JPMorgan Chase Commits $24 Million to Boost Shipbuilding and Submarine Supply Chain in Philadelphia
The package includes loans, investments and grants to fund a new submarine facility, expand lending and support workforce training.
- On Wednesday, JPMorgan Chase CEO Jamie Dimon announced a $24 million investment to revitalize Philadelphia's shipbuilding and maritime manufacturing sector at the Philadelphia Navy Yard.
- This commitment falls under the bank's $1.5 trillion Security and Resiliency Initiative, launched last year to bolster industries the bank views as critical to United States economic and national security.
- The package includes $18 million in loans and investments to fund a new Rhoads Industries submarine manufacturing facility, with $6 million in grants supporting regional workforce development and employer collaboratives.
- JPMorganChase PolicyCenter estimates demand for 250,000 new skilled shipbuilding workers over the next decade, a shortage Dimon highlighted by noting many welders and electricians are nearing retirement age.
- Jay Horine, who oversees the Security and Resiliency Initiative, indicated Philadelphia is a starting point for expanding support to other U.S. shipyards, while the firm also expanded the program into Europe this year.
16 Articles
16 Articles
JPMorgan Chase Commits $24 Million to Boost Shipbuilding and Submarine Supply Chain in Philadelphia
JPMorgan Chase is investing $24 million to help strengthen the U.S. shipbuilding industry, including support for submarine manufacturing and maritime suppliers, as part of a broader effort to finance industries...
JPMorgan CEO Jamie Dimon says 300,000 workers are needed to rebuild American shipbuilding—with jobs paying $100,000 without a college degree
The American Dream now runs through the skilled trades, according to Jamie Dimon—and his bank is investing $24 million to ramp up training in Philadelphia.
Major US bank bets big on America's shipbuilding comeback with $24M investment
With the American merchant fleet down to fewer than 190 flagged vessels from a high of nearly 3,000 in the 1960s, a critical national security gap has left the U.S. heavily reliant on foreign shipbuilders.To help reverse this decline, JPMorgan Chase announced Wednesday it is injecting $24 million into Philadelphia’s maritime sector to help secure the defense supply chain, building a new submarine assembly facility and training thousands of worke…
JPMorgan Commits $24 Million to Boost Philadelphia Shipbuilding Revival
JPMorgan Chase said it’s committing $24 million to boost shipbuilding in Philadelphia, backing a broader Trump administration effort to rebuild the U.S. defense industrial base and expand domestic shipbuilding capacity. The commitment, announced early Wednesday morning ahead of a scheduled visit to the Philadelphia Navy Yard by JPMorgan CEO Jamie Dimon, includes $18 million in loans and investments and $6 million in grants. The largest piece of …
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
