JPMorgan Chase named three insiders as global chairs of its investment banking division on Tuesday, as U.S. banks position themselves to capitalize on a recovery in dealmaking activity in 2025.

Global mergers and acquisitions hit $2.6 trillion in the first seven months of the year, the highest since a 2021 pandemic-era peak, boosting investment banks’ prospects.

The three – Howard Chen, Charlie Dupree and Fred Turpin – will join a senior team that provides strategic advice to some of JPMorgan’s most important clients as the largest U.S. bank bolsters its investment banking division, a key driver of recent profits.

The lender beat estimates for second-quarter profit in July and its investment banking fees rose 7% to $2.5 billion, fueled by an increase in M&As and debt underwriting.

Chen, who joined JPMorgan in 2018, was most recently co-head of the North America financial institutions group, while Dupree served for the last seven years as vice chair of investment banking for M&A.

Turpin, most recently JPMorgan’s global head of media & communications investment banking, has been with the bank 30 years, having worked on deals such as T-Mobile and Sprint and Warner Media and Discovery, among others.

SOURCE: Reuters