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JPMorgan Taps Berkshire Investment Star Todd Combs to Lead $10 Billion U.S. Growth Initiative

MarketDash Editorial Team
6 hours ago
Todd Combs is leaving his dual roles at Berkshire Hathaway and GEICO to head JPMorgan's new $10 billion Strategic Investment Group, focusing on defense, healthcare, energy, and national security-linked opportunities across U.S. industries.

JPMorgan Chase & Co. (JPM) just made one of the more interesting talent moves in recent memory, poaching Todd Combs from Berkshire Hathaway (BRK.B) to run a newly minted $10 billion investment vehicle aimed squarely at U.S. growth and resilience. Combs isn't just any investor—he's spent years managing a chunk of Berkshire's portfolio alongside Warren Buffett, ran GEICO as CEO, and previously served on JPMorgan's own board. Now he's crossing back over to helm the bank's Strategic Investment Group, a move that signals both ambition and strategic heft.

The Strategic Investment Group is part of JPMorgan's Security and Resiliency Initiative, a sprawling $1.5 trillion effort focused on strengthening U.S. manufacturing, innovation, and economic infrastructure. Think critical minerals, defense tech, aerospace, healthcare, and energy—sectors where national security and economic competitiveness intersect. Combs will work across JPMorgan's Commercial & Investment Bank and Asset & Wealth Management divisions to identify opportunities within the firm's middle-market and large corporate client base, with a mandate that blends capital allocation and strategic advising.

He'll also serve as a special adviser to Jamie Dimon and the firm's Operating Committee, which tells you this isn't just a pure investing gig. It's a strategic role with direct access to the top.

Dimon didn't hold back in his praise, saying, "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 Buffett."

Combs will officially start in January 2026 and has already resigned from JPMorgan's board to avoid conflicts. He'll also be stepping down from his leadership roles at Berkshire Hathaway and GEICO, so this is a full-on career pivot, not a side project.

A Star-Studded Advisory Council

JPMorgan isn't just throwing money at this initiative—it's assembling a who's who of business and government heavyweights to guide it. The bank announced an External Advisory Council initially chaired by Dimon himself, featuring names like Jeff Bezos, Michael Dell, Jim Farley, Robert Gates, Condoleezza Rice, Paul Nakasone, Phebe Novakovic, and others.

The council's job is to help shape SRI strategy and investment priorities, with a focus on risks, opportunities, and industries tied to U.S. national security and economic resilience. It's a long-horizon play, not a flash-in-the-pan marketing stunt. JPMorgan is positioning this as a serious, multi-decade commitment to backing U.S. economic strength.

Berkshire Reshuffles as Combs Heads for the Exit

Meanwhile, back at Berkshire Hathaway, Combs's departure comes at a sensitive moment. The company is approaching a historic leadership transition, with Greg Abel set to take over as CEO once Warren Buffett retires at year-end. Combs had long been seen as a potential future leader at Berkshire, so his exit raises questions about how Abel will manage the firm's massive investment portfolio going forward.

Berkshire didn't waste time filling the gaps. Nancy L. Pierce was named GEICO CEO effective immediately, taking over from Combs. Adam M. Johnson, previously CEO of NetJets, was appointed president of Berkshire's consumer products, service, and retailing businesses. On the finance side, CFO Marc D. Hamburg will retire on June 1, 2027, with Charles C. Chang set to succeed him a year earlier on June 1, 2026. And Michael J. O'Sullivan was named senior vice president and general counsel, effective January 1, 2026.

It's a flurry of moves that underscores just how significant Combs's departure is for Berkshire's internal structure.

Market Reaction

JPMorgan Chase shares were up 0.42% at $316.36 at the time of publication on Monday, trading near the stock's 52-week high of $322.25. Investors seem to like the idea of Combs at the helm of this new initiative.

Berkshire Hathaway shares, on the other hand, dipped about 1.2%, closing at $498.10. The decline likely reflects uncertainty around the leadership transition and the loss of a key executive who had been groomed for bigger things.

All told, this is a big bet by JPMorgan on both Combs and the broader thesis that U.S.-focused, resilience-driven investing is where the next decade of opportunity lies. And for Combs, it's a chance to step out of Buffett's shadow and build something new on a massive scale.

