When Reinout Boettcher arrives for the interview, he begins with an apology. «Looking at how the year has unfolded, I could have been a bit bolder with my forecast for 2025,» says the Head of Swiss Investment Banking, who is also responsible for J.P. Morgan's Switzerland business. 

It was not that Boettcher had been pessimistic. He had been optimistic—but cautiously so.«At the end of 2024, it was not fully foreseeable that the Swiss market would become this active,» Boettcher explains. 

As a result, his conservative outlook was positively surpassed by market momentum: the Swiss mergers and acquisitions market performed unexpectedly strongly in 2025, particularly in large-cap M&A.

Strong Pipeline, But Many Projects Still at an Early Stage

Is this why Boettcher is so positive about 2026? According to him, the pipeline for the coming year is «clearly stronger than it was twelve months ago». However, many projects are still at an early stage, meaning that the «conversion probability» is lower than for more advanced mandates.

Nevertheless, the overall trend is clear: companies are once again thinking more strategically, transactions are back on the agenda, financing markets are functioning well, and the valuation environment is stable.

This is also linked to developments in the United States, where recent large-scale transactions have demonstrated that sizeable, financing-intensive deals are once again feasible. For Boettcher, this sends a positive signal for Europe and Switzerland as well.

IPO Market: Investors Set High Standards

Looking ahead to 2026, Boettcher sees risks primarily in geopolitical shocks, sudden trade policy measures, or an unforeseen «black swan» event. Absent such external factors, however, there is «no indication of a trend reversal».

In the mid-market segment, activity remains solid, but overall volumes continue to depend on well-capitalized large corporates, carve-outs, and the engagement of private financial investors. The conditions for this remain favorable: Swiss companies are very well capitalized and continue to be willing to gain market share, realize synergies, or divest non-core assets.

Boettcher remains cautious on IPOs. The Swiss IPO market is traditionally small, with two to three transactions in strong years. «I would not rule out seeing one or two IPOs next year,» he says. Investors are generally open to new listings, but only where quality is exceptionally high. Companies today need to invest significantly more time to ensure full IPO readiness.

New Momentum in the Swiss Banking Market

The disappearance of Credit Suisse has fundamentally changed the market, but not destabilised it. Boettcher praises the smooth integration of Credit Suisse into UBS and notes that the market has become more open as a result. Many companies are reassessing their banking relationships, creating new opportunities for international institutions.

Competition remains intense. «Switzerland is a highly attractive market. All major international banks have a local presence and are focused on expanding their positions. We aim to differentiate ourselves through our comprehensive global offering, technological leadership, and innovative solutions across all business lines.»

J.P. Morgan Posts Double-Digit Growth in Switzerland 

This also applies to J.P. Morgan itself. For the US bank, 2025 has been an exceptionally successful year. By the end of October, the firm expects close to 10% growth across all business areas. «If we can grow at close to double-digit rates as one of the largest international players in the market, it shows that we are holding our own very well in a highly competitive environment,» says Boettcher.

Private Banking: Ambitious Growth Plans

Alongside corporate banking, onshore private banking is one of the key growth areas. J.P. Morgan aims to double its Swiss wealth management business over the next three to five years—an ambitious target that depends primarily on recruiting the right talent.

«We are not looking for caretakers of existing books, but for bankers who can generate new business,» Boettcher emphasizes. The firm’s platform is strong, with a global product offering, excellent balance sheet quality, and high market recognition. However, the scarcity of top relationship managers makes growth a demanding challenge.