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Goldman Sachs Group Inc. (GS) slipped to fifth place in U.S. merger advisory in the first quarter after missing out on last week's $39 billion deal between AT&T (T) and Deutsche Telekom's (DTEGY) T-Mobile USA division.

Goldman also slipped to second place in the global rankings, measured by the value of deals it advised in the quarter, according to Dealogic, which released preliminary results on Monday ahead of the end of the quarter on Thursday.

J.P. Morgan Chase & Co. (JPM) topped the global and U.S. rankings, according to Dealogic.

The results, while preliminary, highlight the importance of winning one big assignment in any given period. Goldman was ranked first this time last year, both globally and in the U.S., while J.P. Morgan was fifth globally and third in the U.S., according to Dealogic.

J.P. Morgan was an adviser to Duke Energy (DUK) on its $25.8 billion acquisition of Progress Energy (PGN), the second biggest announced deal in the quarter, and Deutsche Boerse AG (DBOEF) on its proposed $12.5 billion takeover of NYSE Euronext (NYX). Goldman was one of the advisers for NYSE Euronext.

Along with other rivals of Goldman, J.P. Morgan got a lift in the AT&T deal, which was the biggest announced during the quarter. AT&T's other advisers, the boutique firms Evercore Partners (EVR) and Greenhill & Co. (GHL), jumped to 11th and 12th, respectively, in the global rankings and ninth and 12th in the U.S. among deal advisers. Among T-Mobile's banks, Morgan Stanley (MS) placed third globally and second in the U.S., Deutsche Bank AG (DB) was fifth globally and fourth in the U.S. and Credit Suisse (CS) was fourth globally and third in the U.S.

The rankings are closely watched barometers and mostly bragging rights for the banks, which include them in their pitch books to prospective clients. Goldman's quarter wasn't a complete wash. It still ranked first in global revenue, with $335 million in fees. But it came in second in U.S. revenue, behind J.P. Morgan, with $166 million.

-By Liz Moyer, Dow Jones Newswires; 212-416-2512; liz.moyer@dowjones.com

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