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The
investment plan revealed Monday will focus on four areas: supply
chain and advanced manufacturing in critical minerals,
pharmaceutical precursors and robotics; defense and aerospace;
energy independence, with investments in battery storage and
grid resilience; and strategic technologies, including
artificial intelligence, cybersecurity and quantum computing.
The investment is part of the bank's Security and Resiliency
Initiative, a $1.5 trillion, 10-year plan to facilitate, finance
and invest in industries critical to national security.
“It has become painfully clear that the United States has
allowed itself to become too reliant on unreliable sources of
critical minerals, products and manufacturing – all of which are
essential for our national security,” Chairman and CEO Jamie
Dimon said in a statement. “Our security is predicated on the
strength and resiliency of America’s economy. America needs more
speed and investment.”
This summer, JPMorgan helped put together a deal under which the
Defense Department agreed to invest $400 million in U.S. rare
earth company MP Materials. The bank is also providing financing
for MP Materials’ second magnet producing factory in the U.S.
The nation's largest bank plans to finance approximately $1
trillion over the next decade in support of clients in these
industries. JPMorgan Chase is looking to increase this amount by
up to $500 billion, or a 50% increase, with additional resources
and capital.
“America needs more speed and investment,” Dimon said. "It also
needs to remove obstacles that stand in the way: excessive
regulations, bureaucratic delay, partisan gridlock and an
education system not aligned to the skills we need.”
JPMorgan says that it serves 34,000 mid-sized companies and more
than 90% of the Fortune 500.
It plans to hire more bankers, investment professionals and
other experts to help address its investment plan. It will also
create an external advisory council that includes leaders from
the public and private sectors to help guide the long-term
strategy.
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