JPMorgan extends $1.5 trillion plan to Europe and Canada
By the AFREEQUE newsroom, based on Mercado
JPMorganChase is extending its $1.5 trillion, ten-year programme to finance strategic sectors to Europe and Canada. The initiative covers defence, critical minerals, energy and advanced technologies, while chief executive Jamie Dimon has criticised US dependence on supplies he considers unreliable, Mercado reports.
JPMorganChase is expanding its Security and Resiliency Initiative to Europe and Canada, a ten-year programme aimed at financing and investing $1.5 trillion in sectors considered essential to security and economic resilience. The expansion comes one year after the plan was launched, according to Portuguese media outlet Mercado.
The bank initially planned to finance about $1 trillion in these sectors, before increasing the amount by $500 billion, or 50%. It also plans up to $10 billion in direct investments and venture capital for selected companies, mainly in the United States.
The programme now covers five areas: supply chains and advanced manufacturing; defence and aerospace; energy independence; strategic technologies; and pharmaceuticals and health technologies. These include critical minerals, robotics, drones, battery storage, artificial intelligence and cybersecurity.
JPMorganChase chief executive Jamie Dimon said the United States had become “too dependent on unreliable sources” for critical minerals, products and industrial capacity. The bank, which serves about 34,000 mid-sized businesses and more than 90% of the 500 largest US companies, plans to hire more bankers and specialists and has formed an external advisory council bringing together public- and private-sector leaders.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
