Troy Rohrbaugh, co-CEO of the Commercial & Investment Bank at JPMorgan Chase & Co., delivered a cautiously upbeat assessment of the investment banking environment for 2026 during remarks at a UBS conference on Tuesday.
Rohrbaugh described his view of the year ahead as "quite positive" and suggested the current cycle could "possibly" produce the best mergers and acquisitions activity seen in a decade. The remarks framed the bank's outlook for advisory and dealmaking as constructive, while stopping short of definitive forecasts.
At the same time, Rohrbaugh drew attention to an important market characteristic that could influence trading and deal dynamics: base volatility. He noted that base volatility remains substantially elevated compared with pre-COVID levels, a condition that can affect market liquidity and the behavior of trading desks and investor counterparties.
Beyond market structure, Rohrbaugh outlined technology priorities for the firm. He said JPMorgan is investing "heavily" in blockchain technology, signaling a deliberate commitment to building out capabilities and exploring applications for distributed-ledger systems across the bank's businesses.
Rohrbaugh also reported that the bank is already seeing revenue contributions from artificial intelligence initiatives. Specifically, he said AI-related projects have begun to generate income within JPMorgan's prime brokerage and foreign exchange operations, indicating early returns on those technology investments.
The comments combined a positive near-term stance on dealmaking with a reminder that market volatility and technology development are active considerations for the firm. Rohrbaugh's remarks at the UBS conference highlighted both opportunity - particularly on the mergers and acquisitions front - and ongoing operational factors that influence JPMorgan's business lines.
Contextual note - Rohrbaugh's statements reflect his perspective shared publicly at the UBS conference. They combine optimism about M&A prospects with acknowledgement of elevated volatility and a focus on technology-driven revenue streams.