JPMorgan Chase has made one of the most significant external hires in its history by appointing Todd Combs, a senior executive from Berkshire Hathaway, to lead a powerful new initiative focused on national security. This move comes as the bank accelerates its long-term JPMorgan national security initiative, which includes a commitment to mobilize $1.5 trillion over the next decade to support industries vital to the United States.
Todd Combs to Lead Strategic Investments
Combs, a trusted lieutenant of legendary investor Warren Buffett, officially joined JPMorgan this week. He will head a dedicated team responsible for investing more than $10 billion of the bank’s own capital into companies aligned with national security priorities. These investments will focus on sectors such as advanced technology, defense, robotics, rare earth elements, and critical medicines. Instead of targeting giant corporations, the team will identify promising small and mid-sized firms that play key roles in strengthening the country’s security infrastructure.
Analysts Expect Strong Impact
Industry analysts believe Combs will bring deep expertise and a disciplined investment approach shaped by years at Berkshire Hathaway. Sean Dunlop of Morningstar noted that the new team will help JPMorgan spot strategic opportunities and navigate policy obstacles more effectively. Combs’ background, including his leadership at Berkshire-owned insurer Geico and his previous role as a JPMorgan board member, makes him a standout choice for this high-stakes effort.
Initiative Inspired by Dimon’s National Tour
The roots of the initiative trace back to CEO Jamie Dimon’s annual summer bus tour. During a visit to an L3Harris Technologies facility in Alabama, Dimon learned about the challenges faced by suppliers in the U.S. defense ecosystem, particularly the uncertainty around future government orders. This sparked conversations about how JPMorgan could support these suppliers and build stability in the broader defense supply chain. L3Harris did not comment on the discussions, but the visit played a key role in shaping the bank’s overall strategy.
First Investments Already Underway
The initiative officially started moving in late October, when JPMorgan invested in Perpetua Resources, a company that recently secured $255 million in fresh equity. This deal is one of many expected as the bank continues evaluating companies essential to national resilience, including those in rare earth mining and advanced manufacturing.
A Broader Economic and Security Mission
Dimon has repeatedly emphasized that America’s economic strength and national security are deeply linked. In his annual letters to shareholders, he has urged the country to rebuild industrial capacity and reduce its dependence on foreign nations—especially China—for critical resources like semiconductors, rare earths, and pharmaceutical ingredients. Strengthening these industries, he argues, is essential for long-term national stability.
How JPMorgan Plans to Deploy Its Trillion-Dollar Commitment
The bank has pledged $1.5 trillion to support industries it considers vital. A portion of this will go toward loans, while another portion will be direct equity and venture investments led by Combs’ team. The exact breakdown between lending and investing remains unclear. Recent deals, such as JPMorgan’s dual role as lender and advisor for MP Materials during a $1 billion government-backed financing transaction, show how the bank may operate across multiple fronts.
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