JPMorgan Chase expects third-quarter 2026 investment banking fees and markets revenue to increase by a mid-to-high-teens percentage from a year earlier, with broad strength across products and geographies, Doug Petno said at the Barclays Global Financial Services Conference. The outlook assumes no major market disruption and includes a seasonal sequential decline from the record second quarter. Petno said M&A activity was among the strongest JPMorgan has seen in some time, private equity activity had returned to normal, and financing markets remained open for strong borrowers and transactions. He said the bank saw few systemic warning signs in the U.S. economy, though it was monitoring lower-income consumer exposure, AI-related disruption and risks in private credit. JPMorgan is selectively financing AI-related borrowing, imposing exposure limits for frontier-model companies and hyperscalers. Petno also said institutional stablecoin demand remained limited, while Kinexys has processed more than $4 trillion since inception. JPMorgan shares were down 0.47% at $350.83 at the time of publication Wednesday.