JPMorgan shuffles executives to lead its $1.5 trillion initiative

By Nupur Anand

NEW YORK (Reuters) -JPMorgan Chase has named long-time executive Jay Horine to oversee its $1.5 trillion investment fund focused on companies critical to U.S. national security, according to a memo seen by Reuters.

Earlier this month the bank announced plans to hire bankers and invest up to $10 billion in U.S. companies in sectors such as defense, energy and manufacturing as part of a broader $1.5 trillion pledge over 10 years.

Horine, who was the co-head of global investment banking, will become global banking’s head of its Security & Resiliency Initiative, effective immediately, the memo said.

He will continue to report to Filippo Gori and John Simmons, the co-heads of global banking.

"Jay’s industry expertise and strong relationships across the energy sector and other critical industries make him ideally suited for this pivotal role," Gori and Simmons wrote in the memo.

With Horine's appointment, Dorothee Blessing will now become the sole head of global investment banking.

The bank plans to deploy the $10 billion through direct equity and venture capital investments.

Antimony and gold miner Perpetua Resources became the first firm to receive investments under the new initiative.

(Reporting by Nupur Anand in New York; Editing by Lisa Shumaker)

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