NYX Nyse Euronext

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 standings 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. Goldman has been advising Sprint Nextel Corp. (S) on possible strategic combinations but it was AT&T that swooped in with the T-Mobile transaction, the largest deal announced in the first quarter.

Along with other rivals of Goldman, J.P. Morgan got a lift in the AT&T deal, for which it also agreed to provide the entire $20 billion bridge financing, its largest loan ever. 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.

Evercore is the quarter's top-ranked boutique, with eight deals for a combined $56.1 billion, and Greenhill is second with six deals for $40.3 billion. Three out of the five deals in the quarter valued at $10 billion or more included a boutique firm as adviser, Dealogic said.

Among T-Mobile's banks, Morgan Stanley (MS) placed third globally, up from fourth last year, and second in the U.S., the same as last year. Deutsche Bank AG (DB) was fifth globally, up from seventh, and fourth in the U.S., up from seventh. Credit Suisse (CS) was fourth globally, down from second, and third in the U.S., up from fourth.

Bank of America (BAC) climbed to sixth globally, from 11th last year, and eighth in the U.S., up from 11th, in part because of its role advising Duke Energy (DUK) on its $25.8 billion acquisition of Progess Energy (PGN), the second biggest announced deal in the quarter.

J.P. Morgan was also an adviser to Duke Energy as well as Deutsche Boerse AG (DBOEF) on its proposed $12.5 billion takeover of NYSE Euronext (NYX). Goldman was one of the advisers for NYSE Euronext.

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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