JPMorgan Names Todd Combs to Head US$10bn Security Drive

JPMorgan Chase has appointed long-time Berkshire Hathaway executive Todd Combs to lead its new Strategic Investment Group, a US$10bn initiative that expands the bank’s ambitions in sectors tied to US economic and national security. 

The move represents a significant leadership transition for both JPMorgan and Berkshire, where Todd has long been regarded as Berkshire CEO Warren Buffett’s investment protégé and a key figure in the conglomerate’s investment operation.

Todd, 54, has served as both an investment manager overseeing significant portions of Berkshire’s US$283bn stock portfolio and as CEO of GEICO, an auto insurer and one of the group’s most important operating units.

JPMorgan said Todd will begin his new role in January 2026, reporting directly to CEO Jamie Dimon. 

His mandate includes identifying and executing direct equity investments in defence, aerospace, healthcare and energy - sectors considered essential to the bank’s recently announced Security and Resiliency Initiative (SRI).

That initiative involves a sweeping commitment to provide US$1.5tn of financing over the next decade to industries critical to US economic security. 

Within that broader programme, the Strategic Investment Group will deploy JPMorgan’s own capital to help companies expand capacity, innovate or accelerate production in areas such as critical minerals and advanced manufacturing.

Jamie said in a statement: “Todd Combs is one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffet.

“Having served nine years on our Board, he truly understands all aspects of our company, and he supports the role we play helping make the world better and safer for all its citizens.”

Todd’s expanded role

Speaking of his involvement in the new initiative, Todd said in a statement: “As a member of JPMorgan Chase’s Board, I have seen up close the quality of the individuals who lead this firm and their commitment to always doing the right thing and helping communities around them.”

Todd will also serve as a Special Adviser to JPMorgan’s Chief and its operating committee.

The bank also announced the creation of an External Advisory Council chaired by Jamie to guide long-term strategy for the national-security initiative.

Members include prominent business leaders such as:

• Jeff Bezos, Executive Chairman of Amazon 
• Michael Dell, Chairman and CEO of Dell Technologies
• Jim Farley, President and CEO of Ford Motor Company
• Condoleezza Rice, Former US Secretary of State.

Leadership changes

Todd’s departure from Berkshire comes amid a broader leadership realignment at the conglomerate as it prepares for Warren to hand over responsibilities to Vice Chair Greg Abel in early 2026.

Warren announced Todd “has resigned to accept an interesting and important job at JPMorgan”, alongside other leadership transitions on 8 December.

Taking over his role as CEO of GEICO, effective immediately, is Nancy L. Pierce, who currently serves as Chief Operating Officer at the firm.

Since joining the company in 1986, she has held leadership roles across claims, underwriting, product management and regional operations.

Discussing the leadership change, Ajit Jain, Vice Chairman of Insurance Operations, said: “Nancy knows the business inside and out. She’s practical, decisive and focused on results. I have full confidence in her ability to move GEICO forward.”

Warren added: “Todd has made many great hires at GEICO and broadened its horizons. JPMorgan, as usually is the case, has made a good decision.”