JPMorgan expands $1.5 trillion economic security splurge into Europe
JPMorgan Chase The Wall Street giant said Tuesday it will expand a $1.5 trillion investment program designed to bolster U.S. economic resilience across Europe.
The 10-year Security and Resilience Initiative (SRI) was launched in the United States last October to facilitate, finance and invest in sectors deemed critical to America’s economic security and resilience.
It was announced in November that the UK would be included in the plan, which focuses on several key areas including supply chains and manufacturing, defense and aerospace, energy independence, healthcare and strategic technologies such as artificial intelligence.
JPMorgan Chase CEO Jamie Dimon said Tuesday that the United States and Europe have for too long relied on “unpredictable resources like critical minerals that are essential to collective security and prosperity.”
“It is now in our interest to address these challenges together because our security, freedom and economic growth depend on it,” he said.
SRI’s main pillars are divided into approximately 30 subsectors, from shipbuilding to spacecraft, nuclear energy, cybersecurity and high-speed projectile production.
There has been an investment boom in European aerospace and defense in recent years, with regional leaders and the NATO military alliance pledging to increase security spending.
The commitments are expected to increase the profitability of European firms; Regionally based companies are already reporting record order backlogs and huge increases in revenue over the past year.
In 2025, the Stoxx European Aerospace and Defense index, which includes the continent’s largest defense companies Airbus, Rolls-Royce And Rheinmetall – increased by 56.5%, with the value of some regional defenders more than doubling.
So far this year, the index has gained 4.3%.
Former British member of parliament Chuka Umunna, who will lead JPMorgan’s SRI initiative in the United Kingdom, told CNBC’s “Squawk Box Europe” on Tuesday that the bank’s strength is “built on the strength of the United States.”
“The power of the United States has three pillars: military power, economic power and the power of alliances,” he said. “And what has become abundantly clear is that the United States and the West have become overly dependent on unreliable and unpredictable supply chains and resources for things that are critical to national economic security and resilience.”
Umunna said there will be five key countries in Europe that SRI will focus on: the United Kingdom, France, Germany, Poland and Italy. However, he added that all EU and NATO member states will be included in the strategy.
In his 2026 letter to JPMorgan Chase shareholders earlier this month, Dimon said the United States had allowed itself to become too reliant on unreliable sources of materials needed for national security, such as critical minerals, semiconductors and advanced manufacturing outputs.
“This is putting our money where our mouth is, so to speak,” Umunna said of the bank’s SRI plan. “Unless you start investing and trying to develop our capabilities in certain markets in the West, we will continue to maintain the influence we have.”
England drew attention to energy imports Umunna meets more than 40% of its energy needs and semiconductors, which the West says are too dependent on East Asian economies for supplies.
“These are all things we will need to scale up and build capacity,” he told CNBC. “We provide that through the usual global banking products that we’ll use, but if you have an SRI-compliant company, we’ll try to lean in further. For example, from a credit standpoint, if JPMorgan is in that space, you’ll potentially see them do smaller sized deals than you would normally expect.”
