JP Morgan intends to invest up to $10 billion in US companies with significant national security ties

The investment plan unveiled on Monday will focus on four areas: supply chain and advanced manufacturing in critical metals, pharmaceutical precursors and robotics; Defense and space. energy independence, with investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity, and quantum computing.

This investment is part of the Bank’s Security and Resilience Initiative, a 10-year, $1.5 trillion 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 overly reliant on unreliable sources of critical minerals, products, and manufacturing — all of which are essential to our national security,” Jamie Dimon, chairman and CEO, said in a statement. “Our security depends on the strength and flexibility of the American economy. America needs more speed and investment.”

This summer, JPMorgan helped put together a deal under which the Department of Defense agreed to invest $400 million in US rare earth company MP Materials. The bank is also providing financing for MP Materials’ second magnet production plant in the United States

The country’s largest bank plans to fund nearly $1 trillion over the next decade to support customers 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 must also remove the obstacles that stand in its way: excessive regulation, bureaucratic delay, partisan gridlock, and an education system that is out of step with the skills we need.”

JP Morgan says it serves 34,000 medium-sized companies and more than 90% of the Fortune 500 companies.

It plans to hire more bankers, investment professionals and other experts to help process its investment plan. An external advisory board will also be established that includes leaders from the public and private sectors to help guide the long-term strategy.