MW JPMorgan launches 'special forces' unit to protect investors from political risks

By Steve Gelsi

Megabank responds to the need by investment-banking and corporate clients to weigh risks tied to global power dynamics

JPMorgan Chase & Co. typically advises clients on the best path forward for their financial well being, but nowadays the world of money can't be understood without a grasp of the fluid state of global politics.

As tariffs, budget deficits and regulatory changes loom and wars rage in Ukraine, the Middle East and elsewhere, the megabank said it's launching the JPMorgan Chase Center for Geopolitics (CfG) to help its universe of banking customers deal with the world in its current, fluid state.

The launch comes after JPMorgan Chase Chief Executive Jamie Dimon said in his most recent annual letter to shareholders that investors face "the most perilous and complicated geopolitical and economic environment" since 1945, and followed that by saying this week that the financial markets didn't reflect the risks investors face.

Washington policy guru Derek Chollet, who the bank named on Wednesday as head of CfG, told MarketWatch the group will remain "small by design" under the supervision of Vice Chair Peter Scher, to act like a "special forces" branch of the military to tap in to the bank's deep bench of talent.

"We're like a force multiplier," said Chollett, who worked as U.S. State Department counselor from 2021 to 2024 and held roles at the White House, in Congress and at the Pentagon. He's also a Carnegie Distinguished Fellow at Columbia University's Institute of Global Politics.

While some of the unit's functions will resemble a think tank, the CfG will mostly focus on advising JPMorgan's wide range of clients, from investment banking customers to large corporates and midmarket companies, as well as wealthy individuals, he said.

The CfG will bring in experts from JPMorgan Chase's existing International Council, which includes former House Speaker Paul Ryan, Bush administration Secretary of State Condoleezza Rice and former U.K. Prime Minister Tony Blair.

Chollett interviewed Blair for his first installment of a new video series on geopolitics.

"Our mission is to go beyond headlines and help decision makers anticipate what comes next: the moves, countermoves, and signal flares that define the geopolitical chessboard," Chollet said in a letter announcing the CfG.

Situations in the mix that Dimon recently referred to include the war in Ukraine, Middle East terrorism, Europe's potential fragmentation; trade disputes with China and the possibility that Iran could build a nuclear weapon. There's also trouble at home, in the form of political divisiveness.

"It is extremely important to recognize that security and economics are interconnected - 'economic' warfare has caused military warfare in the past," Dimon said. "Not only is America's global leadership role being challenged outside our borders by other nations but also inside our borders by our polarized electorate."

JPMorgan's stock $(JPM)$ has risen 10.2% in 2025 while the S&P 500 is up by about 0.5%.

-Steve Gelsi

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May 21, 2025 11:42 ET (15:42 GMT)

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