JPMorgan Chase is in talks to serve as the banker for the US-led Board of Peace, a new entity focused on Gaza’s reconstruction that President Donald Trump promotes as an alternative to the United Nations, according to a report.
The Wall Street powerhouse is exploring ways to handle financial operations for the board, including processing incoming and outgoing payments, The Financial Times reported, citing sources close to the discussions.
They come as the board aims to secure billions in funding for rebuilding efforts in the war-torn region.
The Post has sought comment from the White House and JPMorgan.
About two dozen nations have signed on to the controversial initiative, which Trump has positioned to challenge UN influence.
The talks come at a time of freshly strained relations between the president and JPMorgan.
The Trump Organization is suing the bank, along with CEO Jamie Dimon, in a $5 billion lawsuit over allegations that his firm was debanked in a “woke” crackdown on conservatives.
Trump established the Board of Peace last year with the initial goal of overseeing Gaza’s recovery after prolonged conflict.
Its scope has expanded, with ambitions to address global disputes, though many details on Gaza aid distribution remain unclear.
Board members include Apollo Global Management CEO Marc Rowan, US special envoy Steve Witkoff, Trump’s son-in-law Jared Kushner, US Secretary of State Marco Rubio and former UK prime minister Tony Blair.
Witkoff and Kushner are also being advised by ex-KKR executive Josh Greenbaum.
The first board meeting is set to be held on Thursday in Washington with representatives from more than 40 countries, including Argentina’s President Javier Milei.
Nations including the United Kingdom, France and Canada have declined participation, citing concerns that the board might undermine the UN
About a dozen countries including Germany, Italy, Norway and Switzerland haven’t joined the board but are reportedly planning to send observers to Thursday’s confab.
While some US allies have voiced skepticism of the board, supporters argue it offers a fresh approach to stalled peace processes.
