JPMorgan M&A Global Head Aiyengar Says Rising Risks to Drive Surge in Deals

The Shift Toward Proactive M&A Strategy

Aiyengar’s assessment reflects a fundamental change in how C-suite leaders approach dealmaking in an environment of heightened volatility. “The strategic desire to grow and find scale is high,” Aiyengar stated. “That has driven boardrooms and C-suites to be more proactive. People are not waiting for a company to be put up for sale to initiate M&A activity.”[2]

This shift underscores a broader trend reshaping the M&A landscape in 2025 and into 2026. Rather than reactive acquisitions driven by external pressures, companies are now pursuing proactive portfolio optimization and scale-building strategies as a hedge against rising operational and market risks. The urgency reflects concerns about inflation, interest rate volatility, geopolitical tensions, and competitive disruption across sectors.

Record M&A Activity and Market Dynamics

The appetite for transformative deals has already manifested in record-breaking activity. Goldman Sachs dominated the 2025 dealmaking landscape, advising on $1.48 trillion in transactions and capturing approximately 32% of the global market, while earning $4.6 billion in advisory fees.[2] JPMorgan, though trailing Goldman in pure M&A rankings, remained the highest-paid global investment bank overall, earning $10.1 billion in total investment banking fees when equity and debt capital markets revenues are included.[2]

JPMorgan’s largest deals in 2025 included advising Warner Bros in its sale process and guiding Kimberly-Clark through its $50.6 billion acquisition of Kenvue, demonstrating the bank’s continued influence in mega-deal advisory despite competitive pressures.[2]

The “Ubiquity of Capital” Fueling Transformative Combinations

Goldman Sachs’ Global Co-Head of M&A, Stephan Feldgoise, characterized 2025 as an “exceptional M&A year,” driven by a “ubiquity of capital” and corporate boards’ willingness to pursue transformative combinations rather than incremental growth.[2] This capital abundance, combined with a more permissive regulatory climate under the Trump administration, has created an unusually fertile environment for large-scale transactions.

The scale of deals has expanded notably. Legal advisers have benefited from this trend, with Charles Ruck, global chair of the corporate department at Latham & Watkins (the top-ranked M&A law firm), attributing the growth in deal size to “size creep,” driven partly by rising equity markets.[2]

Implications for Deal Advisors and Investment Professionals

For private equity firms, corporate development teams, and investment banks, Aiyengar’s commentary signals sustained demand for M&A advisory services. The convergence of rising corporate risk appetite, abundant capital, and regulatory tailwinds creates a favorable environment for cross-border M&A, sector consolidation, and strategic platform acquisitions—particularly in technology, healthcare, and industrial sectors where scale advantages are most pronounced.

Boutique advisory firms have also capitalized on this environment. Moelis finished 2025 at No. 16 in global M&A rankings after advising on five transactions exceeding $5 billion, including the $20 billion sale of Essential Utilities, demonstrating that specialized expertise remains highly valued in mega-deal execution.[2]

Looking Ahead: Risk Management Through Scale

The strategic rationale for accelerated M&A activity reflects a broader recognition among institutional investors and corporate leaders that operational scale, geographic diversification, and technology integration are essential defensive measures in an uncertain macroeconomic environment. Rather than viewing rising risks as a deterrent to dealmaking, executives increasingly see strategic combinations as a mechanism to mitigate those very risks through enhanced competitive positioning and operational resilience.

As Aiyengar’s remarks suggest, this proactive posture is likely to sustain elevated M&A volumes throughout 2026, with particular momentum in sectors facing structural disruption or consolidation pressures.