Mega deals and market shifts: 2025 investment banking recap and 2026 outlook

How did investment banking clients navigate a year of uncertainty, and what’s next for dealmaking and capital markets? In this episode, Dorothee Blessing, Global Head of Investment Banking Coverage, is joined by Anu Aiyengar, Global Head of Advisory and M&A, and Kevin Foley, Global Head of Capital Markets. Together, they break down the forces that shaped 2025—from cautious optimism and strategic adaptation to the surge in mega deals and the transformative impact of AI. Looking ahead, they share actionable insights on M&A, IPOs, private capital, and global market trends that will define opportunities and risks in 2026. Tune in for expert perspectives on building resilience, seizing growth, and preparing for the future of investment banking. This episode was recorded on December 8, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.