In a decisive move to strengthen its footprint in the fast-expanding mid-cap investment banking space, JPMorgan Chase & Co. has brought on board two widely respected senior bankers — R. Sean Daugherty and Robert Rosenfeld. The appointments mark a significant step in the bank’s efforts to capture a larger share of mid-market M&A activity, a segment that has continued to show resilience despite broader dealmaking volatility.
Both executives will join as Managing Directors in early 2026 and will be based in Chicago, a strategic location for mid-market corporate hubs in the United States. They will report to the division’s co-heads, Andrew Castaldo and Andrew Martin, who oversee JPMorgan’s North America mid-cap advisory franchise.
With these additions, JPMorgan’s mid-cap team now exceeds 250 bankers, reflecting the bank’s sustained investment in a business segment that is increasingly seen as a reliable generator of advisory revenue — especially at a time when mega deals face regulatory hurdles and market uncertainty.
Who are the new leaders?
R. Sean Daugherty — Private equity specialist
Daugherty brings over 23 years of deep experience across private equity advisory, strategic transactions, and capital markets. His background in advising PE investors on acquisitions, exits, and portfolio strategy positions him as a strong asset for driving mid-cap deal flow.
Robert Rosenfeld — M&A expert with consumer-sector focus
Rosenfeld, with nearly 20 years in investment banking, has led numerous high-value consumer-sector mergers and acquisitions. His sectoral expertise is expected to play a key role as consumer-facing companies explore consolidation and fresh capital opportunities.
Why is JPMorgan betting big on mid-caps?
Mid-cap companies — typically in the $2 billion to $10 billion valuation band — have emerged as one of the most active categories in the M&A ecosystem.
While large-cap transactions have slowed due to volatile valuations and tighter regulations, mid-sized companies are showing:
- Higher deal appetite
- Faster decision cycles
- Greater interest from private equity buyers
- Need for advisory support amid sectoral shake-ups
JPMorgan’s decision to beef up its mid-cap advisory team signals confidence that 2026 could see a significant uptick in mid-market deal activity.
A shift in global investment banking strategy
This move is part of a broader industry trend. Major investment banks are increasingly rebalancing their business models — shifting from an overreliance on mega-deals to a more diversified dealbook anchored in mid-market clients.
For JPMorgan, the expansion:
- Strengthens its competitive position against Goldman Sachs, Morgan Stanley, and Bank of America
- Diversifies its deal pipeline in an uncertain macro environment
- Positions the bank for consistent fee income even during market fluctuations
Industry analysts note that banks with strong mid-cap coverage stand to benefit the most as financing conditions ease and private equity firms deploy record levels of dry powder.
Market outlook: Mid-cap dealmaking set for revival
With economic conditions expected to stabilize in 2026, dealmakers anticipate a surge in mid-market M&A — driven by restructuring needs, consolidation trends, and strategic buyouts.
JPMorgan’s latest hires signal clear preparation for this shift. By expanding its senior leadership bench, the bank is not only strengthening client coverage but also positioning itself as a dominant player in the mid-cap advisory arena.
Source: This information is based on media reports, primarily from Reuters, citing an internal JPMorgan memo.
