2022 Annual Letter to Shareholders Audio

(0:00) Introduction

Dear Fellow Shareholders

Across the globe, 2022 was another year of significant challenges: from a terrible war in Ukraine and growing geopolitical tensions — particularly with China — to a politically divided America.

Almost all nations felt the effects of global economic uncertainty, including higher energy and food prices, mounting inflation rates and volatile markets, and, of course, COVID-19’s lingering impacts.

While all these experiences and associated turmoil have serious ramifications on our company, colleagues, clients and the countries in which we do business, their consequences on the world at large — with the extreme suffering of the Ukrainian people and the potential restructuring of the global order — are far more important.

As these events unfold, America remains divided within its borders, and its global leadership role is being challenged outside of its borders.

Nevertheless, this is the moment when we should put aside our differences and work with other Western nations to come together in defense of democracy and essential freedoms, including free enterprise.

During other times of great crisis, we have seen America, in partnership with other countries around the globe, unite for a common cause.

This is that moment again, when our country needs to work across public and private sectors to lead while improving American competitiveness — which also means re-establishing the American promise of providing equal access to opportunity for all.

JPMorgan Chase, a company that historically has worked across borders and boundaries, will do its part to ensure the global economy is safe and secure.

In spite of the unsettling landscape, 2022 was somewhat surprisingly another strong year for JPMorgan Chase, with the firm generating record revenue for the fifth year in a row, as well as setting numerous records in each of our lines of business.

We earned revenue in 2022 of $132.3 billion and net income of $37.7 billion, with return on tangible common equity [or ROTCE] of 18%, reflecting strong underlying performance across our businesses.

We also maintained our quarterly common dividend of $1.00 per share and continued to reinforce our fortress balance sheet.

We grew market share in several of our businesses and continued to make significant investments in products, people and technology while exercising strict credit discipline.

In total, we extended credit and raised capital of $2.4 trillion for our consumer and institutional clients around the world.

I remain proud of our company’s resiliency and of what our hundreds of thousands of employees around the world have achieved, collectively and individually.

Throughout these challenging past few years, we never stopped doing all the things we should be doing to serve our clients and our communities.

Adhering to our basic principles and strategies allows us to drive good organic growth and properly manage our capital (including dividends and stock buybacks), as we have consistently demonstrated for decades.

Our performance results are shown in the charts [in the print version of this letter], which illustrate how we have grown our franchises, how we compare with our competitors and how we look at our fortress balance sheet.

I invite you to peruse them at your leisure.

In addition, I urge you to read the CEO letters in this Annual Report, which will give you more specific details about our businesses and our plans for the future.

As you know, we are champions of banking’s essential role in a community — its potential for bringing people together, for enabling companies and individuals to attain their goals, and for being a source of strength in difficult times.

As I often remind our employees, the work we do matters and has impact.

We help people and institutions finance and achieve their aspirations, lifting up individuals, homeowners, small businesses, larger corporations, schools, hospitals, cities and countries in all regions of the world.


Looking back on the past two+ decades — starting from my time as CEO of Bank One in 2000 — there is one common theme: our unwavering dedication to help clients, communities and countries throughout the world.

It is clear that our financial discipline, constant investment in innovation and ongoing development of our people are what enabled us to achieve this consistency and commitment.

In addition, across the firm, we uphold certain steadfast tenets that are worth repeating.

First, our work has very real human impact.

While JPMorgan Chase stock is owned by large institutions, pension plans, mutual funds and directly by single investors, in almost all cases the ultimate beneficiaries are individuals in our communities.

More than 100 million people in the United States own stock; many, in one way or another, own JPMorgan Chase stock.

Frequently, these shareholders are veterans, teachers, police officers, firefighters, healthcare workers, retirees or those saving for a home, education or retirement.

Often, our employees also bank these shareholders, as well as their families and their companies.

Your management team goes to work every day recognizing the enormous responsibility that we have to all of our shareholders.

Second, shareholder value can be built only if you maintain a healthy and vibrant company, which means doing a good job of taking care of your customers, employees and communities.

Conversely, how can you have a healthy company if you neglect any of these stakeholders?

As we have learned over the past few years, there are myriad ways an institution can demonstrate its compassion for its employees and its communities while still upholding shareholder value.

Third, while we don’t run the company worrying about the stock price in the short run, in the long run we consider our stock price a measure of our progress over time.

