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Jpmorgan Chase V-ECON

ECONOMIC AUDIT UPDATED 2026-06-02
V-ECON Score 8.50 /10 B Jpmorgan Chase — BDS-1000 677
V-ECON 8.50

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Audit: JPMorgan Chase

V-ECON Audit: JPMorgan Chase

This audit examines JPMorgan Chase & Co.’s documented ties toIsraeli defense, settlement-adjacent, and occupied territory contexts based on publicly available evidence through the research memo. The audit does not assign scores or conclusions.

Supply Chain & Sourcing Relationships

JPMorgan Chase is a diversified financial services and investment banking conglomerate that does not source, procure, import, or retail physical goods of any kind, including agricultural produce 1. No documented commercial relationships exist with Israeli agricultural exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors 12. No subsidiary, joint-venture structure, or special-purpose vehicle functioning as an importer of record for Israeli-origin goods has been identified 1. JPMorgan’s supply chain expenditures relate to technology infrastructure, professional services, real estate, and financial market operations—not physical goods procurement 1. No evidence has been identified of Israeli-origin consumer or agricultural products reaching JPMorgan-operated premises via third-party distributors 1.

Product Origin, Labeling & Regulatory Compliance

JPMorgan is not a retailer, wholesaler, or importer of food products or consumer goods, and no country-of-origin compliance obligation arises from its core business activities 12. JPMorgan is not subject to country-of-origin food labeling regulations 1. No public evidence identified regarding corporate policies addressing sourcing or labeling of goods from occupied territories in JPMorgan’s ESG reports 1.

Investment, Capital & Financial Exposure

JPMorgan maintains an operational technology and engineering hub in Tel Aviv/Herzliya, Israel, established and progressively expanded between 2020 and 2023 345. JPMorgan acquired Aumni, an Israeli-founded legal-technology company, in January 2023 for approximately $150 million 1. JP Morgan Securities is ranked 6th-7th in Israeli Ministry of Finance primary dealer rankings for 2024 6.

JPMorgan’s Tel Aviv/Herzliya technology centre operates as a dedicated R&D hub with approximately 130 employees 34. JPMorgan signed an MOU with the Israeli Innovation Authority in 2021 5.

JPMorgan Chase & Co. is incorporated in Delaware, USA, with operational headquarters in New York City. No Israeli parent company, state ownership stake, or Israeli-domiciled private investor holds controlling beneficial ownership 1.

Sovereign Bond Exposure: JPMorgan is one of seven banks identified as having underwritten Israeli government bonds (“war bonds”) totaling $19.4 billion between October 7, 2023 and January 2025 1. JPMorgan participates in Israeli sovereign bond auctions as a primary dealer 6.

Defense Sector Holdings: JPMorgan holds shares in Elbit Systems, the Israeli defense electronics manufacturer: 126,687 shares valued at approximately $126.7 million in Q4 2024 7; approximately 58,738 shares in Q1 2025 8; and 73,939 shares valued at approximately $62.8 million in Q1 2026 9. JPMorgan Asset Management manages funds holding Israeli-listed equities as part of MSCI developed-market index strategies 10.

International Legal Developments: UN Special Procedures mandate-holders sent a communication to Jamie Dimon dated May 20, 2024 expressing serious concern that JPMorgan “continues to invest in defense companies which have been transferring arms to Israel” after October 7, 2023, with risk of complicity in war crimes, crimes against humanity, and possibly genocide 11. JPMorgan Chase did not respond to the UN Experts’ June 20, 2024 call for financial institutions to cease arms transfer investments 12. No public announcement by JPMorgan of any policy change in response to the ICJ Advisory Opinion (July 2024) has been identified 1. No public announcement by JPMorgan of any policy change in response to the ICC arrest warrants (November 2024) has been identified 1.

Operational Presence & Market Activity

JPMorgan maintains at least one confirmed operational office and technology centre in Tel Aviv/Herzliya, Israel, with presence documented from 2020 through at least end-2024 34. No documented offices in West Bank, Gaza Strip, or Golan Heights have been identified 1.

JPMorgan’s Israeli workforce was reported at approximately 170 employees, with approximately 120-130 at its innovation/technology centre in Herzliya as of mid-2024 34. The company is registered as an employer and taxpayer in Israel, though specific tax contributions are not publicly disaggregated 34.

JPMorgan characterises Israel in corporate communications as a strategic technology and innovation hub, not as a retail or consumer banking market 34. Israel does not appear as a named reportable geographic segment in JPMorgan’s segment-level revenue disclosures 1.

Corporate Structure & Foundational Ties

JPMorgan Chase & Co. was formed through the merger of J.P. Morgan & Co. and Chase Manhattan Corporation in 2000, with no Israeli founding origin 1. The only Israeli-origin entity in JPMorgan’s corporate structure is Aumni, acquired in January 2023 1. Legal domicile is the State of Delaware, United States, with operational headquarters at 383 Madison Avenue, New York City, New York, USA. No dual headquarters or legacy corporate domicile in Israel exists 1.

No Israeli state ownership stake, government board appointees, or disclosed Israeli government contracts for JPMorgan’s own services have been identified. The MOU with the Israeli Innovation Authority represents a non-binding programmatic collaboration 5. No golden shares, founder shares, foreign government veto rights, or charter restrictions linking corporate operations to the Israeli state have been identified 1.

Profit Repatriation & Economic Contribution

JPMorgan does not disclose Israel as a separate geographic revenue segment. Capital markets fees earned from Israeli sovereign and corporate clients flow into JPMorgan’s consolidated global P&L reported in the United States 1. JPMorgan’s Israeli operations (tech centre, Aumni) generate costs within Israel rather than functioning as autonomous profit centres. No evidence of profit repatriation into Israel from JPMorgan has been identified 1.

JPMorgan is a notable employer in Israel’s technology sector with approximately 130-170 employees 34. The Israeli Innovation Authority MOU characterises JPMorgan as a strategic multinational partner for Israeli technology commercialisation 345.

NGO Databases & Exclusion Lists

No direct record of JPMorgan Chase & Co. appearing as a listed entity in the OHCHR business enterprise database has been identified 13. JPMorgan is listed among financial institutions with holdings in companies linked to Israeli settlements in the Don’t Buy Into Occupation (DBIO) database 1. JPMorgan is named in the PAX “Companies Arming Israel” financier matrix as an investor in arms companies supplying Israel 112. JPMorgan is identified as one of seven banks underwriting Israeli war bonds on the BankTrack War-Bond Underwriter List 1. Search for JPMorgan in the Who Profits database did not return direct matches 2. JPMorgan is not on the Norwegian Government Pension Fund exclusion list 14.

No public evidence identified regarding confirmed exclusion decisions specifically targeting JPMorgan by KLP or other institutional investors 1.

End Notes

Footnotes

  1. https://www.banktrack.org/article/finance_for_the_war_seven_banks_underwrite_israeli_war_bonds/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24 ↩25

  2. https://whoprofits.org/ ↩ ↩2 ↩3

  3. https://calcalistech.com/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  4. https://en.globes.co.il/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  5. https://nocamels.com/ ↩ ↩2 ↩3 ↩4

  6. https://www.mof.gov.il/en/AllMessagesAndTenders/pages/primarydealers.aspx ↩ ↩2

  7. https://www.13f.info/ ↩

  8. https://fintel.io/ ↩

  9. https://fintel.io/ ↩

  10. https://www.ohchr.org/ ↩

  11. https://spcommreports.ohchr.org/ ↩

  12. https://www.business-humanrights.org/ ↩ ↩2

  13. https://www.ohchr.org/ ↩

  14. https://www.reuters.com/ ↩