JPMorgan co-president expects Q3 investment banking and trading fees to rise by mid-to-high teens

While Bank of America is busy warning investors that the industry might be in for a rough quarter, JPMorgan’s leadership is reading a completely different room. The bank’s co-president is projecting mid-to-high-teens percentage growth in both investment banking fees and trading revenue for Q3 2026, a forecast that is striking not just for its optimism but for how directly it contradicts the prevailing cautious tone across Wall Street.

The numbers and the contrast

To understand why this forecast matters, consider where JPMorgan was heading into this quarter. The bank posted $3.3B in investment banking fees in Q2 2026, a 30% jump compared to the same period a year earlier. That is already a high base to grow from, which makes a mid-to-high-teens projection for Q3 even more notable.

The growth drivers are the usual suspects: mergers and acquisitions, equity underwriting, fixed income trading, and equities activity. Executives pointed to strong deal flow and solid client engagement across those segments, with no meaningful economic deterioration flagged as a concern.

Bank of America, by contrast, told investors on September 14 that it expects industrywide investment banking fees to fall by more than 10% for the quarter. That is not a minor disagreement about decimal points. It is a fundamental difference in how two of the largest financial institutions on the planet are reading the same macro environment.

New leadership, same confidence

The forecast also arrives under a newly restructured leadership team. In June 2026, JPMorgan reorganized its top executive layer, with Doug Petno taking the role of sole CEO of the Commercial and Investment Banking division and Troy Rohrbaugh stepping in as co-president overseeing Consumer and Community Banking.

The tone from Petno’s side of the house is straightforwardly bullish. JPMorgan’s CIB unit has long been the revenue engine of the firm, and executives explicitly noted no significant economic concerns tied to their deal activity.

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