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By Nupur Anand
NEW YORK (Reuters) – JPMorgan Chase on Monday launched a $1.5 trillion plan to promote, finance and invest in industries critical to U.S. national security and economic resilience, including defense, energy and advanced manufacturing.
As part of the 10-year initiative, the largest U.S. lender also plans to hire more bankers and invest up to $10 billion through direct equity and venture capital investments in U.S. companies, with a focus on fast-growing companies and key manufacturers.
The announcement comes as US President Donald Trump’s administration seeks to modernize infrastructure and reduce reliance on foreign supply chains, particularly in sectors such as pharmaceuticals, semiconductors, clean energy and rare earths.
“It has become painfully clear that the United States has become overly dependent on unreliable sources of critical minerals, products and manufacturing – all of which are critical to our national security,” said JPMorgan Chairman and CEO Jamie Dimon said.
Trump revived the trade war against Beijing on Friday, ending an uneasy truce between the two largest economies with a promise to sharply increase tariffs in retaliation against China restricting its exports of rare earths.
JPMorgan said its new “security and resiliency initiative” would facilitate financing and investment in four strategic sectors: supply chain and manufacturing; defense and aerospace; energy independence; and frontier technologies such as artificial intelligence and quantum computing.
The company said it already planned to deploy and fund about $1 trillion over the next decade to support customers in these key industries, according to previously undisclosed internal figures. However, the size will be increased by 50%.
The U.S. government is pursuing deals in up to 30 industries involving dozens of companies deemed critical to national or economic security, Reuters reported this month.
JPMorgan, which helped draft the government’s deal with U.S. rare earths miner MP Materials, said in a recent company podcast that the bank is working with the Trump administration to explore more such opportunities.
“We have had no fewer than 100 calls with clients to discuss the MP transaction and what it means for other industries,” said Andrew Castaldo, co-head of mid-market mergers and acquisitions at JPMorgan. “And we have made numerous trips to Washington to explore these options with the administration.”
Dimon also stressed the need for policy reforms to accelerate progress, citing regulatory delays and labor challenges.
