JPMorgan Chase has appointed veteran executive Jay Horine to oversee its new $1.5 trillion investment initiative focused on strengthening U.S. national security industries, according to an internal memo obtained by Reuters.
Horine, previously co-head of global investment banking, will now serve as global banking’s head of the Security & Resiliency Initiative, a program designed to channel long-term capital into key domestic sectors such as defense, energy, and manufacturing. He will continue to report to Filippo Gori and John Simmons, the co-heads of global banking.
“Jay’s industry expertise and strong relationships across the energy sector and other critical industries make him ideally suited for this pivotal role,” Gori and Simmons wrote in the memo.
A decade-long $1.5 trillion commitment
Earlier this month, JPMorgan announced plans to invest up to $10 billion in U.S. companies that contribute to national security as part of a broader $1.5 trillion commitment over the next ten years. The bank intends to deploy the funds through direct equity and venture capital investments, supporting firms that play a vital role in supply chain resilience and industrial innovation.
With Horine’s promotion, Dorothee Blessing will assume sole leadership of the global investment banking division. The change marks another step in JPMorgan’s broader strategy to expand its involvement in critical sectors that align with U.S. government priorities.
First investment already underway
JPMorgan has already made its first investment through the new initiative in Perpetua Resources, an American antimony and gold miner listed on the Nasdaq. The company (PPTA.O) operates projects considered essential for national defense and clean energy technologies.
The move underscores JPMorgan’s growing commitment to U.S. industrial and security interests at a time when the federal government and private sector are increasingly coordinating to counter supply chain vulnerabilities and foreign dependence in key materials.