JPMorgan Chase said Monday it is launching a decade-long plan to finance and acquire direct stakes in companies it says are critical to U.S. interests.
The bank said in a statement it would invest up to $10 billion in companies in four areas: defense and aerospace, “frontier technologies” including AI and quantum computing, energy technology including batteries, and supply chain and advanced manufacturing.
The money is part of a broader effort called the Security and Resiliency Initiative, in which JPMorgan said it will fund or facilitate $1.5 trillion in financing for companies it deems critical. It said the total amount was 50% higher than a previous plan.
“It has become painfully clear that the United States has become overly reliant on unreliable sources of critical minerals, products and manufacturing – all of which are essential to our national security,” JPMorgan CEO Jamie Dimon said in the release.
As the largest American bank by assets and a Wall Street juggernaut, JPMorgan was already raising funds and lending money to companies in these industries. However, the move helps organize the company's activities according to national interests at a time of increasing tensions between the US and China.
Markets plunged on Friday as President Donald Trump announced new tariffs on Chinese imports after the top U.S. trading partner tightened export controls on rare earths.
In the press release, Dimon said the U.S. must “remove obstacles,” including excessive regulations, “bureaucratic delays” and “partisan gridlock.”
JPMorgan said there are 27 specific industries within the four main areas that it aims to support with advice, financing and investment. These include areas as diverse as nanomaterials, autonomous robots, spacecraft and space launches, as well as nuclear and solar energy.
“Our security rests on the strength and resilience of the American economy,” Dimon said. “This new initiative includes actions such as ensuring reliable access to life-saving medicines and essential minerals, defending our nation, building energy systems to meet AI-driven demand, and advancing technologies such as semiconductors and data centers.”
The bank said it would hire an unspecified number of bankers and set up an external advisory board to support its initiative.
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