JPMorgan Chase : Letters to shareholders from Line of Business CEOs, Chief Operating Officer and Head of Corporate Responsibility

Published: 2025-04-07 06:06:16 ET JPM

Future-Proofing the Company and Our Operations

JPMorganChase is a world-class institution. We operate in more than 100 global markets, serve millions of customers and process nearly $10 trillion daily through our wholesale payments business. Our footprint is as broad as the globe and as deep as the very personal, individual interactions our employees have each day with the governments, businesses, nonprofits, individuals and communities that we serve.

In my new capacity as Chief Operating Officer for the firm, I have the responsibility and privilege of looking after critical operations that function as the foundation and engine for our employees to deliver excellence in financial services around the world each day.

INVESTING IN THE TECHNOLOGY OF THE FUTURE

In addition to the day-to-day opera-tions of the firm, I am focused on mak-ing certain that we are investing in our future. We are a technology-driven company as much as we are a bank, and technology is fundamental to everything that we do.

We employ more than 60,000 technol-ogists across the globe, and we've made remarkable strides modernizing our technology infrastructure and engineering practices. Our technology estate consists of more than 6,000 applications and nearly an exabyte of data, with a multi-cloud strategy that enables us to continuously innovate our businesses. We have also been recog-nized as a leader in banking in frontier technologies like artificial intelligence (AI) and quantum computing research.

We know that investments we made in technology years ago are helping our business, products and services to be best-in-class today. Our software engineers are seeing up to 10-20% productivity in the software develop-ment life cycle through AI coding assis-tant tools, freeing them up to work on other tasks and projects. We also just achieved an industry milestone, the first successful demonstration of a novel quantum computing protocol to generate Certified Randomness, with industry-leading partners.

We'll continue to invest in technology to ensure we are on the front lines of innovation and to set the company up for future success.

We recognize that AI is not just a technological advancement but a trans-formative force that is reshaping the financial services landscape. In 2024, we launched our flagship generative AI product, LLM Suite, to more than 200,000 of our colleagues around the world. LLM Suite enables employees to access leading GenAI capabilities on their desktop in a controlled environ-ment that protects our customer and company data. In addition, it also enables businesses across the enter-prise to develop use cases and to integrate GenAI more easily into their workflows by leveraging a shared set of capabilities available on the platform.

While we have made substantial progress in our AI journey over the past decade, we are still in the early stages. As the technology continues to evolve to offer more reasoning and complex problem-solving capabilities, AI will play a critical part in helping us produce faster and better results for our business.

INVESTING IN THE WORKFORCE OF TODAY AND TOMORROW

Our technology would be rudderless without the incredible people who run it.

Our workforce reflects the very best and brightest talent from many differ-ent backgrounds and perspectives. We support career growth with com-petitive pay, comprehensive benefit packages and opportunities to develop new skills through training and educa-tion benefits. With our global footprint, thousands of open roles across a myriad of job types, and a mobility mindset, we offer a depth of incredible career possibilities that most compa-nies simply cannot.

We also recently made enhancements to our leading benefits based on employee feedback, including expanded parental and bereavement leave time, education reimbursement, special awards for employees on their savings plans, expanded matching contributions, decreased costs on medical plans, increased wellness benefits, mental health resources, special perks and discounts, and more.

Over the past two years, Human Resources (HR), Global Technology and our Chief Administrative Office have been working in partnership to reinvent the employee experience. We're innovating across platforms and functions to deliver a more cohesive, frictionless, personalized experience for our employees, which in turn, helps them better serve our customers and clients. GenAI is helping us reimagine how teams collaborate and connect, driving greater efficiency and effec-tiveness and ultimately a better employee experience.

Simply put, JPMorganChase is a great place to work.

We believe that the office remains the primary place for people to work. It's where we foster and deepen our great culture, collaboration and career mobility.

