JPMorgan Chase CEO Jamie Dimon reportedly wants to invest bank dollars in companies critical to national security.
Dimon is spearheading a strategy that would have JPMorgan invest billions of dollars of the bank's own capital into defense, mining, artificial intelligence, energy and other industries deemed essential to America's national security and economic resilience, The Wall Street Journal reported late Monday.
The initiative aligns with President Donald Trump's push to rebuild the U.S. defense industrial base amid growing geopolitical threats.
The effort reportedly gained momentum after Dimon toured an L3Harris missile factory in Huntsville, Alabama, last fall.
Company executives explained that inconsistent federal procurement makes it difficult to expand production of rocket motors used in Tomahawk cruise missiles and Terminal High Altitude Area Defense interceptors, both of which have become increasingly important as U.S. weapons stockpiles have been strained by recent conflicts, including the war with Iran.
Following the visit, JPMorgan committed $10 billion of its own capital to directly invest in companies considered vital to national security while also pledging to facilitate $1.5 trillion in lending and financing for defense and related industries through 2035, the Journal reported.
The bank recruited former Berkshire Hathaway investment manager Todd Combs to oversee the $10 billion Strategic Investment Group, part of JPMorgan's Security and Resiliency Initiative.
In announcing the appointment last year, Dimon praised Combs as one of the world's premier investors and said the initiative would help strengthen industries critical to U.S. security.
The Journal reported that JPMorgan has already invested in projects including Idaho-based Perpetua Resources, which is producing antimony, a mineral used in ammunition, and companies involved in artificial intelligence and advanced manufacturing.
The bank also has advised defense contractors and worked with the Pentagon on financing arrangements intended to accelerate weapons production.
The initiative dovetails with Trump's recent efforts to increase munitions production.
The president recently met with senior Pentagon officials and defense industry executives at the White House to encourage expanded manufacturing of missiles and other military equipment as the administration seeks to replenish U.S. stockpiles and strengthen America's defense posture.
Dimon views the national security initiative as part of his long-term legacy and has considered remaining involved with it even after stepping down as CEO, the Journal reported.
The newspaper also reported the bank hopes to eventually expand the direct-investment fund beyond $20 billion while continuing to deepen partnerships between Wall Street, private industry and the federal government on projects viewed as strategically important to the United States.