This progress is a function of continual investments in our people, systems and products, in good and bad times, to build our capabilities.

These important investments will also drive our company’s future prospects and position it to grow and prosper for decades.

Measured by stock performance, our progress is exceptional. For example, whether looking back 10 years or even farther to 2004, when the JPMorgan Chase/Bank One merger took place, we have significantly outperformed the Standard & Poor’s 500 Index and the Standard & Poor’s Financials Index.

Fourth, we are united behind basic principles and strategies (you can see the How We Do Business principles on our website) that have helped build this company and made it thrive — from maintaining a fortress balance sheet ... constantly investing and nurturing talent to fully satisfying regulators ... continually improving risk ... governance and controls ... and serving customers and clients while lifting up communities worldwide.

This philosophy is embedded in our company culture and influences nearly every role in the firm.

Fifth, we strive to build enduring businesses, which rely on and benefit from one another, but we are not a conglomerate.

This structure helps generate our superior returns. Nonetheless, despite our best efforts, the walls that protect this company are not particularly high — and we face extraordinary competition.

I have written about this reality extensively in the past and cover it again in this letter.

We recognize our strengths and vulnerabilities, and we play our hand as best we can.

Sixth, we operate with a very important silent partner — the U.S. government — noting as my friend Warren Buffett points out that his company’s success is predicated upon the extraordinary conditions our country creates.

He is right to say to his shareholders that when they see the American flag, they all should say thank you. We should, too.

JPMorgan Chase is a healthy and thriving company, and we always want to give back and pay our fair share.

We do pay our fair share — and we want it to be spent well and have the greatest impact.

To give you an idea of where our taxes and fees go:

In the last 10 years, we paid more than $43 billion in federal, state and local taxes in the United States and almost $19 billion in taxes outside of the United States.

We also paid the Federal Deposit Insurance Corporation over $10 billion so that it has the resources to cover failure in the American banking sector.

Our partner — the federal government — also imposes significant regulations upon us, and it is imperative that we meet all legal and regulatory requirements imposed on our company.

Seventh and finally, we know the foundation of our success rests with our people.

They are the frontline, both individually and as teams, serving our customers and communities, building the technology, making the strategic decisions, managing the risks, determining our investments and driving innovation.

However you view the world — its complexity, risks and opportunities — a company’s prosperity requires a great team of people with guts, brains, integrity, enormous capabilities and high standards of professional excellence to ensure its ongoing success.

(9:13) Section I – Why We are Proud of JPMorgan Chase

Our vision is simple and unchanged: We aim to be the most respected financial services firm in the world, serving corporations and individuals.

To that end, it is imperative that we run a healthy, vibrant and responsible company.

In addition to traditional banking, we do a lot to help the communities in which we operate, which, in turn, provides the foundation for increased opportunity and prosperity for all.

And just to note, while we are proud of the good things we do every day, we are also an organization that acknowledges the mistakes we make along the way, which is important to do.

And when we do make mistakes, we own up to them, learn from them and then move on.


We’ve always had — and published — principles to guide how we do business, with values embedded within them, which I described in the preceding section.

These tenets unite our company across the globe. To complement these guidelines, we recently developed a clearly stated purpose — Make dreams possible for everyone, everywhere, every day — to knit together our values with our everyday business principles and explain how we have done business for years.

While our company has a rich history, is proud of the critical role it plays in powering economic growth and has done exceptionally well over the past 200 years, research has shown that purpose-driven companies achieve stronger business results — and have greater impact — by doing better for their customers, employees and shareholders.

Our intention in documenting our purpose for ourselves is to help energize our employees, differentiate our company from our competitors, and push our organization to innovate on behalf of our clients, colleagues and communities.

In addition, we are launching a new effort – internally and externally – to showcase how the work we do matters and has tangible impact locally and around the world.

In detailing the elements of our purpose, we have tried to make every word meaningful [in the following sidebar].

We are also dedicated to corporate responsibility, and our efforts extend far beyond significant philanthropic contributions (which total more than $350 million a year globally).

For example, at the local level, we support educational institutions and work-skills training programs around the world, as well as finance affordable housing and small businesses.

In addition, we help formulate broad-based policies that are good for countries on issues such as healthcare, infrastructure, education and employment.

