lokey, Piper Sandler and Baird.
Banks are ranked by the number of US announced M&A deals they advised on in 2025, from FactSet’s Flashwire league table. Counts include deals with no disclosed value. Only banks headquartered in Chicago or with a Chicago investment banking office are included.
Goldman Sachs, JPMorgan and Houlihan Lokey advised on the most US deals of the banks with Chicago teams in 2025, while Lincoln International and William Blair lead the banks headquartered in the city. Pick the large banks for deal size and the Chicago independents for deal volume in the middle market.
P.S. To build your outreach list for these banks, start with the Investment Banking Contacts Database. Browse our Premium Resources for additional tools, and join the Private Equity Bros newsletter for weekly finance updates and the latest financial reports.
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