{"text":[[{"start":12.9,"text":"JPMorgan Chase will extend its commitment to invest in critical industries to companies in Europe and the UK, six months after chief executive Jamie Dimon launched the initiative to bolster US national security. "}],[{"start":26.3,"text":"The so-called security and resilience initiative is a 10-year plan to funnel $1.5tn in funds to sectors deemed essential to national security, including defence, energy, infrastructure, pharmaceuticals, quantum computing and AI. "}],[{"start":42.8,"text":"Dimon said at the launch in the US in October that the world needed a “very, very strong” America “to secure global security”. "}],[{"start":50.4,"text":"Chuka Umunna, the former UK politician who is leading the initiative in the UK for the bank, told the FT that “the strength of our franchise is built on the alliances the US has with the UK and Europe, which is absolutely vital for the US’s position in the world”. "}],[{"start":66.7,"text":"“It is based on the acknowledgment that the US and its allies in the West have become too reliant on unpredictable resources for key industries and those relating to national security,” Umunna, who is JPMorgan’s global head of corporate governance and sustainable solutions, added."}],[{"start":83.15,"text":"Under the initiative, JPMorgan has said it will help companies raise up to $1.5tn in funding, including investing $10bn of its own money that will mainly go towards companies in the US. "}],[{"start":95.5,"text":"The bank’s decision to expand the scope of its initiative to EU countries and Nato member states comes as the transatlantic alliance faces its biggest challenge in decades, tested in part by President Donald Trump’s aggressive foreign policy. "}],[{"start":110.3,"text":"The Iran war, following Russia’s full invasion of Ukraine in 2022, has exposed Europe’s vulnerabilities in defence, underscoring the need for Europe to invest in its own security. "}],[{"start":121.64999999999999,"text":"Umunna said the US government “has been clear that Europe needs to spend more on its own security and resiliency . . . without expecting the US taxpayer to underwrite Europe security”. "}],[{"start":131.89999999999998,"text":"“This is in line with helping Europe stand on its own two feet and help facilitate defence spending.” "}],[{"start":138.84999999999997,"text":"Dimon said on Tuesday: “The national and economic security of countries depends on strong, resilient and reliable supply chains and robust critical industries.” "}],[{"start":148.54999999999995,"text":"JPMorgan said it would hire bankers in the US, UK and Europe to support the project and had an advisory council that included Amazon founder Jeff Bezos, former US secretary of state Condoleezza Rice and several high-ranking retired army generals. It also intends to add Sir Tony Radakin, the former head of the British military, subject to regulatory approval. "}],[{"start":170.99999999999994,"text":"Daniel Rudnicki Schlumberger, JPMorgan’s head of leveraged finance in Europe who is leading the bank’s EU efforts, said: “Every government in Europe realises there’s a need.” "}],[{"start":181.74999999999994,"text":"He added: “This is the most basic investment banker job. We know where the capital is, we need to find where the need is and we need to match both.”"}],[{"start":199.49999999999994,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776756118_9882.mp3"}