JPMorgan to invest up to $10B in national security as part of $1.5T pledge

By Nupur Anand

Summary:

– JPMorgan’s 10-year plan targets defense , energy , manufacturing and frontier tech.

– $10 billion will be deployed via direct equity and venture capital investments.

– Bank will hire investment professionals and form an advisory council for oversight.

NEW YORK — JPMorgan Chase announced plans on Monday to hire bankers and invest up to $10 billion in U.S. companies considered critical to national security and economic resilience as part of a broader $1.5 trillion pledge.

The 10-year initiative aims to facilitate, finance and invest in industries central to the growth of the U.S. economy, including defense, energy and manufacturing.

Shares of the largest U.S. bank climbed more than 2%.

JPMorgan said it will deploy the $10 billion through direct equ