Doug Petno of JPMorgan sees bank fees surging

JPMorgan Chase stock finished more than 1% higher on Tuesday, 15 September 2026, after co-president Doug Petno presented an upbeat revenue forecast for the third quarter. Speaking at a Barclays financial services conference in New York, Petno stated that he expects the bank's investment banking and trading fees to rise in the mid to high teens compared to the same period last year.

Petno, who also serves as CEO of JPMorgan's commercial and investment bank, noted that clients continue to navigate market volatility and economic uncertainty. His optimistic commentary helped lift sentiment across Wall Street, prompting shares of peers such as Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, and Wells Fargo to pare their earlier losses.

The forecast places JPMorgan on the bullish end among peers after a sharp divergence in bank expectations. Earlier on Tuesday, Wells Fargo CFO Mike Santomassimo projected mid-single-digit growth for both investment banking fees and markets revenue. On Monday, Citigroup CFO Gonzalo Luchetti guided toward mid-single-digit dealmaking fee growth and low-single-digit trading gains, while Bank of America CEO Brian Moynihan projected investment banking fees to drop 10% to 20% to between $1.6 billion and $1.8 billion, which had sent major bank stocks down more than 5% on Monday.

Despite his positive growth guidance, Petno cautioned that current late-stage economic conditions almost feel too good, though he pointed out that powerful secular trends may support continued activity. Following a global AI trade unwind in July and slower dealmaking since mid-August, bankers are watching future listings closely after SpaceX completed a record initial public offering in June.