JPMorgan Chase has appointed long-time executive Jay Horine to lead its ambitious $1.5 trillion investment fund aimed at bolstering U.S. national security industries, according to an internal memo seen by Reuters. The move underscores the bank’s deepening commitment to sectors seen as vital to America’s strategic and economic resilience, including defense, energy, and manufacturing.
The new fund, part of JPMorgan’s decade-long pledge to channel $1.5 trillion into national security priorities, will see up to $10 billion invested directly in U.S. companies through equity and venture capital deals. Earlier this month, the bank announced plans to expand its workforce to support the initiative, hiring additional bankers to target firms shaping the nation’s industrial and technological backbone.
Horine, formerly co-head of global investment banking, will assume the role of global banking’s head of the Security & Resiliency Initiative with immediate effect. He will continue reporting to Filippo Gori and John Simmons, the co-heads of global banking, who praised Horine’s track record in sectors central to the plan. “Jay’s industry expertise and strong relationships across the energy sector and other critical industries make him ideally suited for this pivotal role,” the memo said.
With Horine’s appointment, Dorothee Blessing will now serve as the sole head of global investment banking. The new leadership structure is expected to help streamline decision-making as JPMorgan begins deploying capital into key areas tied to national defense and supply chain resilience.
The first investment under the initiative has already been made. Perpetua Resources, a U.S.-based miner of gold and antimony — a critical mineral used in defense technologies — became the inaugural recipient of funds from the program. The deal signals that JPMorgan intends to back projects supporting domestic resource security while reinforcing industries viewed as essential to U.S. sovereignty.
The creation of the Security & Resiliency Initiative marks one of the most significant commitments by a major financial institution to align private capital with national security goals. For JPMorgan, it also represents a strategic bet on the long-term growth potential of industries underpinning America’s economic independence.
