V-POL Audit: JPMorgan Chase

Corporate Communications & Public Stance

JPMorgan Chase has not issued any formal corporate statement specifically addressing the Israeli-Palestinian conflict since October 2023. CEO Jamie Dimon’s public commentary has addressed geopolitical risk in general terms without naming the conflict. Following the Russian invasion of Ukraine (February 2022), JPMorgan announced winding down its Russia operations, stating it would “actively unwind Russian business” and “not pursue any new business” ¹. No comparable operational wind-down or public statement reviewing Israel-related activities occurred following the October 2023 escalation, the ICJ Advisory Opinion (July 2024), or the ICC arrest warrants (November 2024) ²¹. JPMorgan pledged $1 million in humanitarian assistance for Israel-Gaza (October 2023) with employee matching. No comparable public pledge for Palestinian humanitarian aid was identified. No public statement was identified acknowledging or responding to the ICJ Advisory Opinion (July 2024) or ICC arrest warrants (November 2024) regarding Israel’s occupation.

Operations in Occupied or Contested Territories

JPMorgan Chase is one of seven banks that underwrote approximately $19.4 billion in Israeli government bonds between October 2023 and January 2025, described in NGO research as “war bonds” funding Israel’s military operations ³. JPMorgan also participated in a $6 billion sovereign bond offering in January 2026 as joint bookrunner ³. JPMorgan was a lead manager on Israel’s approximately $8 billion sovereign bond issuance in January 2024, which was oversubscribed by approximately 10x ³. JPMorgan operates in Israel with approximately 170 employees, including 120 at its Innovation & Technology Center in Herzliya ⁴. The bank expanded commercial banking operations in Israel in 2023 to serve tech startups and the VC community ⁴. JPMorgan Chase is NOT listed in the UN OHCHR database of business enterprises involved in settlement activity (158 companies listed as of 2025 update) ⁵⁶. JPMorgan’s continued standard financial activities related to Israeli sovereign and corporate clients after the ICJ Advisory Opinion (July 2024) and ICC arrest warrants (November 2024) constitute documented continuation of material financial integration.

Internal Governance, Content & Retail Policies

Employees at JPMorgan’s New York and San Francisco offices circulated petitions in late 2023 and into 2024 requesting that the firm disclose and review its financial relationships with the Israeli government and Israeli defense companies. Management’s formal response was not publicly disclosed ⁷. Investors Against Genocide submitted a “genocide-free investing” shareholder proposal (Proposal 9) to JPMorgan Chase requesting procedures to avoid investments in companies that substantially contribute to genocide or crimes against humanity. JPMorgan opposed this resolution and recommended shareholders vote against it ⁸⁹. JPMorgan’s publicly available Human Rights Statement and Environmental-Social Policy Framework (ESPF) use general language about “conflict-affected and high-risk areas” without geographic specificity. No explicit settlement exclusions or conflict-specific due diligence for the Middle East portfolio is publicly disclosed. No public evidence was identified of JPMorgan having disciplined, terminated, or taken formal HR action against employees specifically for pro-Palestinian speech or activism.

Brand Heritage & State Partnerships

JPMorgan serves as a primary dealer in U.S. Treasury securities, giving it a structurally central role in U.S. government financing. The firm has participated in U.S. government-sponsored economic normalization initiatives following the 2020 Abraham Accords, hosting business forums connecting Israeli corporate and financial clients with Gulf-state counterparts. No public evidence was identified of JPMorgan having a formal, named partnership with the Israeli Ministry of Finance or any Israeli government agency beyond its transactional role as an underwriter and market participant.

Lobbying, Advocacy, Financing & Logistics

JPMorgan Asset Management holds shares in Elbit Systems, Israel’s largest publicly traded defense company. Holdings data shows: 73,939 shares valued at approximately $62.7 million (May 2026), 22,737 shares (March 2025), 32,694 shares (December 2024) ¹⁰. Peak holdings were 253,678 shares (approximately $54 million) in Q4 2023, reduced to 76,567 shares (approximately $16 million) in Q1 2024, then increased to 152,089 shares (approximately $26 million) in Q2 2024 ¹⁰. JPMorgan Chase Federal PAC contributed approximately $726,000 to federal candidates (2023-2024), with 51.93% to Democrats and 47.38% to Republicans ¹¹. Phebe Novakovic, CEO and Chair of General Dynamics (major U.S. defense contractor), has served on JPMorgan Chase’s Board of Directors since 2020. She also serves on the Security and Resiliency Initiative External Advisory Council, creating dual board interlocks with a defense contractor ¹². JPMorgan announced a $1.5 trillion, 10-year Security and Resiliency Initiative (October 2025) explicitly targeting defense and aerospace as one of five key verticals. The initiative includes $10 billion direct equity investment through the Strategic Investment Group ¹³. JPMorgan Chase did not respond to the UN Experts’ urgent call (July 2024) to cease arms transfers to Israel, along with 15 other major financial institutions ¹⁴¹⁵.

Corporate Structure & Primary Mission

JPMorgan Chase & Co. is a U.S.-incorporated bank holding company headquartered in New York City. The firm operates through four primary business segments: Consumer & Community Banking, Commercial Banking, Corporate & Investment Bank (CIB), and Asset & Wealth Management. Activities relevant to this audit—sovereign bond underwriting, defense sector lending, and institutional asset management—are housed primarily within CIB and AWM. The firm does not have a formal policy of exclusion from any geographic market based on human rights conditions alone.

Executive & Leadership Footprint

Jamie Dimon (Chairman & CEO) has made no documented public statements specifically on Israeli military conduct in Gaza or the occupied territories in his capacity as CEO. Dimon issued statements on the Russian invasion of Ukraine calling it a crisis threatening the rules-based international order. No equivalent statement regarding Gaza/OPT. Phebe Novakovic, CEO/Chair of General Dynamics, serves on JPMorgan’s Board of Directors (since 2020) and on the SRI External Advisory Council ¹². James and Judith K. Dimon Foundation has approximately $216 million in assets (2024). Available 990-PF data shows grants primarily for education, youth development, health, and social services. No specific grants to FIDF, JNF/KKL, or settlement-linked organizations were identified in the available data ¹⁶. Todd Combs, former JPMorgan Board Director (2016-2025) and Berkshire Hathaway investment manager, was appointed December 2025 to head the $10 billion Strategic Investment Group within the SRI ¹⁷.

End Notes