JPMorgan Chase said it would put $24 million in investments, loans and grants to work in submarine manufacturing in Philadelphia, supporting a Trump administration push to boost U.S. shipbuilding.

The funds include an equity investment in Rhoads Industries, a submarine supplier, to help build a submarine facility, as well as training for specialized shipbuilding jobs, including welders and electricians.

Executives said the bank would look to back other shipyard-related initiatives across the country as part of a $1.5 trillion effort to support national and economic security industries.

"We want to work with multiple people to bring back multiple shipyards over time in the United States," said Jay Horine, who oversees the bank's Security and Resiliency Initiative.

Part of the JPMorgan Philadelphia investment would support workforce training and apprenticeships -- a topic of discussion during a two-day summit hosted by Chief Executive Jamie Dimon with top executives from across the defense sector.

"We hear from clients all the time -- they don't have the workers they need. That could be welders, electricians, a lot of those folks are near retirement age," Dimon said at the event.

The U.S. Navy has spent years trying to increase its number of warships to keep pace with China's growing military fleet. Officials have laid out a plan for the U.S. Navy to invest billions of dollars to modernize American shipyards. The Navy has also been exploring using foreign shipyards.

The Trump administration has also been pushing to revitalize the civil maritime industry.

Philadelphia's shipyard has experienced a resurgence in recent years following a $5 billion investment by South Korea's Hanwha. The company makes ships for the U.S. Maritime Administration, but has aspirations to build nuclear-powered submarines for the Navy.

Rhoads, a supplier to Navy submarine builder General Dynamics Electric Boat, is constructing a 95,000-square-foot high-bay submarine manufacturing and assembly facility. That facility is expected to create 450 new jobs.

"Many of these jobs are high paying jobs that lead to a career, the ability to build wealth, buy a home, support a family," said Tim Berry, JPMorgan's head of corporate responsibility. "As time goes on, we really need to change the conversation about these careers and these industries."

Write to Marcus Weisgerber at marcus.weisgerber@wsj.com

(END) Dow Jones Newswires

July 15, 2026 08:10 ET (12:10 GMT)

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