Sometimes we promote specific initiatives; for example, programs that help individuals with a criminal background get a second chance.

Lest anyone think that I’ve become a little soft, rest assured your CEO is a red-blooded, patriotic, free-enterprise and free-market capitalist (properly regulated, of course) and finds nothing inconsistent with the multifaceted ways we use our capabilities to lift up our communities.

Part of our corporate responsibility efforts are focused on progress toward diversity, equity and inclusion (DEI), which is detailed in the [following] sidebar.


We seek to create a company that reflects the diverse communities that we serve, a workplace in which all employees feel they belong and are respected.

We believe these efforts not only make us a positive work environment, but they also make our company stronger, our business more profitable and our institution a better global corporate citizen.

This objective is integrated into how we do business every day.

Some of our recent progress is highlighted [as follows]:

We continue to identify ways to support our military veterans. In 2011, along with 10 other companies, JPMorgan Chase co-founded the Veteran Jobs Mission (VJM), a coalition committed to hiring at least 100,000 veterans by 2020.

Since its founding, more than 300 member companies representing various industries across the United States have reported over 880,000 veteran hires.

In 2022, VJM increased its goal to 2 million veteran hires and 200,000 military spouse hires over the next decade. JPMorgan Chase alone has hired over 18,000 veterans since 2011 and currently employs approximately 3,000 military spouses.

We continue to make strides in developing a diversified workplace.

By year-end, women represented 49% of the firm’s total workforce. Overall, Hispanic, Asian and Black representation grew to 21%, 18% and 14%, respectively.

In 2022, the number of employees who self-identified as LGBTQ+ increased by 35% year over year, following 50% year-over-year growth in 2021.

The firm’s Office of Disability Inclusion (ODI) continues to lead strategy and initiatives aimed at advancing careers while helping the firm be a bank of choice for people with disabilities.

As ODI kicked off its business growth and entrepreneurship work in 2022, it provided business coaching to over 225 entrepreneurs with disabilities and commissioned research with the National Disability Institute— which identified unique opportunities and challenges among small business owners who have a disability.

[Next ...] our $30 billion racial equity commitment

What began in 2020 as a $30 billion, five-year commitment is now transforming into a consistent business practice that our lines of business deliver each day to support Black, Hispanic, Latino and other underserved communities.

By the end of 2022, we reported nearly $29 billion in progress toward our original goal.

But our focus is not on how much money is deployed — it is on long-term impact and outcomes.

Here are some details on our program’s progress through 2022:

Supplier diversity. In 2022, our firm spent approximately $2.1 billion directly with diverse suppliers — an increase of 25% over 2021.

As a part of our racial equity commitment, $400 million was spent in 2022 with over 200 Black-, Hispanic- and Latino-owned businesses — more than doubling the amount spent in 2021.

Affordable rental housing. Through our Affordable Housing Preservation program, we approved funding of approximately $18 billion in loans to incentivize the preservation of nearly 170,000 affordable housing rental units across the United States.

Additionally, we financed approximately $4 billion for the construction and rehabilitation of affordable rental housing.

Homeownership. In a rising rate environment, we continue our efforts to provide homeownership opportunities for Black, Hispanic and Latino households across all income levels, including advocating for policies that reduce barriers to owning a home.

The biggest barriers are upfront cash for a down payment and closing costs. In 2022, we expanded our $5,000 Chase Homebuyer Grant program to include over 11,000 majority Black, Hispanic and Latino communities.

Since our grant program began in 2021, we have provided about 2,700 grants totaling $13.5 million.

We have also assisted Black, Hispanic and Latino homeowners with 11,500 incremental home loans together worth over $4 billion, mainly driven by refinance activity when rates were low.

Small business. In 2022, we launched a Special Purpose Credit Program, the first of its kind nationally, to expand credit access for small businesses in majority Black, Hispanic and Latino communities, which have traditionally been underserved.

When I visited Houston last year, I met Sherice and Steve Garner, Chase customers who own a local barbecue business, Southern Q.

They are examples of the types of customers we want to support.

Previously, they had been using their personal bank account to run their business. We helped them secure a small business loan to purchase their business location.

To assist more families like the Garners, we hired 45 local senior business consultants to provide one-on-one coaching and host educational events, community workshops and business training seminars to support minority entrepreneurs across 21 U.S. cities.

