INDEX / DIRECTORY / JPMORGAN CHASE / V-MIL

Jpmorgan Chase V-MIL

MILITARY AUDIT UPDATED 2026-06-02
V-MIL Score 1.84 /10 B Jpmorgan Chase — BDS-1000 677
V-MIL 1.84

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

V-MIL Domain Audit — JPMorgan Chase

Direct Defence Contracting & Procurement

No public evidence identified that JPMorgan Chase holds any direct contract, tender award, framework agreement, or memorandum of understanding with the Israeli Ministry of Defence (IMOD), Israel Defence Forces (IDF), Israel Prison Service, Israel Border Police, or any other Israeli state security body 1. JPMorgan Chase is a financial services institution and does not manufacture equipment, provide logistics services, or supply physical goods to military end-users 1. JPMorgan Chase does not appear in SIBAT official export directories, international defence exhibition catalogues, or Israeli or foreign defence procurement registries in any supply or service capacity 1. The PAX Netherlands “Companies Arming Israel and Their Financiers” report (June 2024) identifies JPMorgan Chase only in its financiers section, not as a direct supplier or contractor to Israeli defence entities 1. UN A/HRC/59/23 (Albanese 2025), whose paragraphs 28–47 address military supply chains and equipment suppliers, does not name JPMorgan Chase in those sections 2.

Dual-Use Products & Tactical Variants

Not applicable. JPMorgan Chase is a financial services firm and does not manufacture physical products, equipment, or systems of any kind 1. No militarised, ruggedised, or mil-spec product lines exist within its corporate structure 1. General financial services — including lending, capital markets underwriting, custody services, and asset management — are commercial services and do not constitute dual-use goods as defined by export control regimes such as the EAR or ITAR 1.

Heavy Machinery, Construction & Infrastructure

No public evidence identified that JPMorgan Chase manufactures, owns, leases, or operates heavy machinery, construction equipment, vehicles, or related physical assets 1. No public evidence identified of JPMorgan Chase equipment appearing in NGO, UN, or governmental documentation related to settlement construction, the separation barrier, military installations, or occupation infrastructure in the West Bank, Gaza, or East Jerusalem 3. JPMorgan Chase does not appear in the UN OHCHR settlement enterprise database (pursuant to HRC res. 31/36, updated 2023), which lists business enterprises involved in specific economic activities in Israeli settlements 3. The database’s focus on companies with territorial operational presence in settlements — construction, real estate, supply, retail banking within settlements — is structurally misaligned with JPMorgan Chase’s wholesale/institutional business model 34.

Supply Chain Integration with Defence Primes

No public evidence identified that JPMorgan Chase provides components, sub-systems, raw materials, specialist manufacturing services, or any physical supply inputs to Elbit Systems, Israel Aerospace Industries (IAI), Rafael Advanced Defense Systems, IMI Systems, or any other Israeli defence prime contractor 1. The concepts of component supply, sub-assembly, joint development programmes, co-production agreements, technology transfer, and licensed manufacturing are structurally inapplicable to JPMorgan Chase’s business model 1. However, JPMorgan Chase’s institutional asset management subsidiary holds equity positions in Israeli defence companies as disclosed in SEC Schedule 13F filings 5. Elbit Systems Ltd. (CUSIP M3760D101): Q4 2023: 253,678 shares ($54M peak); Q1 2024: 76,567 shares ($16M, 70% reduction following activist pressure); Q2 2024: 152,089 shares (~$26M); Q4 2024: 32,694 shares 56. JPMorgan’s relationship to Israeli defence primes is limited to the financial domain: asset management equity holdings and investment banking services 15.

Logistical Sustainment & Base Services

Not applicable. JPMorgan Chase does not operate catering, transport, fuel supply, waste management, facilities maintenance, or telecommunications businesses that would give rise to base service contracts with IDF installations, detention facilities, or security infrastructure 1. No public evidence identified of service contracts to military installations, either in Israel or in the Occupied Palestinian Territories 1. JPMorgan Chase does not operate shipping, freight forwarding, or port handling services, and no role in military logistics sustainment was identified 478.

Munitions, Weapons Systems & Strategic Platforms

Not applicable. JPMorgan Chase is not a prime contractor or licensed manufacturer of small arms, artillery, armoured vehicles, tactical drones, naval vessels, or any other lethal platform 1. No public evidence identified of any role in lethal systems manufacturing, munitions supply, or strategic platform component supply 1. PAX Netherlands’ June 2024 report, which catalogued 30 companies supplying weapons or military equipment to Israel, did not include JPMorgan Chase in that list — it appears only in the financiers section 1.

