摩根大通以超大额融资承压其他放贷方：单行出资 200 亿美元用于收购 Electronic Arts，为史上最大单行 LBO 承诺，成交用时 11 天，相关费用约 5 亿美元。此前还主导 3G 收购 Skechers 的 80 亿美元融资，以及为 Warner Bros. Discovery 拆分筹集 175 亿美元。资产规模达 4.6 万亿美元，使其理论上可对单一客户承受近 500 亿美元风险敞口，并位居过去 10 年中全球收购融资榜首 7 次。自 AI 与高利率背景下信贷市场波动加剧以来，摩根大通重返高额承销市场，对“可控”交易采取全力投入策略。

竞争格局的量化指标显示摩根大通对私募信贷形成压制：在私募巨头 Ares 与 Apollo 最近数年吞下大额私募贷款的背景下，摩根大通重新扩大银团融资份额，并利用市场窗口避免重演同行在 2022 年 Citrix、Nielsen 等交易中遭受的数亿美元亏损。近期信用恶化案例包括摩根大通在次贷车贷机构 Tricolor 上的 1.7 亿美元损失，加剧银行与私募之间的公开摩擦。部分交易失败亦显示风控边界：58 亿美元 Nouryon 融资及 9.5 亿美元 Pursuit Aerospace 交易因行业风险与投资者抵触而撤回。

在并购交易预期于 2026 年创纪录增长的前景下，摩根大通以“产品中立”方式争夺份额：可提供桥贷、银团贷款或其 500 亿美元直贷池的组合。例如 70 亿美元规模的 Walgreens 收购融资同时覆盖美元、欧元与英镑并包含私募信贷结构。行业普遍认为，能反复写出 200 亿美元支票的银行极为稀少，而摩根大通的新总部象征其继续主导大额融资能力。

JPMorgan is overwhelming rivals with ultra-large financing commitments: a single-bank $20 billion check for the Electronic Arts LBO—the largest ever—completed in 11 days with about $500 million in fees. It also led the $8 billion Skechers financing and the $17.5 billion Warner Bros. Discovery separation. With $4.6 trillion in assets, JPMorgan can theoretically hold nearly $50 billion of exposure to one client under US rules, helping it secure the No. 1 global acquisition-financing position in 7 of the past 10 years. Amid credit-market stress linked to AI-era volatility and higher rates, the bank has re-entered large underwritings aggressively for transactions it deems “palatable.”

Quantitative indicators show JPMorgan pressuring private credit players. After years in which Ares and Apollo captured megadeals, JPMorgan is regaining syndicated-loan share while having avoided the hundreds of millions in losses peers suffered on 2022’s Citrix and Nielsen deals. Recent cracks—like JPMorgan’s $170 million loss on Tricolor—have heightened public tension with private credit. Failed deals also outline its risk limits: the $5.8 billion Nouryon financing and the $950 million Pursuit Aerospace deal were pulled due to sector risk and investor resistance.

With M&A forecast to hit record levels in 2026, JPMorgan is pushing a “product-agnostic” pitch—bridge loans, syndicated loans, or slices of its $50 billion direct-lending pool. Its Walgreens financing spanned USD, EUR, and GBP tranches plus private credit. Industry consensus is that few firms can repeatedly write $20 billion checks, and JPMorgan’s new Manhattan headquarters symbolizes its continued dominance in supersized deal financing.