Berkshire Hathaway stock picker Todd Combs departs to lead new strategic investment group at JPMorgan

Core Insights - Todd Combs, a key figure at Berkshire Hathaway and CEO of GEICO, is leaving to join JPMorgan Chase as part of a significant restructuring at both companies [1][2] - Combs will lead JPMorgan's new investment group under the "security and resilience" initiative, which aims to enhance national interests in various sectors [1][4] Company Developments - Combs will report directly to JPMorgan CEO Jamie Dimon and will also serve as a special adviser to Dimon and the bank's operating committee [2] - Berkshire Hathaway is undergoing an executive shuffle, with Greg Abel set to succeed Warren Buffett as CEO on January 1 [6][7] - Nancy Pierce, currently COO of GEICO, will take over as CEO following Combs' departure [7] Strategic Initiatives - JPMorgan's "security and resilience" initiative includes a commitment of $1.5 trillion for financing and lending to bolster supply chains, technology, and industrial resilience [4] - The initiative also features a $10 billion fund for strategic venture capital and equity investments in sectors such as AI, minerals, and defense manufacturing [4] - An external advisory council has been established to guide the national security initiative, featuring prominent figures like Jeff Bezos and Condoleezza Rice [5]