Export Licensing, Regulatory & Legal History

No public evidence identified of any government decision to grant, deny, suspend, or revoke an export licence for JPMorgan Chase products or services to Israeli military or security end-users in any jurisdiction 1. As a financial institution, JPMorgan Chase is not a primary subject of arms export licensing regimes 1. No investigation, citation, or enforcement action related to JPMorgan Chase’s compliance with arms embargoes or export control regimes specifically in connection with defence trade with Israel was identified 1. No court proceedings or judicial reviews specifically brought against JPMorgan Chase regarding a defence supply relationship with Israel were identified 1. No OECD National Contact Point complaint against JPMorgan Chase has been identified in any jurisdiction addressing its Israeli sovereign bond underwriting or defence equity holdings 9. However, on May 20, 2024, UN Special Rapporteurs sent communication JAL OTH 93/2024 to JPMorgan Chase concerning transfer of arms and ammunition by Boeing to Israel, stating JPMorgan continued investing in these companies “without any clear evidence of adequate heightened human rights due diligence” 10. JPMorgan did not respond to this communication 1011.

Civil Society Scrutiny & Documented Investigations

Sovereign Bond Underwriting: JPMorgan Chase is one of seven banks that underwrote Israeli sovereign bonds totaling $19.4 billion between October 2023 and January 2025 1. JPMorgan’s share was approximately $0.69 billion, making it the sixth-largest underwriter 1. Additional 2024–2025 bond tranches: A follow-on tranche was tapped in March 2024 1213. In September 2024 — following the ICJ Advisory Opinion of 19 July 2024 — Israel conducted a further sovereign bond sale, with JPMorgan Chase among the bookrunners 13. Reporting from early 2025 indicates continued Israeli sovereign bond underwriting activity by JPMorgan Chase, post-dating both the ICJ Advisory Opinion and the ICC arrest warrants issued in November 2024 12. State of Israel Form 6-K filings with the SEC document the prospectus supplements for these multiple 2024 tranches 12.

Institutional Equity Holdings in Israeli Defence Companies: JPMorgan Asset Management holds confirmed positions in Elbit Systems Ltd. ADRs through SEC Schedule 13F filings 5. Holdings trajectory: Q2 2023: 180,770 shares → Q3 2023: 247,357 → Q4 2023: 253,678 (peak ~ $54M) → Q1 2024: 76,567 (~ $16M, 70% reduction following activist pressure) → Q2 2024: 152,089 (~ $26M) → Q4 2024: 32,694 shares 56. The Intercept reported in 2024 that JPMorgan Chase, through its asset management arm, is among the largest institutional holders of shares in Israeli defence companies including Elbit Systems 14.

Corporate Foundation Charitable Donations: JPMorgan Chase Foundation gave donations to organisations funding West Bank settlements and Israeli defence forces: over $15,000 to One Israel Fund (which funds West Bank settlements and settler security guards); over $6,300 to Central Fund of Israel; and collectively over $48,000 to the Friends of the Israel Defense Forces (FIDF) 15.

NGO and Academic Reports: Who Profits Research Center identified JPMorgan Chase in its “Banking on Occupation” series as a financial institution with ties to the Israeli occupation economy through its roles as underwriter of State of Israel sovereign bonds and as an institutional shareholder in Israeli defence companies including Elbit Systems 4. AFSC “Investigate” Database lists JPMorgan Chase as a company of concern, documenting its underwriting of Israeli sovereign debt and its institutional shareholdings in companies identified as involved in the Israeli military and occupation economy 7. PAX Netherlands — Companies Arming Israel and Their Financiers (June 2024): JPMorgan Chase is identified as one of the largest institutional investors in companies PAX lists as arming Israel, based on SEC 13F filings and Bloomberg data — specifically for holdings in Elbit Systems, L3Harris Technologies, RTX Corporation (Raytheon), Boeing, and other companies on PAX’s list 1. Al-Haq — Business and Human Rights (July 2024): Identifies JPMorgan Chase in connection with its sovereign bond underwriting role and its institutional holdings in Israeli defence companies, framing these relationships as contributing to financing the conditions enabling documented military operations 16. BankTrack identifies its sovereign bond underwriting and institutional equity holdings in Israeli defence companies as the primary areas of concern in the Israel/Palestine context 8. Don’t Buy Into Occupation (DBIO) identifies JPMorgan Chase in the context of its institutional shareholdings in settlement-linked companies and its underwriting of Israeli sovereign debt 17.

Boycott, Divestment & Shareholder Pressure: BDS National Committee publicly listed JPMorgan Chase as a target for boycott and divestment, citing its sovereign bond underwriting role and its asset management holdings in Israeli defence companies 18. As You Sow filed a shareholder resolution at JPMorgan Chase’s 2024 annual meeting requesting a report on human rights risks associated with its financing activities, specifically referencing its Israeli sovereign bond underwriting and defence-sector investment holdings 19. The resolution received approximately 4–6% support 19. Student and activist protests occurred at JPMorgan Chase’s May 2024 annual shareholder meeting, with demonstrators calling for disclosure of and divestment from Israel-linked investment activities 19.

