JPMorgan’s investment banking promotions are making DCM sexy again
JPMorgan has made some promotions in its investment bank. The Financial Times reports that there will now be three heads of the business there: Dorothee Blessing, Kevin Foley and Jared Kaye.
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Blessing is banking’s most famous female German. She joined JPMorgan after ‘retiring’ from Goldman Sachs in 2014 and was promoted as JPMorgan’s head of global coverage in October 2025. In this context, Blessing is among JPMorgan’s most travelled people, rotating between Europe, the US and APAC. Banking is in her DNA. Blessing’s father was in banking, her brother is banking; she is married to ex-Commerzbank CEO Martin Blessing.
Kaye is JPMorgan’s New York-based co-head of financial institutions group (FIG) banking with London-based Laurent Nevi. He is a JPMorgan loyalist and has been there, in the FIG group, since 2001.
Foley is arguably the most interesting of the three JPMorgan promotions. He’s been global head of capital markets at the bank since 2024. Foley has a debt capital markets (DCM) background. He spent 12 years in London as head of JPMorgan's head of EMEA loan and high yield capital markets before returning to New York in 2020.
In choosing Foley, JPMorgan is emphasising the importance of DCM within its broader capital markets business. This is unsurprising: in the first quarter of 2026, revenues in JPMorgan’s investment banking business were split 44% 39% and 16% between M&A, DCM and ECM respectively. ECM is inconsequential by comparison.
JPMorgan’s elevation of its DCM champion to the highest tier in its investment bank comes as DCM bankers at some rivals have been feeing undervalued. Speaking last year, one MD told us that many banks were wrongly assuming that DCM is like “shooting fish in a barrel” after years of quantitative easing. “What isn't understood is that a successful bond issue requires a lot of careful positioning with investors and syndicate to get the bond away," he observed. "Let's be clear, in a US bulge bracket DCM is not considered sexy, and is usually less respected than ECM and M&A."
JPMorgan seems to appreciate this. Either way the DCM bankers feeling undervalued at rivals have a new role model.
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