Back to News

JPMorgan Taps Berkshire Investment Star Todd Combs to Lead $10 Billion U.S. Growth Initiative

MarketDash Editorial Team
6 hours ago
Todd Combs is leaving his dual roles at Berkshire Hathaway and GEICO to head JPMorgan's new $10 billion Strategic Investment Group, focusing on defense, healthcare, energy, and national security-linked opportunities across U.S. industries.

JPMorgan Chase & Co. (JPM) just made one of the more interesting talent moves in recent memory, poaching Todd Combs from Berkshire Hathaway (BRK.B) to run a newly minted $10 billion investment vehicle aimed squarely at U.S. growth and resilience. Combs isn't just any investor—he's spent years managing a chunk of Berkshire's portfolio alongside Warren Buffett, ran GEICO as CEO, and previously served on JPMorgan's own board. Now he's crossing back over to helm the bank's Strategic Investment Group, a move that signals both ambition and strategic heft.

The Strategic Investment Group is part of JPMorgan's Security and Resiliency Initiative, a sprawling $1.5 trillion effort focused on strengthening U.S. manufacturing, innovation, and economic infrastructure. Think critical minerals, defense tech, aerospace, healthcare, and energy—sectors where national security and economic competitiveness intersect. Combs will work across JPMorgan's Commercial & Investment Bank and Asset & Wealth Management divisions to identify opportunities within the firm's middle-market and large corporate client base, with a mandate that blends capital allocation and strategic advising.

He'll also serve as a special adviser to Jamie Dimon and the firm's Operating Committee, which tells you this isn't just a pure investing gig. It's a strategic role with direct access to the top.

Dimon didn't hold back in his praise, saying, "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 Buffett."

Combs will officially start in January 2026 and has already resigned from JPMorgan's board to avoid conflicts. He'll also be stepping down from his leadership roles at Berkshire Hathaway and GEICO, so this is a full-on career pivot, not a side project.

A Star-Studded Advisory Council

JPMorgan isn't just throwing money at this initiative—it's assembling a who's who of business and government heavyweights to guide it. The bank announced an External Advisory Council initially chaired by Dimon himself, featuring names like Jeff Bezos, Michael Dell, Jim Farley, Robert Gates, Condoleezza Rice, Paul Nakasone, Phebe Novakovic, and others.

The council's job is to help shape SRI strategy and investment priorities, with a focus on risks, opportunities, and industries tied to U.S. national security and economic resilience. It's a long-horizon play, not a flash-in-the-pan marketing stunt. JPMorgan is positioning this as a serious, multi-decade commitment to backing U.S. economic strength.

Berkshire Reshuffles as Combs Heads for the Exit

Meanwhile, back at Berkshire Hathaway, Combs's departure comes at a sensitive moment. The company is approaching a historic leadership transition, with Greg Abel set to take over as CEO once Warren Buffett retires at year-end. Combs had long been seen as a potential future leader at Berkshire, so his exit raises questions about how Abel will manage the firm's massive investment portfolio going forward.

Berkshire didn't waste time filling the gaps. Nancy L. Pierce was named GEICO CEO effective immediately, taking over from Combs. Adam M. Johnson, previously CEO of NetJets, was appointed president of Berkshire's consumer products, service, and retailing businesses. On the finance side, CFO Marc D. Hamburg will retire on June 1, 2027, with Charles C. Chang set to succeed him a year earlier on June 1, 2026. And Michael J. O'Sullivan was named senior vice president and general counsel, effective January 1, 2026.

It's a flurry of moves that underscores just how significant Combs's departure is for Berkshire's internal structure.

Market Reaction

JPMorgan Chase shares were up 0.42% at $316.36 at the time of publication on Monday, trading near the stock's 52-week high of $322.25. Investors seem to like the idea of Combs at the helm of this new initiative.

Berkshire Hathaway shares, on the other hand, dipped about 1.2%, closing at $498.10. The decline likely reflects uncertainty around the leadership transition and the loss of a key executive who had been groomed for bigger things.

All told, this is a big bet by JPMorgan on both Combs and the broader thesis that U.S.-focused, resilience-driven investing is where the next decade of opportunity lies. And for Combs, it's a chance to step out of Buffett's shadow and build something new on a massive scale.