Doug Petno’s September 15 comments are quantitative, not merely qualitative. JPMorgan expects mid- to high-teens year-on-year growth in both investment-banking fees and markets revenue while Bank of America is guiding banking fees down by at least 10%.
JPMorgan Chase has given investors a much stronger third-quarter signal than a generic statement that deal activity is “healthy.” Co-president Doug Petno said Tuesday that the bank expects mid- to high-teens year-on-year growth in both investment-banking fees and markets revenue.
That guidance matters most in comparison with peers.
Bank of America CEO Brian Moynihan said a day earlier that his bank expects Q3 investment-banking fees of roughly $1.6 billion to $1.8 billion, at least 10% below the prior-year quarter, while sales and trading revenue should be roughly flat. Moynihan also said the broader investment-banking market is tracking down around 10% and acknowledged that Bank of America is not as well positioned in some of the businesses seeing more activity.
Even using the low end of JPMorgan’s “mid-teens” language, the year-on-year growth-rate gap against a 10% decline at Bank of America is on the order of 25 percentage points. That is too wide to describe as a macro cycle alone.
JPMorgan entered the quarter with momentum. Its second-quarter markets business had already benefited from strong equities and broad client activity, while its scale across advisory, underwriting, financing and trading gives it more ways to capture wallet when activity rotates between products.
The September guidance suggests that advantage has persisted into Q3.
Bank of America itself says the broader investment-banking market is down about 10%, so JPMorgan’s positive mid- to high-teens guide contains a company-specific share and mix component as well as the cycle. JPMorgan appears to be converting an uneven capital-markets environment into materially better fee growth than at least one large competitor.
The earnings consequence will depend on compensation and balance-sheet usage, but the revenue signal is already clear: this is franchise execution as well as market direction.
Sources
- JPMorganChase Investor Relations, September 15, 2026 Barclays conference event: https://www.jpmorganchase.com/ir/news/2026/jpmc-to-present-at-the-barclays-global-financial-services-conference
- The Wall Street Journal, September 15, 2026, JPMorgan Expects Third-Quarter Gains in Investment Banking, Markets: https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-09-15-2026/card/jpmorgan-expects-third-quarter-gains-in-investment-banking-markets-PRwSQy0L2DH1ZpTiH5Hq
- The Wall Street Journal, September 14, 2026, Brian Moynihan Says Investment-Banking Revenue Is Down at BofA: https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-09-14-2026/card/brian-moynihan-says-investment-banking-revenues-are-down-at-bofa-Muv39xas60yTZMT6GdeT