Financial institutions increase investments in nuclear weapons production, report finds

A new report by the International Campaign to Abolish Nuclear Weapons ICAN and PAX reveals that financial institutions are significantly increasing their investments in companies involved in nuclear weapons production. As of September 2025, 301 banks, pension funds, insurance companies, and other financial institutions had financing or investments in companies that contribute to the world’s nine nuclear-armed states expanding and modernizing their arsenals. This represents a 15-percent increase compared to the previous year, reversing a trend of decline. Susi Snyder, ICAN’s director of programmes and a contributing author of the report, described this as a "short term and risky strategy that contributes to a dangerous escalation." The report, titled “Don’t Bank on the Bomb,” identifies 25 companies involved in producing nuclear weapons, with Honeywell International, General Dynamics, and Northrop Grumman among the top earners. US firms Vanguard, BlackRock, and Capital Group were identified as the top three investors in these companies. From January 2023 to September 2025, investors held over $709 billion in shares and bonds in these companies, an increase of over $195 billion. Additionally, nearly $300 billion was provided in loans and underwriting to these manufacturers, with Bank of America, JPMorgan Chase, and Citigroup being the top three lenders. Despite this trend, the report also highlighted that some financial institutions have successfully avoided investments linked