Jamie Dimon’s bank blurs the line between investment banking and consulting
MARKET INSIDER- JPMorgan Chase is redefining what clients expect from the world’s most powerful investment bank. In a move that signals how elite financial institutions are evolving beyond deals and balance sheets, JPMorgan Chase has launched a new unit designed to share parts of its internal playbook—ranging from artificial intelligence strategy to cybersecurity and operations—with select corporate clients.
The initiative, called Special Advisory Services, was conceived after senior bankers noticed a shift in client demands. Instead of asking only about mergers, financings, or IPOs, executives increasingly wanted to know how JPMorgan itself navigates complex challenges such as AI adoption, cyber risk, talent management, and large-scale technology procurement. Jamie Dimon, the bank’s longtime chairman and CEO, pushed to formalize those conversations into a structured offering.
Leading the new group is Liz Myers, who also serves as global chair of investment banking. She describes the capabilities being offered as comparable to—and in some cases exceeding—those of top-tier consulting firms. The goal, Myers said, is to help C-suite leaders become more effective by learning directly from JPMorgan’s own best practices, rather than from abstract frameworks.
The scope is deliberately broad. JPMorgan has identified dozens of “adjacent capabilities” it can selectively make available, including investor relations strategy, real estate decision-making, healthcare benefits design, technology sourcing, and internal governance processes. At launch, the bank does not plan to charge for these services, though more intensive or ongoing engagements could involve negotiated fees—suggesting a flexible, relationship-driven model rather than a transactional one.
Access, however, will be tightly controlled. The services are aimed at clients seeking deep, long-term relationships with the bank—such as companies considering JPMorgan as a lead IPO adviser, long-standing clients preparing for transformational transactions, or fast-growing mid-sized firms looking to make JPMorgan their primary operating bank. Myers emphasized that most of the experts involved are internally focused and “a precious resource,” underscoring that this is not meant to be a mass-market offering.
Strategically, the timing is notable. JPMorgan is already the world’s top investment bank by fees, with LSEG estimating $9.44 billion in investment banking revenue for the year through December 11—equivalent to a 7.4% global wallet share. By sharing its internal operating expertise, the bank is effectively deepening client dependence while raising the bar for rivals who still define advisory work narrowly.
The broader implication is clear: global banks are no longer competing solely on capital and execution, but on institutional knowledge. If JPMorgan’s experiment succeeds, “investment bank” may increasingly mean something closer to “strategic operating partner”—and clients may start asking why their other advisers can’t offer the same secret sauce.
