An experienced dealmaker has taken charge as large-cap M&A has shown signs of selective recovery.
JPMorgan Chase, the global leader in investment banking revenues, has named Anu Iyengar as global president 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 shakeup, the bank named Dorothy Blessing, Kevin Foley and Jared Kaye as co-heads of global investment banking, while Charles Bouckaert replaced Iyengar as global head of M&A.
These changes come as deal activity is showing signs of improvement after nearly two years of slowdown. Dealogic estimates that global deal announcements reached nearly $2 trillion by May 11. This is an increase of 33% from the same period last year.
Still, observers say the current cycle is far from a repeat of 2021’s free-flowing deal market. Higher financing costs have made boards more disciplined about price and timing, while closer regulatory scrutiny from antitrust watchdogs in both the US and Europe has increased the financial and reputational costs of getting large transactions wrong.
A selective, large-cap rally
“This has not been a full-spectrum, feel-good rally. This has been a highly selective rally, skewed toward strategic, large-cap deals,” said Mark Cooper, CEO of Solomon Partners. “Deals valued at $5 billion and above accounted for more than half of all volume. This difference matters.”
Against this backdrop, Iyengar’s appointment shows that JPMorgan sees senior dealmaking expertise as a decisive advantage in the current market. The company expects the dealmaking veteran to work closely with senior clients as the board decides whether to proceed with the transaction or wait for better circumstances.
Since joining JPMorgan in 1999, Iyengar has advised on transactions worth more than $1 trillion. She became sole head of the bank’s global M&A franchise in 2023, making her the only woman to lead M&A at a major Wall Street house at that time.
Her move also holds symbolic significance in an industry where senior dealmaking roles are dominated by men. In 2025, Business Insider named her the top US M&A banker on its Rainmakers list, making her the first woman to hold the No. 1 spot.
This article is published in the June 2026 issue Global Finance Journal.