JPMorgan Chase On Monday he said he is launching a decade-long plan to help finance and take direct stakes in companies he sees as crucial to American 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 artificial intelligence 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 Resilience Initiative, in which JPMorgan said it will fund or facilitate $1.5 trillion in financing for companies it identifies as crucial. He said the total amount is 50% more than a previous plan.
“It has become painfully clear that the United States has allowed itself to become overly dependent 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 statement.
As the largest U.S. bank by assets and a Wall Street giant, JPMorgan was already raising funds and lending money to companies in those industries. But the move helps organize the company's activities around national interests at a time of intense tensions between the United States and China.
On Friday, markets plunged as President Donald Trump announced new tariffs on Chinese imports after the United States' top trading partner tightened export controls on rare earths.
In the statement, Dimon said the United States needs to “remove obstacles,” including excessive regulations, “bureaucratic delays” and “partisan gridlock.”
JPMorgan said that within the four core areas, there were 27 specific industries it would seek to support with advice, financing and investments. This includes areas as diverse as nanomaterials, autonomous robots, spacecraft and space launches, and nuclear and solar energy.
“Our security is based on the strength and resilience of the American economy,” Dimon said. “This new initiative includes efforts such as ensuring reliable access to critical life-saving medicines and 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 create an outside advisory board to support its initiative.
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