Jamie Dimon says JPMorgan Chase financed $230 billion in first national-security year
JPMorgan Chase just poured $230 billion into defense and energy projects.
The short version
- Jamie Dimon, the head of JPMorgan Chase, leads the huge $1.5 trillion push.
- The bank plans to blow past the original target.
- This money backs heavy industrial companies and key supply chains.
JPMorgan Chase just hit a massive milestone in its sweeping effort to safeguard the American economy. JPMorgan Chase, the largest U.S. bank, has financed $230 billion of projects through its $1.5 trillion national-security initiative in its first year, according to The Wall Street Journal.
The massive security and resiliency initiative uses the bank's more than $4 trillion balance sheet to back companies critical to domestic infrastructure. Jamie Dimon, the chief executive of JPMorgan Chase, said the program lets the bank take risks its regular lending channels would normally reject.
We are doing things with companies at an earlier stage than JPMorgan would normally do, Dimon said in an interview. The massive total even counts the $125 billion merger of Dominion Energy, a major Virginia electric utility, and NextEra Energy, the giant Florida-based electricity provider.
Dimon noted that the bank will easily blow way past its $1.5 trillion goal over time. Dimon recently partnered with the state of Michigan and Ford Motor, the historic Detroit automaker, to deploy over $2 billion for manufacturing companies. Despite the massive capital flow, Dimon warned that money alone cannot fix worker shortages and slow government permitting rules.
When major banks pivot toward heavy industrial lending, your commercial loan pipeline and local supplier costs feel the ripple effects.
