# Business
Elon Musk’s five-step process: a practical reading
A practical way to apply the five steps: challenge requirements, remove duplication, simplify, speed up, and automate.
JPMorgan reorganized its investment banking leadership in May 2026, naming Dorothee Blessing, Kevin Foley, and Jared Kaye co-heads of global investment banking. Reuters reported the appointments on May 13 and said Anu Aiyengar would become global chair of investment banking and mergers and acquisitions. JPMorgan’s biography for Blessing confirms her co-head role. [1][2]
Investment banking includes corporate advice, capital raising, and relationships with companies and financial institutions. Clients may need several of those capabilities at once: an acquisition can require valuation advice, financing, hedging, and an eventual securities offering.
A shared leadership structure can improve coordination, but it can also complicate accountability. The practical issue is who owns a client decision, how teams resolve conflicts, and whether specialist knowledge reaches the transaction when needed.
The appointments establish responsibilities within investment banking. They do not, on their own, establish who will eventually lead the whole company. Speculation about succession should be identified as speculation and supported by attributable reporting.
When assessing the structure’s results, use consistent measures. Advisory fees capture one revenue stream; total investment banking revenue is broader. Announced deal values describe a pipeline, while completed transactions show which deals actually closed.
Watch continuity of senior coverage, completed mandates, fee performance, and staff retention. For clients, the ability to coordinate advice and financing matters more than the number of executives at the top. For investors, a successful structure should show up in durable client relationships and risk-adjusted performance, not simply in a more prominent set of titles.
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A practical way to apply the five steps: challenge requirements, remove duplication, simplify, speed up, and automate.
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