Corporate Response: CEO Jamie Dimon publicly stated in October 2023 that JPMorgan Chase had no plans to withdraw from Israel or alter its Israeli business relationships in response to the Gaza conflict 20. He reiterated this position in testimony before the U.S. Senate Banking Committee in December 2023 2021. Dimon’s October 2023 statement called the conflict “the most dangerous time the world has seen in decades,” warning of far-ranging impacts on energy, food markets, global trade, and geopolitical relationships 21. JPMorgan continued its Israeli business activities — including capital markets services and asset management — without public modification following the ICJ Advisory Opinion of 19 July 2024 and the ICC arrest warrants of November 2024 12. No public statement by JPMorgan Chase addressing the ICJ opinion or ICC warrants was identified 12. No public evidence of contract terminations, divestment of Israeli defence equity positions, or supply chain modifications by JPMorgan Chase in response to civil society pressure was identified through April 2026 22.

Controlling Principals: Jamie Dimon (Chairman & CEO): No personal directorship on any Israeli defence company board, no personal investor in any Israeli defence prime via disclosed family-office vehicle, no donor to FIDF at publicly reported level identified in available sources 23. Board of Directors: Review of JPMorgan 2024 DEF 14A proxy statement shows 11 board members; none identified with personal directorships at Elbit Systems, IAI, Rafael, or IMI 23. ≥10% Shareholders: No individual natural person holds ≥10% of JPMorgan Chase’s outstanding shares. The largest institutional shareholders are Vanguard Group (~9%), BlackRock (~7%), and State Street (~5%) 23. JPMorgan Chase’s principal operating subsidiaries relevant to this audit are JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Investment Management Inc., and J.P. Morgan SE (EU entity) 24. JPMorgan Israel Limited operates from 46 Rothschild Blvd, Alrov Tower, 5th Floor, Tel Aviv 6688312 24.

No public evidence identified.

End Notes

Footnotes

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

  2. https://documents.un.org (UN A/HRC/59/23 — Special Rapporteur report, July 2025) ↩

  3. https://www.ohchr.org/en/hr-bodies/hrc/regular-sessions/session31/database-hrc3136 ↩ ↩2 ↩3

  4. https://whoprofits.org/publications/banking-on-occupation/ ↩ ↩2 ↩3

  5. https://13f.info/manager/0000019617/cusip/M3760D101 ↩ ↩2 ↩3 ↩4 ↩5

  6. https://progressive.org/latest/jpmorgan-continues-to-fund-israeli-weapons-company-despite-shareholder-pressure/ ↩ ↩2

  7. https://investigate.afsc.org/company/jpmorgan-chase ↩ ↩2

  8. https://www.banktrack.org/bank/jpmorgan_chase ↩ ↩2

  9. https://www.oecd.org/en/networks/national-contact-points-for-responsible-business-conduct/database.html ↩

  10. https://spcommreports.ohchr.org/TmSearch/SummaryPrint?id=28882 ↩ ↩2

  11. https://www.business-humanrights.org/en/latest-news/jp-morgan-chase-did-not-respond—to-urgent-call-by-un-experts-to-cease-the-transfer-of-arms-to-israel ↩

  12. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=101828&type=6-K ↩ ↩2 ↩3 ↩4 ↩5

  13. https://www.reuters.com/markets/rates-bonds/israel-bond-sale-september-2024/ ↩ ↩2

  14. https://theintercept.com/2024/blackrock-jpmorgan-israeli-defense-stocks/ ↩

  15. https://inthesetimes.com/article/israel-settlements-palestine-verizon-pfizer-bank-of-america-jpmorgan-chase ↩

  16. https://www.alhaq.org/publications/23156.html ↩

  17. https://dontbuyintooccupation.org/2024/financial-institutions/ ↩

  18. https://bdsmovement.net/jpmorgan-chase ↩

  19. https://www.asyousow.org/resolutions/jpmorgan-chase-human-rights-israel-2024 ↩ ↩2 ↩3

  20. https://www.cnbc.com/2023/10/jamie-dimon-jpmorgan-israel-no-exit.html ↩ ↩2

  21. https://fortune.com/2023/10/11/jamie-dimon-jpmorgan-most-dangerous-time-world/ ↩ ↩2

  22. https://www.jpmorganchase.com/content/dam/jpmorganchase/documents/about/jpmc-sustainability-report-2024.pdf ↩

  23. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000019617&type=DEF+14A ↩ ↩2 ↩3

  24. https://www.ivc-online.com/Google-Card?id=6f062df1-830e-ee11-b811-00505695cd29 ↩ ↩2