JPMorgan Chase () has pledged to direct $1.5 trillion to industries that strengthen America’s economic security and resilience over the next 10 years — an initiative that will invest billions of dollars in companies and hire bankers and other professionals.
The campaign will increase the amount of capital, resources and personnel that the largest US bank already dedicates to diverse sectors, such as rare earth minerals, pharmaceutical precursors and robotics, as well as ventures that develop defense, aerospace and energy technologies, such as drones, battery storage and electrical grid resiliency.
JPMorgan estimated the effort will add as much as $500 billion to what it would have provided anyway.
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The CEO is launching the initiative amid trade tensions between Washington and Beijing. Last week, the president promised after China announced tighter controls on the export of items that use even traces of certain rare earth minerals, as well as equipment and technology to process them.
“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 essential to our national security,” Dimon said in a statement Monday announcing the bank’s goal. “We need to act now.”
Dimon, 69, has been more outspoken about U.S. security in recent years. The country is too reliant on potential adversaries for critical military products, he wrote in a letter to shareholders in May, specifically citing China. By 2023, it stated that U.S. supply chains for critical products and materials “must be domestic or open only to completely trusted allies or partners.”
In addition to loans and direct investments, there are several ways that large investment banks can finance industries without using their own capital. This may include conducting stock or bond sales, or arranging third-party financing. JPMorgan said the $1.5 trillion target will include financing that the company facilitates. The initiative will involve its asset and wealth management area, which manages client investments.
“This is not philanthropy. It’s 100 percent business,” Dimon said Monday during a conference call to discuss the announcement. “We will use our research resources, bankers and investors to scour the United States and perhaps the world for new opportunities.”
Last year, JPMorgan extended credit and raised capital totaling $2.8 trillion.
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Under the new initiative, the bank will make equity and venture capital investments of up to $10 billion to help certain companies expand, innovate or accelerate strategic manufacturing. The company also said it will advocate for policies that support these efforts.
Dimon said JPMorgan will hire an investment team as well as dedicated bankers “who can deal not only with the best companies in the world, but also with governments.”
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