JPMorgan’s mid-cap investment banking group, led by John Richert, is managing its highest backlog of deals in history, signaling strong momentum in the middle-market M&A space heading into 2026. Richert, who heads the national team, has transformed the business from a four-person operation into a nearly 300-person network spanning 13 U.S. offices. The group focuses on companies valued between $500 million and $1.5 billion, with a broader range extending up to $2 billion, serving sectors like industrials, consumer retail, healthcare, and media. What sets JPMorgan’s approach apart is its decentralized model—bankers begin their careers in New York, the traditional hub of investment banking, but can relocate to cities like Atlanta, Dallas, Chicago, or across the Southeast after their initial training. This shift challenges the long-standing notion that investment banking must be centered in Manhattan. The strategy is built on deep, local relationships. Richert emphasizes that being present in communities—attending local events, meeting clients outside formal settings—fosters trust and long-term loyalty. A CEO once told him, “We like having you local because we see you in the community, not just when you’re flying in from New York.” The group’s growth has drawn attention from rivals. Goldman Sachs launched its Cross Markets Group in 2019 to target founder-led and mid-sized firms, while UBS expanded its middle-market presence during the pandemic, aligning with its wealth management teams. This integration of wealth and capital markets has created strong referral pipelines, as successful business owners seek guidance on reinvesting proceeds from deals. AI is now playing a growing role in the team’s daily work. JPMorgan has developed an internal large language model that helps summarize data and improve client conversations, cutting down research time from days to hours. Tasks like drafting confidential information memorandums, S-1 filings, and investor communications are prime candidates for AI-driven efficiency. While the technology is still underutilized, Richert believes it will allow bankers to handle more clients without increasing workloads, making the profession more sustainable and attractive. Despite the challenges of building a national franchise from scratch—such as recruiting top talent willing to take a risk on a new model—Richert remains focused on culture and leadership. He leads by example, insists on work-life balance, and values every team member, from analysts to managing directors. “The MDs can’t be successful without the analyst, and the analyst can’t be successful without the MDs,” he says. What keeps him up at night is maintaining excellence amid economic uncertainty. But with a strong team, a clear mission, and a culture rooted in trust and local presence, Richert is confident in the group’s future. The key, he says, is simple: “Just go give good advice to your clients. The rest of it will work out.”