A veteran dealmaker takes the helm as large-cap M&A shows signs of a selective recovery.
JPMorgan Chase, the global leader in investment banking revenue, has named Anu Aiyengar global chair of Investment Banking and M&A, signaling a renewed emphasis on dealmaking as a pillar of its investment banking strategy.
As part of a broader divisional shift, the bank also named Dorothee Blessing, Kevin Foley, and Jared Kaye as co-heads of Global Investment Banking, while Charles Bouckaert succeeds Aiyengar as global head of M&A.
The changes come as deal activity shows signs of recovery after nearly two years of sluggish momentum. Dealogic estimates that global deal announcements reached nearly $2 trillion by May 11. That’s a 33% increase from the same period last year.
Still, observers note that the current cycle is far from a repeat of the free-flowing deal market of 2021. Higher financing costs have made boards more disciplined about price and timing, while closer regulatory scrutiny from antitrust watchdogs in both the U.S. and Europe has raised the financial and reputational cost of getting large transactions wrong.
A Selective, Large-Cap Rally
“This has not been a full-spectrum, feel-good rally. It has been a highly selective one, skewed toward strategic, large-cap deals,” said Marc Cooper, CEO of Solomon Partners. “Deals valued at $5 billion and up accounted for more than half of all volumes. That distinction matters.”
Against this backdrop, Aiyengar’s appointment suggests JPMorgan sees senior dealmaking expertise as a defining advantage in the current market. The firm expects the dealmaking veteran to work closely with senior clients as boards decide whether to move forward with transactions or wait for better conditions.
Since joining JPMorgan in 1999, Aiyengar has advised on more than $1 trillion in transactions. She became sole head of the bank’s global M&A franchise in 2023, making her the only woman leading M&A at a major Wall Street house at the time.
Her move also carries symbolic weight in an industry where senior dealmaking roles remain dominated by men. In 2025, Business Insider named her the top U.S. M&A banker on its Rainmakers list, making her the first woman to hold the No. 1 position.
This article appears in the June 2026 issue of Global Finance Magazine.