JPMorgan is to expand its $1.5tn “security and resilience initiative” from the US to the UK, investing in industries considered critical to economic security.
The scheme, launched in October, will finance and make investments in defence, aerospace, energy independence and the supply chains for “critical minerals and advanced manufacturing”. The US bank says it will extend the initiative to the UK “in the coming months”.
“As in the US, the UK commitment will include direct equity and venture capital investments. Further details will follow soon,” the bank said.
When the lender first announced the 10-year initiative in the US last month, CEO Jamie Dimon said: “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 — all of which are essential for our national security.”
The launch in October coincided with President Donald Trump threatening to sharply raise tariffs on Chinese goods in response to Beijing’s decision to restrict exports of rare earth minerals, a key component in advanced manufacturing and defence technologies.
The expansion of the scheme to Britain comes as the US bank announced plans to build “London’s biggest office” in Canary Wharf, with the new European HQ housing 12,000 staff and creating almost 8,000 jobs.
The project could add close to £10bn to the local economy during construction, according to JPMorgan. Dimon said on Thursday: “This building will represent our lasting commitment to the city, the UK, our clients and our people.
“London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.”
Returning to the investment initiative, the bank said: “In addition to its physical footprint, JPMorgan plans to expand its business activity in the UK.”
When the scheme was first announced in the US the bank said that, as part of the plan, it will make direct equity and venture capital investments of up to $10bn to help select companies, primarily in the US, enhance growth.
The bank had already said it planned to finance and invest $1tn over the next decade in industries considered critical to economic security but added in October that it would increase this by 50 per cent.
Dimon said at the time: “This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand and advancing technologies like semiconductors and data centres. Our support of clients in these industries remains unwavering.”