We also recognize we need to continue to invest in the workplace of the future that delivers an elevated experience for employees, clients and visitors. That's why we're working to upgrade our global real estate portfolio, mod-ernizing 125,000 seats with plans to deliver an incremental 75,000 addi-tional new or modernized seats over the next five years. It's also why we opened two new corporate centers in India, a technology center in Glasgow and renovated our Columbus head- quarters, all completed within the last two years. Our strategy is focused on creating excellent workspaces that have more communal, collaborative and restorative areas, advanced envi-ronmental systems and best-in-class amenities.

It's also why we are so excited to cut the ribbon on our new headquarters building, a true architectural marvel. When complete, it will be New York City's largest all-electric building totally powered by renewable energy, with net zero operational emissions. Special features include outdoor spaces, 30% more daylight and the capacity to support more than 50,000 connected devices, including comput-ers and mobile devices, making it the most connected, data-driven high-rise building in New York City.

When we invest in improving our real estate, not only are we investing in our employees - we're investing in the local community. We are a major employer in local communities across the globe, with thousands of employ-ees who significantly contribute to the local economy surrounding their workplace, stimulating additional jobs across local industries such as restau-rants, coffee shops, dry cleaners, local retailers and gas stations. We recog-nize the critical role we play not only as a steward of the global financial system but also as a catalyst in boost-ing local economic health in the com-munities where we operate.

Our Guiding Principles Remain Unchanged:

• We seek to make dreams possible for everyone, everywhere, every day.

• We do not believe that talent is concentrated in any particular demographic group(s) and are dedicated to equal employment opportunity for talent across all backgrounds.

• We strictly prohibit unlawful discrimination, harassment and abusive conduct of any kind. We are dedicated to treating all individuals fairly and with respect.

• We seek to attract and retain the best talent. We recognize that our people are our strength and the diverse talents and perspectives they bring to our global workforce are directly linked to our success.

• We strive to build and foster an inclusive work environment where our employees are respected, trusted and empowered. Our experience is that if our teams are more diverse, we will generate better ideas and outcomes, enjoy a stronger corporate culture and outperform our competitors.

• We are dedicated - and in many places obligated - to supporting underserved communities as part of our commitment to corporate responsibility and long-term shareholder value. We strive to empower individuals and improve lives through our business practices and community outreach efforts that we have seen are good for customers, communities and our business.

OUR PURPOSE AT WORK

Our Purpose is to make dreams possi-ble for everyone, everywhere, every day. We bring that to life with passion and grit through every interaction we have with our colleagues, customers and clients.

Our business and people practices are all anchored to the correct governance and controls that hold us to account for the policies and processes we put in place. We have the highest standards of excellence and are constantly asking ourselves how we can get better.

Part of that includes doing the right thing, upholding our code of conduct, and how we treat our customers and clients - never turning anyone away because of who they are or what they believe. This Purpose also extends to our treatment of our employees and to our belief that a culture where everyone is afforded respect and dignity creates the best workplace and business outcomes.

Indeed, we believe our strong culture is what makes us deliver so well for our shareholders, clients and customers, and that includes our belief in the power of a diverse workforce, which strengthens our business and builds trust within our communities. As I mentioned recently in a note to employees, our Diversity, Opportunity and Inclusion organization, along with the lines of business, HR and Corporate Responsibility, will continue our efforts to reach the most customers and clients to grow our business, uplift the people and communities we serve, and create an inclusive workplace for our employees.

We will continuously evaluate programs across every part of our business to ensure they make commercial sense, are driving the right business outcomes and comply with current laws as they evolve. And we'll stay true to our long-standing core principle and practice of reducing barriers because we know that talent and potential are equally distributed but that access and oppor-tunity are not.

As a global company, we are dedicated to serving communities worldwide, from Baltimore and Huntsville to Paris and Hyderabad. Initiatives born from the model of our successful work in cities like Detroit to spur economic opportunity have led to innovation in products and services. Our offerings - including affordable housing and the expansion of branches, products and services in urban and rural areas - are now embedded in our everyday busi-ness and are, and always have been, available to all. Sometimes you start with a problem statement around a very particular issue or community, but the solutions benefit all.

