Commercial Banking

CB’s strategy is anchored on being our clients’ most important financial partner, and we do this by delivering the expertise and capabilities of our global firm locally. In 2022, we continued to extend and deepen our reach by growing our U.S. and international footprint, enabling us to increase our addressable market and serve more exceptional clients around the world.

We expanded to five additional U.S. states and four new countries:

• In the United States, CB established a presence in Idaho, Montana, Nevada, New Mexico and South Carolina and is now in 78 of the top 100 metropolitan statistical areas, with a potential to cover more than 48,000 prospective clients.
• We achieved a significant milestone in 2022 when we became the first bank able to accept government deposits in all 50 U.S. states, allowing us to bring our services to more local governments and their residents.
• Outside the United States, we expanded into Denmark, Finland, Norway and Sweden and now have 80 bankers calling on more than 2,000 prospective, non-U.S.-headquartered clients in 24 countries.

We’re thoughtfully growing our team to support several high-potential opportunities:

• We’ve maintained our focus on middle market companies with revenue less than $100 million and added bankers to serve more than 12,000 companies in this important segment, doubling our client relationships since 2018.
• Both in the United States and EMEA, we continued building our Green Economy and Innovation Economy teams to provide tailored support to these critical sectors that are advancing economic growth and sustainability. CB is well-positioned to serve clients from startup to IPO and beyond, partnering across the firm to provide a full suite of capabilities, including capital raising, strategic advisory and a differentiated set of digital solutions.
• We created a new team of bankers across 20 U.S. cities that is focused on understanding and supporting the unique journeys of diverse, women and veteran business owners and working to help their businesses grow and succeed. The community impact from this team has been very positive, and we are looking for more ways to serve this important segment of our economy.

Our ability to deliver JPMorgan Chase’s full suite of solutions remains a key competitive advantage. In 2022, we continued to make significant investments in our capabilities, innovating to drive even more value for our clients.

• We’re offering new, simple digital banking platforms and integrated payment solutions to help clients run their businesses more effectively.
• In collaboration with our CIB partners, we’re providing clients with a more complete and competitive set of financing alternatives with the addition of our new direct lending offering.
• We introduced Story by J.P. Morgan^TM, our all-in-one property management tool that offers multifamily property owners and operators valuable data, insights and an intuitive rent payments platform to best manage their real estate assets.

We continue to make excellent progress in building a truly data-driven business, using our unique assets to enhance our operating processes and deliver valuable insights to both our teams and clients. The impact from this effort has been quite exciting, and the investments we are making will drive tremendous benefit for years to come.

• CB continued to scale and optimize our cloud-based data platform and expanded our team of data scientists to help unlock even more value and embed business intelligence into all we do.
• Our robust customer relationship management platform and collaboration tools promote connectivity across the firm, enabling us to serve clients with greater precision and foster new relationships.
• Using insights from our operating data, we markedly improved client satisfaction scores by enhancing and streamlining both our onboarding process and client service experience.

While growth and innovation are essential to CB’s success, perhaps just as important is our focus on being a purpose-driven business. Our firm has long championed the essential role of banking in a community, a concept that is deeply woven into the strategy and culture of our franchise. In CB, we are using the power of our business—doing what we do best every day—to drive real outcomes in our communities.

Across our local markets, our teams deliver critical resources, specialized expertise and tailored solutions to help communities thrive. Collectively, in 2022 CB financed:

• $19 billion in credit to vital institutions—such as hospitals, schools and governments—that are critical to the health and vibrancy of our communitiesfootnote6
• $12 billion to create or incentivize the preservation of more than 95,000 affordable units to help thousands of families access stable housing
• $300 million in New Markets Tax Credit investments to support projects such as health clinics, grocery stores and job training facilities
• $670 million in loans to Green Economy clients to help accelerate decarbonization

Together with our exceptional clients and colleagues across the firm, we’re working to advance an inclusive economy, support local and diverse businesses, and create a sustainable future for the places we call home.

While we’re incredibly proud of our 2022 results, we aren’t standing still. 2023 is proving to be another complex year, and we have a responsibility to be a source of strength and stability, especially in uncertain times. As such, we remain prepared for a wide range of economic scenarios with our core tenets in clear view:

• Partnering across our firm to deliver value for our clients and communities
• Maintaining our credit discipline and client selection standards
• Consistently investing in our people, platform and capabilities

Thus far, 2023 has only reinforced my confidence in our people, who have proved that they will rise to any challenge. I’d like to express my sincere gratitude to the entire CB team, as well as our partners across the firm for their dedication, teamwork and client focus. I’m incredibly proud to work alongside all of them.

Douglas B. Petno
CEO, Commercial Banking