Dealmaking to accelerate
Goldman Sachs’ CEO says M&A activity will pick up in 2026 despite geopolitical shocks, with companies chasing scale and diversification — that means more cross‑company infra integrations and brownfield migrations ahead. Expect a rush of architectural due diligence and consolidation work for platform and ops teams. (reuters.com)
David Solomon made the case in Goldman Sachs’ annual shareholder letter dated March 20, 2026, naming monetary easing, fiscal stimulus, capital investment in AI and a “more balanced” U.S. regulatory regime as the explicit drivers of higher M&A activity. Speaking at the UBS Financial Services Conference on Feb. 10, 2026, Solomon called 2026 a potential “top decile” year for dealmaking, and he separately warned that financial sponsors under pressure to return capital could accelerate transactions. Global private equity “dry powder” remained above $2.5 trillion as of June 30, 2025, providing sizable bidder firepower for buyouts and sponsor-led deals that fuels the supply side of the predicted 2026 wave. KPMG’s Q4 2025 “Pulse of private equity” flagged record war-chests and an explicit private-capital focus on AI infrastructure and energy assets, indicating many 2026 deals will center on infrastructure-heavy tech and brownfield assets that require complex integrations. Bloomberg reported Goldman has been restructuring around AI efficiencies, notifying staff in October 2025 that the bank would “constrain headcount growth” and plan a “limited reduction in roles” as part of an AI-driven cost program. Reuters sources reported Goldman planned a small, performance-based round of cuts in April 2026 through its Strategic Resource Assessment process, a timing signal that capacity for advisory and integration work inside banks and buy-side firms will be actively reallocated. Bloomberg also noted Solomon expects growth in Goldman’s Asset & Wealth Management and alternatives businesses to help the firm exceed return targets, implying the bank may pursue platform and AWM acquisitions where post-merger platform consolidations create immediate technical integration work.
