JPMorgan Chase announced a $24 million investment in Philadelphia submarine manufacturing, supporting the Trump administration's push to boost U.S. shipbuilding. The funds include an equity investment in Rhoads Industries, a submarine supplier, to help build a submarine facility and training for specialized shipbuilding jobs, including welders and electricians.

The investment is part of the bank's $1.5 trillion effort to support national and economic security industries. Jay Horine, who oversees the bank's Security and Resiliency Initiative, said JPMorgan would look to back other shipyard-related initiatives across the country. "We want to work with multiple people to bring back multiple shipyards over time in the United States," Horine said.

Part of the Philadelphia investment supports workforce training and apprenticeships—a topic discussed during a two-day summit hosted by CEO Jamie Dimon with top defense executives. "We hear from clients all the time—they don't have the workers they need," Dimon said, noting many skilled workers are near retirement age.