Todd Combs to lead firm's efforts to make direct equity investments of an initial $10 billion as part of its $1.5 trillion initiative to address pressing needs in key sectors from critical minerals to frontier technologies

JPMorganChase today announced that Todd Combs, Investment Manager of Berkshire Hathaway, Chief Executive Officer of GEICO and a former member of JPMorganChase's Board of Directors, will head the $10 billion Strategic Investment Group of the firm's new Security and Resiliency Initiative (SRI), which the firm recently launched to help companies enhance their growth, spur innovation and accelerate manufacturing, primarily in the United States.

Combs, one of the world's leading investors, will work closely with the Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM) to identify opportunities that cut across middle-market and large corporate clients in the defense, aerospace, healthcare and energy sectors. He will also act as a Special Advisor to Jamie Dimon, Chairman and Chief Executive Officer, and to the firm's Operating Committee on specific strategic issues. In addition, Combs will be a member of the SRI's External Advisory Council, which was announced today (see below).

Dimon said: "Todd Combs is one of the greatest investors and leaders I've known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett. Having served nine years on our Board, he truly understands all aspects of our company, and he supports the role we play helping make the world better and safer for all its citizens." Dimon added: "I deeply value Todd's experience, character and judgment, and we are honored he will be joining our team in this role."

Combs said: "As a member of JPMorganChase's Board, I have seen up close the quality of the individuals who lead this firm and their commitment to always doing the right thing and helping communities around them. The SRI is a perfect example of this – committing $1.5 trillion to spurring economic growth and innovation to make the world more secure."

Combs will join the company in January 2026. He stepped off the JPMorganChase Board, effective immediately, to accept this critical role, reporting to Jamie Dimon, and working closely with Doug Petno and Troy Rohrbaugh, Co-CEOs of the Commercial and Investment Bank, Mary Erdoes, CEO of Asset and Wealth Management, and other leaders of SRI. As announced earlier today, Combs will step down from his leadership roles at Berkshire Hathaway and GEICO.

In another significant step forward for the SRI, JPMorganChase announced the formation of an external advisory council of experienced leaders and exceptional thinkers from across the public and private sectors to help guide the SRI's long-term strategy. The council will initially be chaired by Jamie Dimon and will include:

Jeff Bezos, Executive Chairman of Amazon and Founder of Blue Origin
Chris Cavoli, General (retired); Supreme Allied Commander Europe and Commander of U.S. European Command
Todd Combs, head (effective January 2026) of the SRI Strategic Investment Group
Michael Dell, Chairman and CEO of Dell Technologies
Ann Dunwoody, retired Commanding General of U.S. Army Material Command
Jim Farley, President and CEO of Ford Motor Company
Robert Gates, former U.S. Secretary of Defense
Alex Gorsky, former Chairman and CEO of Johnson & Johnson
Paul Nakasone, General (retired), former NSA Director and Commander of Cybersecurity Command
Condoleezza Rice, former U.S. Secretary of State
Paul Ryan, Partner at Solamere Capital, Former Speaker of the U.S. House of Representatives
Phebe Novakovic, Chairman and CEO of General Dynamics

The council, which will convene periodically, will work with JPMorganChase's top leadership as appropriate and inform the SRI's strategy and investment priorities, with clear perspectives on risks and opportunities to help spur growth and innovation in industries critical to the United States' national security and economic resiliency.

"We are humbled by the extraordinary group of leaders and public servants who have agreed to join our efforts as senior advisors to the SRI," said Jamie Dimon. "With their help, we can ensure that our firm takes a holistic approach to addressing key issues facing the United States – supporting companies across all sizes and development stages through advice, financing and equity capital."

JPMorgan Chase & Co. (NYSE:JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $360 billion in stockholders' equity as of September 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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Joe Evangelisti

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