Hence, amid such a backdrop, companies started rethinking their M&A plans despite stabilizing rates and having significant investible capital. Nonetheless, JPMorgan's leadership in the space is likely to have supported advisory fees to some extent. As such, JPMorgan's IB fee growth is expected to have been decent. Also, the IPO market saw signs of cautious optimism, given the market volatility and geopolitical challenges. Further, the subdued equity market performance led to weak activity in follow-up equity issuances. Bond issuance volume was weak for similar reasons. Thus, growth in JPM's underwriting fees (accounting for almost 60% of total IB fees) is expected to have been modest during the to-be-reported quarter.