JPMorgan to invest up to $10 billion in US national security as part of $1.5 trillion commitment

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Shares of America’s largest bank rose more than 2%.

JPMorgan said it would deploy the $10 billion through direct equity and venture capital investments.

CEO DIMON: AN INITIATIVE NOT LEADED BY TRUMP, “100% COMMERCIAL”

Monday’s announcement also follows Trump’s criticism of JPMorgan and its rivals over so-called “debanking” customers because of their political or religious beliefs.

JPMorgan CEO Jamie Dimon, speaking on a conference call in which he was repeatedly asked about government involvement, said the investments were not driven by the Trump administration.

“This is a JPMorgan initiative,” he clarified, stressing that the investments would be “100% commercial” and not philanthropic.

The company said it already planned to facilitate and finance about $1 trillion over the next decade to support customers in these sectors, according to previously undisclosed internal figures, but would increase that size by 50%.

US PURSUES CASES INVOLVING DOZENS OF COMPANIES

“We’ve had as many as 100 calls with clients to talk about the MP deal as well as what it means for other industries,” said Andrew Castaldo, co-head of mid-market M&A at JPMorgan. “And we have made many trips to Washington to explore these opportunities with the government.”

“America needs more speed and more investment,” he said.

FOUR KEY INVESTMENT AREAS

The bank plans to create an external advisory board comprised of public and private sector executives, in addition to hiring more bankers and investment professionals.

Dimon said he intends to quickly hire a top-notch investment team, without specifying how many bankers he plans to add.

It will also expand research into supply chain vulnerabilities and emerging technologies using its recently launched Geopolitics Center.

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