Our virtual call centers, first piloted in Detroit in 2022, have created more than 200 jobs. Since 2022 we have expanded to other cities, including Atlanta and Baltimore, where we recently welcomed a new cohort of 40 employees who are military spouses. Hiring veterans is another win for everyone, and I'm proud to break the news here that the Veteran Jobs Mission, a coalition of more than 300 companies that we helped to found in 2011, just reached 1 million veterans hired. That includes nearly 20,000 veterans hired within our firm. Removing barriers through these initiatives and others, like our second chance hiring and tapping different communities for the skills and expertise that they lend our business, has helped our firm to thrive.

Successful companies require thriving communities. It makes good business sense to invest in the broader ecosystem.

OUR VALUES

Our Purpose is realized through living our Values - Excellence, Heart, Service, Courage and Curiosity.

Each one of these words and the ethos they carry is what sets us apart: striving for better every day; serving our cus-tomers, communities and each other with heart; always having the courage to do the right thing - especially when it's hard; and staying humble in our approach and curious to learn.

This is how we deliver for our share-holders, invest in the JPMorganChase of tomorrow and keep our business not only running well, but also as one of the most successful in the world - and our people are the fuel that enables it all.

Jennifer Piepszak

Chief Operating Officer

Consumer & Community Banking

I'm very proud of how Consumer & Community Banking (CCB) delivered for our customers, communities and employees in 2024, as we focused on our priorities to:

1. Grow and deepen relationships by engaging customers with products and services they love and expand-ing our distribution.

2. Deliver best-in-class financial performance.

3. Leverage technology, data and artificial intelligence (AI) to drive customer value and speed to market.

4. Protect our customers and the firm through a strong risk and controls environment.

5. Cultivate talent to build high-performing, diverse teams where culture is a competitive advantage.

2019 to 2024 Performance

This consistent, long-term strategy has served us well through volatile and uncertain times, and we believe it positions us well for the future.

1. GROW, ENGAGE AND DEEPEN RELATIONSHIPS

Across CCB, we serve more than 84 million consumers and 7 million small business clients1. We've grown con-sumer relationships by 14% from 2019 (3% year-over-year) and small business relationships by 51% (10% year-over-year) by engaging customers with products, services and seamless expe-riences across both digital and branch channels. Our branches are still the storefront of JPMorganChase, with more than 41 million customers choos-ing to visit a Chase branch in 2024, up 12% since 2019 (4% year-over-year). Nearly 71 million customers were digitally active, up 35% since 2019 (6% year-over-year).

Consumer Banking

Customers+23%

2019

2023

Credit Card

Active accounts3

2024

+39%

Business Banking

Clients+52%

2019

2023

Auto

Loan and lease originations

2024

+19%

Wealth Management

Relationships2

+76%

2024

2019

2023

Home Lending

Mortgage originations

2024

We're not just growing our customer base. We're also creating deep, enduring relationships by investing in industry-leading products and capabil-ities and improving the customer expe-rience. Today, 28% of customers have at least two discrete products with us, up from 24% in 2019 (27% in 2023).

2. DELIVER BEST-IN-CLASS FINANCIAL PERFORMANCE

We're proud of our financial results, which are an outcome of a customer-first approach and a focus on opera-tional excellence. We manage the business with a long-term, through-the-cycle view. While the goal is to deliver best-in-class performance in any year or environment, we also aim to realize durable and profitable growth that is consistent with our 25% through-the-cycle return on equity (ROE) target. For the fourth consecutive year, we exceeded that objective, delivering a 32% ROE in 2024.

2019

2023

2024

2019

2023

2019

2023

2024

Consumers remain healthy despite excess cash having been largely drained from their balance sheets, which, to date, we view as normaliza-tion. Spend remains strong, fueled by a healthy labor market. By recent his-torical standards, today's interest rates are elevated, even after a 100-basis-point reduction in 2024, and yield-seeking behaviors continue, albeit at a slower pace. Importantly, we are successfully defending primary bank relationships and capturing money in motion. In 2024, we retained over 85% of flows within Banking and Wealth Management. As expected, declining rates drove deposit margin compres-sion, while ongoing yield-seeking behavior resulted in a 6% decline in

average deposit balances from 2023. In Card, we continue to see strong demand for our products and low levels of attrition, which resulted in a 12% increase in average loans over 2023. Taking deposits and loans together, where we see offsetting impacts, net interest income was $54.9 billion, flat compared with 2023.

