Jamie Dimon's Letter to Shareholders

In  Closing. 

Our Serious Need For More Effective Public Policy and Competent Government. 

Evaluating and Managing the Economic and Geopolitical Risks Ahead. 

Some Commonsense Principles for Corporate Governance. 

Management Lessons.

Update on Specific Issues Facing Our Company.

Why We Are Proud of JPMorgan Chase.

Introduction to the 2022 Letter to Shareholders.

Letter to Shareholders from Chairman and Chief Executive Officer Jamie Dimon.

Dear Fellow Shareholders: We are facing challenges at every turn: a pandemic, unprecedented government actions, a strong recovery after a sharp and deep global recession, a highly polarized U.S. election, mounting inflation, a war in Ukraine and dramatic economic sanctions against Russia. While all this turmoil has serious ramifications on our company, its effect on the world — with the extreme suffering of the Ukrainian people and the potential restructuring of the global order — is far more important. Adding to the disruption, these events are unfolding while America remains divided within its borders, with many arguing that it has lost its essential leadership role outside of its borders and around the world. But during this difficult time, we have a moment to put aside our differences, offer solutions and work with others in the Western world to come together in defense of democracy and essential freedoms, including free enterprise. We have seen America, in partnership with other countries around the globe, come together previously during instances of conflict and crisis.

Dear Fellow Shareholders:   We are facing challenges at every turn: a pandemic, unprecedented government actions, a strong recovery after a sharp and deep global recession, a highly polarized U.S. election, mounting inflation, a war in Ukraine and dramatic economic sanctions against Russia.   While all this turmoil has serious ramifications on our company, its effect on the world — with the extreme suffering of the Ukrainian people and the potential restructuring of the global order — is far more important.  

Significant Geopolitical and Economic Challenges.

The Extraordinary Need for Strong American Leadership.

Competitive Threat Redux.

Investments and Acquisitions: Determining the Best Use of Capital and Assessing ROIs.

Updates on Specific Issues Facing Our Company.

Management Lesson: The Benefit of Purpose and the Tremendous Value of Work.

I would like to express my deep gratitude and appreciation for the more than 270,000 employees, and their families, of JPMorgan Chase. From this letter, I hope shareholders and all readers gain an appreciation for the tremendous character and capabilities of our people and how they have helped communities around the world.

Dear Fellow Shareholders,  2020 was an extraordinary year by any measure. It was a year of a global pandemic, a global recession, unprecedented government actions, turbulent elections, and deeply felt social and racial injustice. It was a year in which each of us faced difficult personal challenges, and a staggering number of us lost loved ones. It was also a year when those among us with less were disproportionately hurt by joblessness and poverty. And it was a time when companies discovered what they really were and, sometimes, what they might become. Watching events unfold throughout the year, we were keenly focused on what we, as a company, could do to serve.

The Corporate Citizen: The Purpose of a Corporation 

Lessons from Leadership 

Banks' Enormous Competitive Threats — from Virtually Every Angle 

Specific Issues Facing Our Company 

COVID-19 and the Economy 

Public Policy — American Exceptionalism, Competitiveness and Leadership: Challenged by China, COVID-19 and Our Own Competence 

From this letter, I hope shareholders and all those listening gain an appreciation for the tremendous character and capabilities of our people and how they have helped communities around the world. 

Introduction  Section I: The Corporate Citizen: The Purpose of a Corporation Section II: Lessons from Leadership Section III: Banks' Enormous Competitive Threats — from Virtually Every Angle Section IV: Specific Issues Facing Our Company Section V: COVID-19 and the Economy Section VI: Public Policy — American Exceptionalism, Competitiveness and Leadership: Challenged by China, COVID-19 and Our Own Competence In Closing

Throughout our history, JPMorgan Chase has built its reputation on being there for clients, customers and communities in the most critical times. This unprecedented environment is no different. Our actions during this global crisis are essential to keeping the global economy going and will be remembered for years to come.

While I have a deep and abiding faith in the United States of America and its extraordinary resiliency and capabilities, we do not have a divine right to success. Our challenges are significant, and we should not assume they will take care of themselves. Let us all do what we can to strengthen our exceptional union.I would like to express my deep gratitude and appreciation for the employees of JPMorgan Chase. From this letter, I hope shareholders and all readers gain an appreciation for the tremendous character and capabilities of our people and how they have helped communities around the world. I hope you are as proud of them as I am.Jamie DimonChairman and Chief Executive OfficerApril 4, 2019 You can find the annual letter to shareholders at jpmorganchase.com.

The American Dream is alive — but fraying for many.We must have a proper diagnosis of our problems — the issues are real and serious — if we want to have the proper prescription that leads to workable solutions.All these issues are fixable, but that will happen only if we set aside partisan politics and narrow self-interest — our country must come first.Governments must be better and more effective — we cannot succeed without their help. The rest of us could do a better job, too.CEOs: Your country needs you!America’s global role and engagement are indispensable.

We need to continue to restore trust in the strength of the U.S. banking system and global systemically important financial institutions.We have to remind ourselves that responsible banking is good and safe banking.We believe in good regulation — both to help America grow and improve financial stability.We believe stock buybacks are an essential part of proper capital allocation but secondary to long-term investing.On the importance of the cloud and artificial intelligence, we are all in.We remain devoted and diligent to protect privacy and stay cyber safe — we will do what it takes.We know there are risks on the horizon that will eventually demand our attention.We are prepared for — though we are not predicting — a recession.

First and foremost, we look at our business from the point of view of the customer.We endeavor to be the best at anything and everything we do.We will maintain a fortress balance sheet — and fortress financial principles.We lift up our communities.We take care of our employees.We always strive to learn more about management and leadership.We do not worry about some issues.

Dear Fellow Shareholders,Once again, I begin this annual letter to shareholders with a sense of pride about our company and our hundreds of thousands of employees around the world. As I look back on the last decade — a period of profound political and economic change — it is remarkable how much we have accomplished, not only in terms of financial performance but in our steadfast dedication to help clients, communities and countries all around the world.

This is Jamie Dimon, and I want to thank you for taking the time to listen to my annual letter to our shareholders. While we’ve enlisted some help to narrate the letter, the words you’re about to hear are mine – and they’re straight from my heart. I’m so proud of this company, and in my letter you’ll see why. I cover topics that I view as most important to our shareholders, clients, customers, employees, communities and, importantly, our country. You’ll hear more about our business principles and strategies, as well as my thinking about current critical issues and my views on public policy.Thanks again for listening and I hope you find the letter informative.