NEW YORK: JPMorgan Chase will directly invest up to $10 billion in US companies with crucial ties to national security. 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&#39;s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national security. &ldquo;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 &ndash; all of which are essential for our national security,&rdquo; Chairman and CEO Jamie Dimon said in a statement. &ldquo;Our security is predicated on the strength and resiliency of America&rsquo;s economy. America needs more speed and investment.&rdquo; This summer, JPMorgan helped put together a deal under which the Defense Department agreed to invest $400 million in US rare earth company MP Materials. The bank is also providing financing for MP Materials&rsquo; second magnet-producing factory in the US. The nation&#39;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. &ldquo;America needs more speed and investment,&rdquo; Dimon said. &quot;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.&rdquo; 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 establish an external advisory council comprising leaders from both the public and private sectors to guide the long-term strategy.

FILE - The logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York, Aug. 16, 2019. (AP Photo/Richard Drew, File)

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The investment is part of the bank's Security and Resiliency Initiative to facilitate, finance, and invest in industries critical to national security.

Articles tagged with "JP Morgan Chase"

JPMorgan to invest up to $10 billion in US companies with ties to national security

JPMorgan to invest up to $10 billion in US companies with ties to national security