key takeaways
- With assets of $3.6 trillion, JPMorgan Chase is the largest bank in the US.
- The bank revealed on Monday that it is investing $1.5 trillion in key industries such as technology and defense over the next decade.
- As part of the effort, JPMorgan is establishing an external advisory council to guide its investment strategy.
JPMorgan Chase is America’s largest bank $3.6 trillion in property, announced It is investing $1.5 trillion over the next decade as part of its “Security and Resilience Initiative” to help build industries critical to the U.S. economy and national security, such as energy, manufacturing and defense, it said in a press release Monday.
As part of the plan, JPMorgan said it would “invest up to $10 billion of direct equity and venture capital” in companies falling within four key focus areas: supply chain and critical minerals and advanced manufacturing, including robotics; Defense and Aerospace, including AI and drones; Energy independence and flexibility like battery storage; and strategic technologies including AI, cybersecurity and quantum computing.
Connected: JPMorgan is now worth more than its 3 biggest competitors
“It has become abundantly clear that the United States has allowed itself to become too dependent on unreliable sources of critical minerals, products, and manufacturing – all of which are essential to our national security,” JPMorgan Chase Chairman and CEO Jamie Dimon said in a press release about the initiative. “America needs more momentum and investment.”
Dimon also said the new initiative would focus on ensuring Americans have continued access to “life-saving medicines.” He said it would also help “build energy systems” to meet growing demands driven by AI technology.
JPMorgan said in the release that it had initially planned Invest approximately $1 trillion in these sectors over the next decade. With this new initiative, the bank is adding an additional $500 billion – which is 50% more than its previous plan.
Connected: JPMorgan Chase says AI could cut headcount by 10% in some divisions: ‘We will deliver more’
According to the release, JPMorgan said it will hire an unspecified number of bankers, investment specialists and industry experts. The Bank is also establishing an External Advisory Council comprised of public and private sector leaders to provide guidance and oversight for its investment strategy.
JP Morgan tells It collaborates with approximately 34,000 medium-sized businesses and serves more than 90% of the companies on the Fortune 500 list. At the time of writing, the market capitalization of the bank was $846 billionhigher than the market prices of rival Bank of America ($363 billion), Wells Fargo ($252 billion), and Citigroup ($177 billion) Joint.
key takeaways
- With assets of $3.6 trillion, JPMorgan Chase is the largest bank in the US.
- The bank revealed on Monday that it is investing $1.5 trillion in key industries such as technology and defense over the next decade.
- As part of the effort, JPMorgan is establishing an external advisory council to guide its investment strategy.
JPMorgan Chase is America’s largest bank $3.6 trillion in property, announced It is investing $1.5 trillion over the next decade as part of its “Security and Resilience Initiative” to help build industries critical to the U.S. economy and national security, such as energy, manufacturing and defense, it said in a press release Monday.
As part of the plan, JPMorgan said it would “invest up to $10 billion of direct equity and venture capital” in companies falling within four key focus areas: supply chain and critical minerals and advanced manufacturing, including robotics; Defense and Aerospace, including AI and drones; Energy independence and flexibility like battery storage; and strategic technologies including AI, cybersecurity and quantum computing.
Connected: JPMorgan is now worth more than its 3 biggest competitors
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