JPMorgan Chase & Co. will extend a $1.5 trillion investment program aimed at strengthening the resilience of the U.S. economy across Europe, the Wall Street giant announced Tuesday.
The 10-year Security and Resilience Initiative (SRI) was launched in the United States last October to promote, finance, and invest in industries deemed critical to the security and resilience of the U.S. economy.
It was announced in November that the UK would join the scheme, which focuses on several key areas including supply chain and manufacturing, defense and aerospace, energy independence, healthcare and strategic technologies such as AI.
JPMorgan Chase & Co. CEO Jamie Dimon said in a statement Tuesday that for too long the United States and Europe have relied on “unpredictable sources of supplies, including critical minerals essential to our collective security and prosperity.”
“It is in our best interest now to address these challenges together, because our security, freedom and economic growth depend on it,” he said.
The main pillars of SRI are divided into approximately 30 subsectors, ranging from shipbuilding to spacecraft, nuclear energy, cybersecurity, and high-velocity projectile manufacturing.
Europe’s aerospace and defense sector has seen an investment boom in recent years, with regional leaders and the NATO military alliance working to increase security spending.
The pledge is widely expected to boost profits for European companies, with companies headquartered in the region already reporting record order backlogs and significant revenue increases over the past year.
In 2025, the Stoxx European Aerospace and Defense Index, home to the continent’s biggest defense companies such as Airbus, Rolls-Royce and Rheinmetall, soared 56.5%, with the value of some regional defense companies more than doubling.
The index has risen 4.3% since the beginning of the year.
Chuka Umunna, a former member of the British parliament who leads JPMorgan’s SRI initiative in the UK, told CNBC’s “Squawk Box Europe” on Tuesday that the bank’s strength is “built on the strength of the United States.”
“There are three pillars of American strength: military strength, economic strength, and the strength of our alliances,” he said. “And what has become abundantly clear is that the United States and Western countries are too reliant on unreliable and unpredictable supply chains and sources for things that are critical to national economic security and resilience.”
Umunna said that five countries in Europe will focus on SRI: the UK, France, Germany, Poland and Italy. However, he added that all EU and NATO member states would be included in this strategy.
In his 2026 letter to JPMorgan Chase & Co. shareholders earlier this month, Dimon said the United States has allowed itself to become overly dependent on unreliable sources of materials critical to national security, including critical minerals, semiconductors and advanced manufacturing products.
“This is basically putting our money where our mouth is,” Umunna said of the bank’s SRI plans. “Unless you guys start investing and looking to develop our capabilities in certain markets here in the West, we’re going to continue to be exposed.”
He pointed to energy and semiconductors, where the UK imports more than 40% of its energy needs, and Umunna said Western countries were too reliant on East Asian economies for procurement.
“These are all things we need to scale and build capacity,” he told CNBC. “We deliver this through the usual global banking products that we use, but we want to put more effort into it when we have companies that are partnered with SRI. For example, from a credit perspective, if JPMorgan is coming into this space, we may be doing smaller deals than we would otherwise expect.”