Noninterest revenue of $16.6 billion increased 10%, driven by strong annual fee growth in Card, coupled with the scaling of Wealth Management and Connected Commerce, and the easing of cyclical and secular headwinds in both Home Lending and Auto.

Expenses of $38 billion were up 9% from 2023. We grew our distribution capacity as we added an incremental 800 bankers, approximately 300 advisors and nearly 70 branches to our network, all of which drive long-term growth. Through investments in data and technology, we've made great progress modernizing our infrastruc-ture and developing products custom-ers love. In marketing, where we have a data-driven, proven track record of success, we remain focused on oppor-tunities to acquire customers across products and segments. Additionally, we saw strong account and transaction growth and engagement.

Against a macroeconomic backdrop similar to 2023, credit remains in line with expectations.

Maintaining our #1 position across industry-leading businesses

We're the clear market leader in Consumer and Business Banking, as well as Card, on the back of strong new account acquisition and primary bank relationships.

Consumer and Business Banking: We maintained the #1 position in 2024 and outperformed large bank peers with 11.3% national retail deposit share, up 220 basis points since 2019 (down 7 basis points year-over-year). We also remained #1 in small business with 9.7% primary bank share, up 28 basis points since 2019 (up 25 basis points year-over-year). We ended 2024 with 44 million Consumer Banking relationships (up 4% year-over-year) and 7 million small business clients1 (up 10% year-over-year). Approximately 80% of consumers and 65% of small business owners with whom we have banking relationships consider us their primary bank.

This position reflects strong new account acquisition, as well as over a decade of investment in our branch network. Historic investments continue to mature, and we invest for the future with plans to get to 15% national retail deposit share.

Banking is local, and nearly 1 million customers walk into a Chase branch each day. The bank's team of approxi-mately 50,000 experts helps custom-ers transact, open accounts, and get information and advice. In 2024, 85% of business checking accounts and nearly 30% of Chase-branded cards were opened in branches.

Branch expansion remains core to long-term growth. Since 2019, we've added over 860 new branches, more than all large bank peers combined, and we are the only bank with a pres-ence in all 48 contiguous states. As a result, Chase covers more Americans than any other bank, with 68% of the U.S. population within an accessible drive to one of our branches. We are on track to meet the goals we announced last year to build 500 new branches by 2027, contributing to our long-term plans of reaching 75% of the national population within an accessible drive and over 50% within each state. This goal demonstrates our commitment to providing local banking services in all communities, from urban centers to rural areas across America's heartland.

In 2024, we entered 10 new markets, opened approximately 150 new branches - including the first two J.P. Morgan Financial Centers in Manhattan and San Francisco - and three Community Center branches in the Bronx and Brooklyn in New York City and Columbus, Ohio. We're also investing in existing branches, refresh-ing nearly 450 in 2024.

We aim to be the bank for all and remain committed to evolving prod-ucts, services and experiences to meet the unique needs of each customer segment. In 2024, we enhanced Secure BankingSM, a product geared toward emerging segments, and introduced J.P. Morgan Private Client as a new tier in our affluent product continuum. We also launched new tools to help small business owners run their businesses, including invoicing, payroll and cus-tomer insights.

The First Republic integration is com-plete, and we're proud to have retained approximately 90% of banking clients and over 95% of deposit balances across the firm. In the Wealth Management businesses, we retained nearly 80% of advisors and assets.

Card: In 2024, we remained the #1 credit card issuer in the U.S. and continued to gain share. We increased total active accounts to nearly 60 mil-lion and outstandings to $214 billion (up 12% year-over-year). This fueled market share gains to 23.5% share of sales and 17.3% share of outstandings, up 110 basis points and 90 basis points, respectively, since 2019 (each up 60 basis points year-over-year).

