NEW YORK — JPMorgan Chase & Co.’s top brass has issued a direct challenge to its investment banking division: work harder to reclaim the throne in global mergers and acquisitions.
In a high-stakes internal meeting held this month at the firm’s global headquarters on Madison Avenue, John Simmons and Filippo Gori, the co-heads of global banking, delivered a candid assessment of the bank’s recent performance. According to people familiar with the matter, the message was clear: JPMorgan underperformed in the M&A sector throughout 2025, and 2026 must be the year they close the widening gap with their arch-rival, Goldman Sachs Group Inc.
The “Scale” Problem: 2025 League Table Recap
The urgency behind the meeting stems from the final 2025 league tables, which saw Goldman Sachs dominate the “year of the mega-deal.” While 2025 was a blockbuster year for global dealmaking—reaching a massive $5.1 trillion in total volume—Goldman Sachs effectively pulled away from the pack.
| Metric (FY 2025) | Goldman Sachs | JPMorgan Chase |
| Global M&A Volume | $1.66 Trillion | $1.44 Trillion |
| Market Share | 36.4% | 32% |
| $10B+ Mega-Deals | 40 | 32 |
| M&A Advisory Fees | $4.6 Billion | $3.1 Billion |
Export to Sheets
While JPMorgan maintained its lead as the highest-paid investment bank overall (when factoring in debt and equity capital markets), its pure M&A advisory business trailed Goldman by $1.5 billion in fees. Executives expressed concern that JPMorgan is being boxed out of the largest “sell-side” mandates, which carry the highest prestige and the fattest paychecks.
Strategic Friction: Sell-Side vs. Buy-Side
During the meeting, leadership highlighted a specific weakness: sell-side advisory. In 2025, Goldman Sachs captured several landmark sell-side roles, most notably the $56.6 billion sale of Electronic Arts to a PIF-led consortium.
JPMorgan’s co-heads emphasized that to win back market share, the bank must leverage its “fortress balance sheet” to secure more than just the financing side of a deal. They want the bank’s M&A specialists to be the primary strategic advisors in the boardroom, particularly in high-growth sectors like Technology, Energy, and Healthcare.
The 2026 Outlook: “From Turbulence to Transformation”
Despite the internal pressure, the bank remains bullish on the macro environment. Anu Aiyengar, JPMorgan’s Global Head of Advisory and M&A, recently noted that the ingredients for a record-breaking 2026 are already in place:
- Rate Normalization: As the Fed continues its easing cycle, financing for large-scale buyouts is becoming cheaper.
- AI Supercycle: Corporate boards are feeling the pressure to “buy rather than build” to stay competitive in the artificial intelligence race.
- The “Private” Surge: With over 30,000 companies currently in private equity hands, a massive wave of exits and sponsor-backed deals is expected through the second half of the year.
A Culture of “Never Satisfied”
The directive from Simmons and Gori reflects the aggressive culture instilled by CEO Jamie Dimon. Despite JPMorgan’s stock reaching an all-time high of $337.25 in early January 2026, the bank refuses to settle for second place in any category.
“It would be easy to be complacent with our market share,” the bank stated in a previous investor communication, “but we are never satisfied knowing the opportunities that exist.”
As the M&A pipeline for 2026 continues to fill, the industry will be watching to see if JPMorgan’s bankers can translate this internal rallying cry into a top-tier finish on the global league tables.