Davos 2026 | JPMorgan’s Filippo Gori sees positive global mood, strong India flows and robust M&A pipeline

Filippo Gori, Co‑head of Global Banking at JPMorgan, said the overall mood among investors remains positive across regions, with Europe moving past tariff-related concerns and major investments underway in the Middle East.

Speaking to CNBC‑TV18 on the sidelines of the World Economic Forum in Davos, Gori noted that Europe has “moved on from the tariffs,” with clients now prepared to invest and concentrate on business growth. In the Middle East, he highlighted “enormous investments” and a wider strategic reassessment of the region’s global role, both of which have strengthened investor optimism.

On India, Gori said the country has performed “exceptionally well” over the past 15 years and undergone a substantial transformation. He pointed out that India accounted for around 25% of Asia‑Pacific IPO flows last year, underscoring sustained investor interest in Indian equities. He added that capital flows into India have remained steady despite currency fluctuations, with domestic consumption, manufacturing, exports, infrastructure reforms and services acting as key growth drivers.

Gori also said JPMorgan, which employs more than 60,000 people in India, is “very proud” of the contribution made by its India‑based workforce, adding that the country continues to play a central role in the bank’s global services operations.

Looking ahead, he said global IPO activity is likely to strengthen in 2026 after several years of subdued volumes, supported by a backlog of listings and improving market conditions. He explained that the US IPO market was disrupted in 2025 by factors including a slowdown in April and a government shutdown later in the year, causing several deals to shift into 2026.

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Gori also said mergers and acquisitions activity is currently the strongest seen so far, supported by low credit spreads, clearer visibility on interest rate trajectories in the US and Europe, and a favourable financing environment. He said large deals returned in the second half of last year and that the M&A pipeline for 2026 is the strongest on record.

On investment themes, Gori said geopolitics, inflation and artificial intelligence are expected to influence investment decisions in 2026. He said AI

remains a major focus for investors, both for its potential to boost productivity and reshape businesses, as well as concerns around valuations, employment impact and monetisation models.

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