Our ongoing investment in marketing distribution is driving strong new account production and engaging existing cardmembers. In 2019, we booked 7.8 million new card accounts, and since 2022, we've consistently booked approximately 10 million new accounts each year with strong return

#1

#1

#1 in U.S. retail deposit

#1 U.S. credit card issuer based

market share

on sales and outstandings

#1

#1

#1

#1 primary bank for

#1 in total combined

#1 banking portal

U.S. small businesses

U.S. credit and debit

in the United States 4

payments volume

profiles. This step-change in growth will serve as a solid financial foundation for the Card franchise for years to come. Through industry-leading prod-uct benefits, we drove engagement with existing cardmembers, and in 2024, more than 60% of customers chose Chase as their top-of-wallet card5, which isarecord high.

We invest in benefits and capabilities to keep our cards fresh and relevant, and in 2024:

• Refreshed the Marriott Bonvoy Bold® card with an embedded lending benefit, inspiring cardmembers to "Travel Now, Pay Later" and to dividequalifying purchases into equal monthly payments with no interest or plan fees.

• Launched Chase Pay Over Time® at Amazon checkout so customers can break up large purchases into fixed monthly payments without requiring a credit check or forfeiting rewards.

• Extended our partnership with InterContinental Hotels Group and further deepened the relationship into Chase TravelSM and other businesses.

We continue to focus on adding value for key segments where we have out-sized opportunity to grow, including:

• New-to-credit customers: Continued to scale the Freedom Rise® card while increasing the number of annual new accounts within this segmentby 85% year-over-year.

• Small businesses: Refreshed the Ink Business Cash® card to better serve the needs of smaller businesses. Continued to deepen with Chase Business Banking clients, who contributed to over 50% of businesscard spend growth.

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• Affluent clients: Expanded our award-winning lounge network, opening five new Sapphire airport lounges, includ-ing at LaGuardia Airport. The Points Guy named it the best new U.S. airport lounge and recognized the Sapphire Preferred® card as the best travel rewards card in 2024.

These strategies will fuel our plans to get to 20% share of outstandings.

Scaling growth businesses

In Connected Commerce and Wealth Management, we have the assets to win and outsized opportunity to grow to what we view is our fair share, given the breadth of CCB relationships. These businesses are natural adjacen- cies to credit card and banking, and both diversify and strengthen the CCB franchise.

Connected Commerce: We continue to build a powerful two-sided platform to connect customers with relevant mer-chant brands. In 2024, we reached over $23 billion in volume and are on track to reach $30 billion in volume in 2025. Since launching Connected Commerce in 2021, we've doubled volume on both Travel and Offers platforms.

Travel - We maintained our rank as a top five consumer leisure travel provider and secured the #3 spot6 in 2024. We launched Chase TravelSM as a stand-alone brand in 2024 to help customers discover, plan and experience travel and delivered $11 billion in booked volume, up 9% year-over-year. We also scaled The Edit by Chase TravelSM to more than 1,000 hotels, offering customers exclusive benefits and experiences at our curated list of premium hotels. The share of Chase proprietary card spend on our platform has increased by more than 200 basis points since 2021, and we expect ongoing growth.

Chase Media SolutionsSM - Our new digital media business connects cus-tomers' personal passions and inter-ests with brands they love. Customers benefit from the ability to earn extra cash back at places where they already shop or just discovered. Since launch-ing last year, we've experienced strong growth with 18 billion offers and $12 billion of customer spend on the plat-form in 2024, up 31% year-over-year.

Payments and Lending Innovation -

In payments, trust and security are top priorities. We continue to invest and use assets that we believe will help pro-tect customers from fraud and scams. This includes adding steps in the ZelleSM user flow to warn customers about scams. As a result, we had a 26% reduction in fraud and scam claim rates in 2024. We are making enhance-ments to new capabilities, including

preventing higher-risk transactions that originate from social media. To introduce new, secure payments solu-tions, we've rolled out PazeSM, a digital wallet created in partnership with Early Warning Services. We've onboarded 40 merchants and expect it will continue to scale.

