JPMorgan Chase & Co. CEO Jamie Dimon has announced a $24 million initiative to rejuvenate the American shipbuilding industry, focusing on bolstering sectors critical to the U.S. economy and national security. The funding package, comprising $18 million in loans and $6 million in grants, will support Rhoads Industries' construction of a new submarine manufacturing facility at the Philadelphia Navy Yard. This financial injection aims to expand lending to maritime-related small businesses and strengthen the region's supply chain.

Dimon stated that the "arsenal of democracy has been reignited," highlighting the involvement of Hanwha Group, a South Korean conglomerate with a U.S. vessel-making subsidiary, in operations at the Philadelphia Navy Yard. The initiative is a continuation of JPMorgan Chase's $1.5 trillion 10-year Security and Resiliency Initiative, introduced in 2025, which includes up to $10 billion in direct equity and venture capital investments to assist U.S. companies in strategic manufacturing expansion.

Separately, President Donald Trump announced nearly $10 billion in new defense investments in Pennsylvania at a Defense and Innovation Summit hosted by Sen. Dave McCormick (R-Pa.). The projects are expected to create more than 4,000 jobs and include a $2.5 billion agreement between Rhoades Industries and General Dynamics to support Navy submarine construction. Additionally, $1.5 billion in new National Security Multi-Mission Vessel ship orders was revealed.

Trump noted that defense spending in Pennsylvania has risen 20-25% since he returned to office and is projected to reach $19-$20 billion with these new investments. In December, Trump announced that Hanwha Ocean would build a new class of U.S. Navy warships at its Philadelphia shipyard as part of a U.S.-South Korea trade deal involving a $5 billion investment. These vessels, dubbed the "Trump-class battleships," are expected to feature advanced weaponry such as hypersonic missiles, electronic rail guns, and high-powered lasers.

Key Investment Details

JPMorganChase has declared dividends on the outstanding shares of its Series DD, EE, GG, JJ, LL, MM and NN preferred stock. The announcement provides returns to holders of these specific non-voting equity instruments. The firm operates as a leading financial services provider based in the United States with global operations.

As of June 30, 2026, JPMorganChase held $5.0 trillion in assets and maintained $375 billion in stockholders’ equity. The firm’s business segments include investment banking, consumer and small business financial services, commercial banking, transaction processing and asset management.

The company serves millions of customers in the U.S. under the J.P. Morgan and Chase brands. Its client base also includes prominent corporate, institutional and government entities worldwide.

Preferred Stock Series

The dividends apply to the following series of preferred stock:

Investors can access detailed information regarding the dividend rates and payment dates on the firm’s Investor Relations website.