Image Credit: Bloomberg

The bank started announcing internal promotions on Monday, a person familiar with the situation revealed. This is part of the company's annual investment banking tradition that takes place every April. This year, 86 new Managing Directors (MDs) are joining the banking division, which includes M&A advisory and corporate lending, while another 32 are in markets. 

An analysis of their LinkedIn profiles shows that these new MDs are spread across the globe, with some based in New York, Dallas, London, Frankfurt, and Singapore. However, many of them have not updated their LinkedIn profiles to reflect their new roles, still listing "Executive Director," which is one rank below MD.

For the first quarter, JPMorgan’s commercial and investment bank generated approximately $19.7 billion in revenue, marking a nearly 12% year-over-year increase. Banking and payments revenue reached $8.7 billion, up 4% from the previous year, while markets and securities services revenue grew by 19%. In total, the company reported $14.6 billion in net income for the quarter.

CEO Jamie Dimon noted that clients have become more cautious due to increased market volatility caused by geopolitical tensions and trade concerns. He also highlighted issues such as stagflation and the possibility of a recession in his annual shareholder letter.

Last year, JPMorgan ranked as the third-largest global M&A advisor, behind Goldman Sachs and Morgan Stanley, and second in the US, after Goldman. According to Dealogic, JPMorgan advised on 403 global transactions worth about $760 billion and 228 US deals totaling roughly $481 billion.

The bank’s MD promotions come at a time when investment banking has faced challenges, especially under the Trump administration. Trade wars and tariffs have created market instability and spooked investors, slowing down M&A and IPO activity.

Along with its commercial and investment bank, JPMorgan also conducts promotions in other sectors, including technology and asset management.

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