In lending, we now offer a range of Pay Over Time® solutions across credit and debit cards, both in our own and part-ner digital channels, and we've had strong customer adoption. In 2024, over 6 million customers used our flexi-ble payments and lending solutions (compared with over 5 million in 2023), totaling $10.7 billion in originations, up from $8.5 billion in 2023.

Wealth Management: We reached a milestone of $1 trillion in client investment assets ahead of schedule, doubling assets since 2019 (up 34% year-over-year). While the First Republic acquisition and strong market perfor-mance in 2024 provided tailwinds, nearly half of this growth was driven by a record 150,000 first-time investors7 (up 27% year-over-year), product enhancements (such as launching frac-tional shares in Self-Directed Investing) and investments in advisor hiring (add-ing approximately 300 net advisors in 2024 alone). In fact, we had a record year for advisors, doubling net flows per advisor relative to 2019. These factors should continue to spur growth. Our branch referral program was particularly impactful with more than 90% of first-time investors7 being introduced to J.P. Morgan Wealth Management by their banker.

We have tremendous opportunity to further advance growth by leveraging existing assets and continuing to invest in products and distribution.

Customers increasingly want to manage their banking and investments together, and we are uniquely positioned to fill that need and capitalize on the opportu- nity. More than 5 million affluent house-holds have banking relationships with us, but the majority still have their investment relationships elsewhere.

We continue to invest to meet custom-ers' evolving wealth management needs. As a result, 2024 was a break-through year in which we made signifi-cant progress in our digital customer experience. In 2024, J.D. Power ranked us #1 in Wealth Management Digital Experience Satisfaction8 among full-service and self-directed investors.

Secured Lending

In both Home Lending and Auto, we've faced a few years of challenging market conditions, but we continue to focus on what we can control while managing returns on a through-the-cycle basis. We make ongoing investments in prod-ucts, experiences and technology plat-forms that position us for growth as conditions become more favorable. These two businesses remain strategi-cally important, as they provide diversi-fication and help us serve customers' needs in life's key moments.

Home Lending: We continue to face some of the strongest market head-winds we've seen in generations, as high rates are coupled with limited housing supply and elevated prices. Since 2019, home prices are up more than 50% (roughly flat year-over-year), inventory is down approximately 15% (albeit recovering strongly and up over 20% year-over-year) and mort-gage rates have increased to nearly 7% (roughly flat from 2023).

Despite these challenges, in 2024 we scaled originations to $41 billion in volume, up from $35 billion in 2023, while maintaining our position as the #1 owned servicer. We scaled Chase MyHomeSM, a digital home shopping platform, to promote deeper engage-ment and generate leads. In 2024, over 9 million unique users visited Chase MyHomeSM (up 46% year-over- year). We experienced an increase of approximately 20% in customers who engage with high-value features, including searching for homes, viewing insights on their current property and mortgage, and understanding how much they can afford.

Our investments in technology, data and AI enhance our sales and under-writing capabilities, improve productiv-ity, and facilitate efficiencies and speed to market. Our newly modernized loan origination system enabled us to roll out a home equity product in 2024 to provide additional lending options for customers.

Auto: The industry showed signs of improvement, with COVID-era, secular headwinds abating. In 2024, new vehi-cle sales recovered from pandemic lows to about 90% of 2019 levels (up 2% year-over-year).

While the industry outlook remains uncertain, Chase Auto has been on a strong growth trajectory. Up 19% from 2019, the business originated $40 billion in 2024 compared with $41 billion the year prior. Notably, lease originations have rebounded from recent lows, though they remain below pre-pandemic levels. We continue to enhance digital capabilities and drive engagement with customers. In 2024, over 13 million unique users visited our digital car shopping and financing platform, Finance & DriveSM, down 12% year-over-year. Importantly, the number of customers engaging with high-value features (including shop-ping for a car and pre-qualifying for a loan) was up 16% year-over-year, which reflects our focus to deepen engage-ment with our digital tools.

J.D. Power scores indicate our prod-ucts and services resonate with cus-tomers, as we ranked #1 in Digital Experience for Customer Satisfaction among Non-Captive Automotive Finance Lenders9.

Finally, we've increased operational efficiency across the business. About 80% of all applications are automati-cally decisioned, and we continue to streamline and automate more back-end processes.

