JPMorgan Builds Natural Resources Vertical with Key Hires for Middle-Market Energy Deals

On August 21, 2025, JPMorgan Chase announced it had recruited two senior bankers—Max Barrett and Brad Epstein—to join its natural resources investment banking team in Houston as managing directors. Barrett will focus on companies that provide services and equipment to energy producers, while Epstein will cover midstream and downstream sectors. Together, these appointments correspond with JPMorgan’s creation of a dedicated vertical within its mid-cap investment banking unit aimed at servicing energy and natural resources clients in the middle market [1].

The move underscores JPMorgan’s recognition of the strategic importance of the energy value chain beyond purely upstream production. By targeting equipment & services, midstream, and downstream operations, the bank is positioning itself to capture advisory and capital-raising mandates in segments that are often more stable and less volatile than exploration & production. It also signals that JPMorgan considers there to be under-served demand in the middle-market energy segment—where many companies are seeking capital, mergers & acquisitions, or restructuring amid energy transition pressures.

Barrett’s background includes time at the energy-focused arm of boutique advisor Perella Weinberg Partners, and private equity firm White Deer Energy, indicating deep industry and transactional experience across energy services [1]. Epstein brings more than a decade of coverage experience across midstream, downstream, refining, and renewable fuels at Citigroup, UBS, and Citadel. His breadth suggests JPMorgan intends robust offerings across both traditional and transition-aligned energy sectors [1].

Strategically, these hires augment JPMorgan’s ability to compete with smaller energy-specialist banks while leveraging its scale. The Houston base gives proximity to key energy clients and deal flow. The new vertical in the mid-cap unit suggests an organizational commitment to developing bench strength in this segment—likely driven by expectations of restructuring in energy, growth in services demand, and pressure from environmental, social, and governance (ESG) trends that make midstream and downstream operations, and equipment, focal areas of investment.

However, several questions remain. It is not yet clear how much incremental deal flow or revenue JPMorgan anticipates generating from this vertical. Also unknown is how this new focus interfaces with the bank’s existing natural resources group: whether responsibilities overlap, whether internal conflicts may arise, or whether cross-group collaboration will be well structured. Furthermore, regulatory scrutiny—especially related to environmental permitting, emissions, and ESG reporting—could influence both deal risk and client behavior. Lastly, with energy transition accelerating, the extent to which these bankers will engage with renewables, hydrogen, or low-carbon fuel sectors versus fossil-centred projects will be a key factor in how the strategy is perceived and performs.

In sum, JPMorgan’s recruitment of Barrett and Epstein reflects a calculated move to strengthen its weight in the energy investment banking space—particularly mid-cap natural resources. Its success will depend on execution, internal alignment, deal sourcing, and how well the bank adapts to regulatory and ESG dynamics.