Jamie Dimon highlights underfunded defense industrial base and urges private capital to address critical supply chain vulnerabilities.
JPMorgan Chase CEO Jamie Dimon warned in his 2025 shareholder letter that the U.S. has fallen behind in defense readiness, citing underfunding and over-consolidation in the defense industrial base. The bank reported record revenue of $185.6 billion and a 20% return on tangible common equity but shifted focus to national security risks.
Dimon highlighted dependence on foreign suppliers for semiconductors, rare earth minerals, and advanced manufacturing as key vulnerabilities. Conflicts in Ukraine and tensions involving Iran underscore the urgency, he noted, arguing that government efforts alone are insufficient to address the gaps.
The CEO signaled a $1.5 trillion commitment from private capital to bolster defense capabilities, framing it as both a strategic and economic imperative for investors and policymakers.