JP Morgan Chase & Co. (NYSE:JPM) is putting a familiar name behind its newest, biggest U.S.-focused investing push, and the move doubles as a headline-grabbing talent shift out of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK).
JPMorgan Chase named Todd Combs, Berkshire Hathaway investment manager, GEICO CEO, and former JPMorganChase board member, to lead the firm’s $10 billion Strategic Investment Group under its new Security and Resiliency Initiative (SRI).
The bank states that the broader SRI represents a $1.5 trillion commitment aimed at boosting growth, innovation, and manufacturing, primarily in the U.S., spanning areas from critical minerals to frontier technologies.
Combs will work across Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM) to identify opportunities tied to JPMorgan’s middle-market and large corporate client base, especially in defense, aerospace, healthcare, and energy.
He will also serve as a special adviser to Jamie Dimon, chairman and CEO, and the firm’s Operating Committee, signaling the role is both capital-allocation and strategy-facing.
Dimon said, “Todd Combs is one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett.”
Combs will join in January 2026 and has stepped down from JPMorgan Chase’s board, effective immediately, to take the job. The release also states that he will step down from leadership roles at Berkshire Hathaway and GEICO, making this not just a JPM hire, but a significant shift in where his time and leadership will be focused.
External Advisory Council Adds High-Profile Names
JPMorgan Chase also announced an External Advisory Council, initially chaired by Dimon, featuring high-profile leaders across business and government, including Jeff Bezos, Michael Dell, Jim Farley, Robert Gates, Condoleezza Rice, Paul Nakasone, Phebe Novakovic, and others.
The council is designed to inform SRI strategy and investment priorities, with a stated focus on risks, opportunities, and industries tied to U.S. national security and economic resiliency.
JPMorgan Chase is pairing a $10 billion direct-equity mandate with a marquee operator-investor and a heavyweight advisory roster, positioning SRI as a long-horizon investment platform, not a one-off program.
Berkshire Shuffles Leadership As Combs Exits For JPMorgan Role
Berkshire Hathaway shares fell about 1.2% as the company approaches a historic leadership transition.
Todd Combs, a key Berkshire investor and Geico CEO long seen as a future leader, is leaving to join JPMorgan Chase, raising questions about how incoming CEO Greg Abel will manage Berkshire’s massive investment portfolio once Warren Buffett retires at year-end, according to the Wall Street Journal report.
NetJets CEO Adam M. Johnson was named president of Berkshire’s consumer products, service and retailing businesses, effective immediately. Nancy L. Pierce was appointed GEICO CEO, also effective immediately, as Todd A. Combs prepares to exit Berkshire for JPMorgan Chase.
Separately, CFO Marc D. Hamburg will retire on June 1, 2027, with Charles C. Chang set to succeed him on June 1, 2026. Additionally, Michael J. O’Sullivan has been named senior vice president and general counsel, effective January 1, 2026.
JPM Price Action: JPMorgan Chase shares were up 0.42% at $316.36 at the time of publication on Monday. The stock is trading near its 52-week high of $322.25, according to Benzinga Pro data.
BRK/B Price Action: Berkshire Hathaway Inc. New Common Stock shares were down 1.24% at $498.10 at the time of publication on Monday.
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