No bank shaped the North American market the way Morgan Stanley did in 2025. Across M&A, ECM and DCM, the firm wasn’t simply present on the region’s most important transactions, it was the architect behind them: completing 229 M&A deals in the Americas, leading more equity offerings and IPOs than any rival, and posting the largest DCM revenue gain of any global peer.
In M&A, the franchise’s signature was judgement under pressure rather than scale for its own sake.
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