Robot factories and hypersonic missiles: JPMorgan Chase’s first $5 billion of defense investments

JPMorgan Chase has made $5 billion in startup investments in the first year of its U.S. security and resiliency initiative , the company said Monday, a faster-than-expected pace that indicates the bank is finding plentiful opportunities in emerging defense, manufacturing and supply chain firms. The bank, which last year said it would deploy $10 billion into startups over a decade, may expand the program beyond that initial dollar amount, JPMorgan co-president Doug Petno told CNBC in an interview. Todd Combs, the former Berkshire Hathaway executive who leads the JPMorgan group in charge of making startup investments , has "hit the ground running," Petno said. "He's done a great job and put us in some really interesting companies," he added.