Thomson Reuters has released its M&A league tables for the third quarter, revealing some interesting movement. Goldman Sachs (NYSE: GS) has moved from the No. 2 spot globally to the top spot. And knocking off Morgan Stanley (NYSE: MS), which fell to third place, JPMorgan (NYSE: JPM) rose from fourth to second.

In a big surprise, Bank of America soared from eighth to fifth on the strength of European business. It's aiming to ride its Merrill Lynch acquisition to a top three spot soon. Meanwhile, Citigroup fell from third all the way to tenth. Ouch. Domestically, Goldman also moved from No. 2 to No. 1, beating out Morgan Stanley, which dropped from No. 1 to No. 2.

Merger activity in the third quarter "picked up to its strongest level since the second half of 2008, though it remains just a shadow of its bubble-fueled 2007 peak," notes Fortune. Deal values were up 21 percent to $1.68 trillion. That compares with the 2007 record of $4.16 trillion.

Still, plenty of opportunity remains for jockeying. Advisory units that fare well now are obviously well-positioned for future business, and many expect a pick up in deals globally fairly soon. For Goldman, the ascension can be marshaled as evidence that corporate customers have not shunned the firm, and indeed are flocking to it for critical advisory work.

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