3. LEVERAGE TECHNOLOGY, DATA AND AI TO DRIVE CUSTOMER VALUE AND SPEED TO MARKET

Our technology investments enable business growth and customer engagement, resulting in market share gains, record channel satisfaction and continued improvements to net promoter scores.

In 2024, we increased investments in product, technology and customer experience to approximately $4 billion to accelerate innovation, moderniza-tion and AI readiness.

Our innovation agenda focuses on improving digital products and investing in personalized customer experiences. These investments support increased payment volumes, more targeted offers and enhanced financial planning tools.

Modernization investments improve our scale, resilience and speed to market. With the migration to new data centers largely behind us, we're investing to enhance core platforms, particularly in Card, Consumer Banking and Home Lending. Modernization efforts aren't

1 Includes clients across all CCB lines of business.

2 Unique families with primary and joint account owners for open and funded accounts.

3 Defined as average sales debit active accounts.

4 #1 most visited banking portal in the U.S. (chase.com) amongst registered banks based on Similarweb.

5 Defined as the percentage of monthly active customers who have 10 or more transactions or

$10,000 or more annualized spend.

6 Skift research.

7 Customers investing for the first time with a J.P. Morgan Private Client Advisor.

8 Measures satisfaction with wealth management websites and apps. Learn more: jdpower.com/awards.

9 Measures satisfaction with automotive finance websites and apps. Learn more: jdpower.com/awards.

just about technology but also about elevating the quality, accessibility and usability of our data. We've nearly com-pleted the migration of our data to the public cloud, which is critical for scaling experimentation and innovation.

Investments in technology and data are essential for AI readiness. We were early movers in AI and have invested in it for over a decade. We initially focused on risk management, such as fraud detection. We've since made signifi-cant progress in operational efficien-cies and revenue growth, including personalization and sales effective-ness. To increase AI readiness, we continue to modernize data and invest in platforms to scale AI and machine learning broadly across the organiza-tion. As we implement these ideas in a controlled manner, we're driving efficiencies - both large and small - in every process, function and product.

4. PROTECT OUR CUSTOMERS AND THE FIRM

A strong risk and controls environment is core to who we are and what we do. We earn customers' trust by providing safe and secure access to banking, and we protect the firm and sharehold-ers through a rigorous commitment to a fortress balance sheet and through-the-cycle decision making.

5. CULTIVATE TALENT

Our more than 140,000 employees across the globe help make dreams possible for tens of millions of custom-ers, strengthening the communities where we operate and the economy overall. People and culture continue to be our greatest competitive advan-tages, helping us achieve the best business outcomes. We're proud to attract and develop employees who reflect diverse backgrounds and perspectives, and we are committed to helping employees build rewarding, long-term careers at the firm.

2025 LOOK AHEAD

CCB continues to be a growth-oriented franchise that operates from a position of strength with strong financial perfor-mance. We focus on building durable customer relationships across segments and in communities across the U.S.

From where we stand today, we're con-fidently building upon a stable founda-tion. Consumers and small businesses have healthy balance sheets, and cash sorting feels largely behind us.

While the regulatory environment looks different from a year ago, there's still a significant amount of uncertainty. In this - like everything - we'll focus more on where the puck is going instead of reacting to a specific moment in time to create maximum strategic flexibility and adapt accordingly. We can't pre-dict everything 2025 will bring, but we have confidence in our growth strategy and discipline.

Marianne Lake

CEO, Consumer & Community Banking

Commercial & Investment Bank

2024 was a transformative year for our business. The combination of our Commercial Banking and Corporate & Investment Bank businesses was a significant step forward in our mission to deliver more value to our clients and maximize the value of our franchise.

The new Commercial & Investment Bank (CIB) leverages the combined strengths of our united businesses and offers a more cohesive organization, enabling us to better align our capabili-ties for clients of all sizes across the globe, from startups to multinationals.

We are well-positioned to respond to significant industry trends, such as the rapid growth of private markets and the expansion of important client eco-systems, including financial sponsors and the Innovation Economy.

