JPMorgan's Activism Defense Expansion: Navigating the New Corporate Battleground
65min read The financial landscape is increasingly volatile, and JPMorgan Chase is doubling down on a strategy to help corporations weather the storm. In April 2025, the bank announced the largest expansion of its Global Shareholder Engagement and M&A Capital Markets Group in over a decade, hiring three seasoned bankers—including two managing directors from rival firms—to bolster its activism defense capabilities. This move underscores a growing corporate battleground where shareholder activists are demanding sweeping changes, from boardroom shakeups to asset sales.
The hires—Duncan Herrington from Jasper Street Partners, Lyndon Park from ICR Shareholder Advisory, and Brian Frank, a JPMorgan veteran—reflect the bank’s focus on arming clients with expertise to fend off activists. These professionals bring decades of experience in shareholder relations, governance disputes, and crisis management. Herrington’s background in corporate strategy at Jasper Street, and Park’s deep ties to investor advisory at ICR, position JPMorgan to counter aggressive campaigns targeting companies’ structures and leadership.
Why the surge in activism defense?
The demand for such services is fueled by record levels of activism. In 2024, 45 new activist campaigns were launched globally, a 20% increase over 2023, per data from ISS Analytics. Declining stock prices and regulatory uncertainty have made corporations more vulnerable to investor pressure. Shareholders, armed with data and leverage, are pushing for faster returns, operational overhauls, or boardroom changes.
JPMorgan’s expansion is a response to this trend—and an opportunity. Since its 2020 restructuring, the bank has climbed from eighth to second place in Bloomberg’s Global Financial Advisers rankings, trailing only Goldman Sachs. This rise correlates with its deepening focus on activism defense, which now accounts for roughly 15% of its M&A advisory revenue, up from 8% in 2020.
Key cases and competitive dynamics
JPMorgan’s recent wins include high-profile defenses:
- Walt Disney (DIS): In 2024, the bank helped Disney resist Trian Fund Management’s push for board seats, a battle that saw Disney’s stock rise 12% in the months following the standoff.
- BlackRock (BLK): JPMorgan’s team advised the asset manager against Saba Capital’s demands for governance reforms, with BlackRock’s stock climbing 9% post-resolution.
- Matthews International (MATW): In early 2025, the firm successfully fended off Barington Capital’s bid to replace its board, stabilizing its stock at $68/share, up from $55 during the crisis.
Competitors are also ramping up. Goldman Sachs promoted Pamela Codo-Lotti to partner in its activism defense unit, while Bank of America hired Amy Lissauer from Wachtell Lipton to bolster its team. This arms race reflects a sector primed for growth: the global activism defense market is projected to hit $12 billion by 2027, up from $8 billion in 2023, per IndexBox Market Intelligence.
Conclusion: A strategic bet on corporate resilience
JPMorgan’s 2025 expansion is not merely about hiring talent—it’s a calculated move to capitalize on a structural shift in corporate governance. With activist campaigns hitting record highs and shareholder demands intensifying, companies are paying premiums for banks that can navigate boardroom battles, regulatory hurdles, and investor relations crises.
The numbers back this shift: JPMorgan’s rise to second in global league tables—from eighth in 2020—demonstrates its effectiveness, while its 15% revenue share in M&A advisory from activism cases signals a lucrative niche. As rivals like Goldman and Bank of America follow suit, the competition for corporate clients is heating up.
For investors, JPM’s focus highlights two opportunities:
1. Long-term growth in advisory fees: As activism remains a fixture of corporate life, demand for specialized defense services will likely sustain JPMorgan’s advisory revenue stream.
2. Corporate resilience plays: Companies with strong governance and activist-ready strategies—like Disney or BlackRock—may outperform peers in volatile markets.
In a world where every boardroom faces scrutiny, JPMorgan’s bets on activism defense aren’t just about winning deals—they’re about positioning the bank as the go-to ally for corporations fighting to stay in control.
This strategic move isn’t just about today’s battles—it’s about shaping the future of corporate governance, one shareholder showdown at a time.
