Mergers and acquisitions across financial services companies globally increased by 3% during the first half of 2026, according to data from EY.
Some 1,137 publicly disclosed deals took place among asset managers, banks and insurers between January and June this year, compared with 1,101 over the same time frame last year.
The total disclosed value of the deals fell, however, from $191.3bn (£143.4bn) during the first half of 2025, to $134.5bn in H1 2026.
The number of so-called ‘mega deals’ – deals above $1bn in value – reached just 25 during the first half of 2026, compared with 37 over the same period last year and 55 in H2 2025.
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The ten biggest deals amounted to a combined $78.7bn in value during H1 2026, accounting for 58% of total value globally. The 20 biggest deals during H1 2025 also accounted for 58% of the overall value of all deals in the sector globally.
In Europe specifically, M&A deals increased by 7% on a year-on-year basis, with 375 deals closing during the period, compared with 350 during H1 2025. However, deal value fell from $74.9bn to $63.9bn.
Omar Ali, global financial services leader at EY, said: “Financial services firms have now adapted to operating in heightened uncertainty as standard, incorporating volatility into business-as-usual.
“But unpredictability has an impact, and is intensified by slower global economic growth, rising inflation and ongoing supply shocks.
“As such, despite the number of transactions rising, deal value in H1 this year across the world’s major markets is down on 2025 levels, as significantly fewer transactions completed over the $1bn mark.”
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He added that, despite market headwinds, “confidence is stabilising and boards are eager to accelerate the delivery of their strategic plans”.
“As we look to the second half of 2026, we expect a pickup in dealmaking, as banks, insurers and asset managers increasingly look to M&A to achieve competitive growth and transformation.”