Our performance in 2024 highlighted the effectiveness of this strategy and the value it is creating for our clients and shareholders.

DELIVERING RECORD RESULTS

In 2024, financial markets continued to adjust following the injection of trillions of dollars into the global economy during the pandemic. Economic opti-mism rose among business leaders in both large companies and the middle market. Dealmaking rebounded and trading surged as investors reposi-tioned their portfolios in response to inflation data, interest rate cuts and the busiest international election calendar on record.

Against this backdrop, the CIB reported net income of $25 billion on record $70 billion in revenue, setting new

Powerful Client Capabilities across the Globe

benchmarks across major business lines and achieving a full-year return on equity of 18%.

Global Banking

Our Investment Banking franchise maintained its top position in global fees with a 9.3% market share1 and, for the first time, ranked #1 in M&A, debt capital markets (DCM) and equity capital markets (ECM) 1. This excep-tional performance is a testament to our strategic focus and strength of our client relationships.

In M&A, J.P. Morgan ended the year as the top advisor, advising on 395 transactions totaling more than $744 billion1. The business earned $3.3 billion in advisory fees to finish the year with a leading 9.6% market share1. Meanwhile, in capital markets, lower

COMMERCIAL & INVESTMENT BANK

volatility and interest rate cuts sup-ported a pickup in debt underwriting fees and equity transactions, with DCM fees rising to $4.1 billion, up from $2.7 billion in 2023, and ECM fees increasing to $1.7 billion from $1.2 billion. We maintained our #1 position in both areas with wallet share of 8.4% and 11.0% in DCM and ECM1, respectively.

Our Commercial Banking and Global Corporate Banking (GCB) businesses are also key growth drivers for the new CIB. Middle Market Banking revenue has doubled since 2020, driven by client acquisition and market expan-sion, including the purchase of First Republic. In 2024, we added more than 2,500 new clients, and we now have a strong presence in 90 of the top 100 U.S. metropolitan areas. Similarly, GCB added over 450 new clients last year. With bankers in over 40 countries, we are covering the largest firms across the world. And in Commercial Real Estate, where we have long been the #1 multifamily lender in the U.S., we are deepening relationships and becoming the primary operating bank for our clients.

Payments

In Payments, we delivered record revenue of $18.4 billion2. The business has experienced impressive growth, gaining 260 basis points over the last five years3 to reach a market share of 9.5% for Treasury Services. A key competitive advantage is our ability to provide a complete set of advanced payments solutions to clients around the world.

Markets

Markets reported record revenue of $30 billion, a 7% increase year-over-year, with equities up 13% and fixed income up 5%. In a year dominated by macro themes, our rates, foreign exchange, commodities and emerging markets desks excelled in helping cli-ents navigate complex markets.

Maintaining Strength in Markets

Markets revenue

($ in billions)

2020

2021

2022

#1 rank4

Fixed Income Markets revenue Equities Markets revenue Note: Totals may not sum due to rounding.

2023

2024

The year began with expectations of aggressive Federal Reserve easing, but global inflation proved stickier than anticipated, prompting adjustments across institutional portfolios. We have consistently ranked #1 in Markets, finishing 2024 with an overall market share of 11.4%.

Securities Services

Securities Services delivered another record year with $5.1 billion in revenue5, an increase of over $800 million since 2020. This business plays a central role in J.P. Morgan's strategy to act as a

Leadership in Securities Services

Assets under custody6

($ in trillions)

complete counterparty to institutional investor clients, enabling the firm to meet their needs across the full invest-ment life cycle. Securities Services operates at remarkable scale, with assets under custody growing by 14% in the last five years to over $35 trillion at the end of 2024.

The exceptional results across the CIB are a true testament to our incredible teams and their continued focus on our clients. We are honored by the trust placed in us and understand the impor-tance of earning it every day.

Securities Services revenue5

($ in billions)

2020

2020

2024

2024

2020

2020

2024

2024

COMMERCIAL & INVESTMENT BANK

Disclaimer

JPMorgan Chase & Co. published this content on April 07, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 07, 2025 at 10:05 UTC.