Minority depository institutions (also known as MDIs) and community development financial institutions (also known as CDFIs). We invested more than $100 million in equity in diverse financial institutions and provided over $200 million in incremental financing to CDFIs to support communities that lack access to traditional financing.

We also helped both build their capacity so they can provide a greater number of critical services like mortgages and small business loans.

Additionally, we do not charge a fee for nearly all our participating MDI and CDFI customers who make a withdrawal at a Chase ATM.

Access to banking. We helped more than 400,000 customers open low-cost checking accounts; we’ve also opened 13 Community Center branches (a total of 15 Community Center branches since 2019), often in areas with larger Black, Hispanic and Latino populations; and we hired over 140 Community Managers in underserved communities to build relationships with community leaders, nonprofits and small businesses.

These Community Center branches are unique spaces in the heart of urban communities with more space than standard bank branches to host local events, small business mentoring sessions and financial health seminars.

The majority were built with minority contractors from the community; we hire staff locally and we engage local artists to help ensure these locations complement their neighborhood.

We have been pleased by the dramatic positive effect these specialized branches have had on their communities to date and expect to expand the program.

By driving inclusive economic growth, we can help create a brighter future for all, no matter where people live or the circumstances they’re born into.

We provide regular updates on our corporate website about our progress toward equity and equality, and I encourage you to read about the meaningful impact we’re making within our firm and with the people we serve.

[Next, we have a] sidebar that shows how our work on the ground translates to a particular geography, in this case the state of Ohio.


When JPMorgan Chase does business in a community, we do more than just open branches.

We lend to small, midsized and big businesses; we hire, pay well and provide great benefits; and we finance hospitals, schools, grocery stores, homes, automobiles and governments.

For more than 200 years, this approach has enabled us to make investments that have a lasting impact on local economies, families and neighborhoods while also supporting them in good and challenging times.

We have been in Ohio since 1812, and our experience there serves as a great example of how our resources drive growth on the ground.

Our support to government, higher education, healthcare and nonprofit organizations:

We serve approximately 150 government, higher education, healthcare and nonprofit clients throughout the state, and over the last five years, we provided nearly $9 billion in credit and capital to them.

Our clients range from University Hospitals Health System, Inc. to the Ronald McDonald House in Columbus and the University of Dayton in Dayton.

We are the primary treasury bank for Ohio State University and the primary bank for the city of Columbus; we also bank nearly 50 counties, cities and school districts across the state.

Our support to investment and middle market banking clients:

Our support includes $120 billion in credit and capital over the last five years for Commercial & Industrial clients such as energy, retail and auto businesses.

We have over 4,800 large and midsized clients in Ohio, up over 70% compared with 2019, which also includes emerging middle market companies owned by veterans, women, LGBTQ+ individuals and people of color.

This gives us leading market shares in the state compared with other banks.

Our support to local financial firms:

We have provided nearly $20 billion in credit and capital over the last five years for financial institutions such as local banks, insurance companies, asset managers and securities firms.

Importantly, we bank 19 of Ohio’s regional, midsized and community banks, helping them serve local communities and accomplish their other goals.

Our support to small businesses:

By the end of 2022, loan balances for small business customers in Ohio totaled over $800 million — funds being used to run and grow companies and create jobs.

[This] includes support for distribution of the federal government’s Paycheck Protection Program (or PPP) to help small businesses navigate the pandemic in 2020 and 2021.

In 2022 alone, JPMorgan Chase helped over 160,000 small businesses thrive and grow through access to customers, capital and networks, giving us the second largest business banking market share in the state.

We also offered some 106,000 hours of advice and support to small businesses.

Our support to consumer banking needs:

To help Ohioans build wealth and be financially healthy, we have provided more than 4 million savings, checking and credit card accounts, enabling these consumers to gain access to resources such as free financial health services, as well as mortgage and auto loans.

[We are] ranked as the second largest provider of consumer banking in Ohio with over 2 million checking and savings accounts and customer deposits totaling nearly $37 billion in 2022.

In 2022, we oversaw more than $20 billion in investment and annuity assets for clients.

Our business and community investments:

The firm’s national $30 billion racial equity commitment takes place very specifically on the ground. Since the program began, we have committed more than $260 million across the state, including:

Over $163 million in loans for Black, Hispanic and Latino households to purchase or refinance a home

$54 million financed through investments and loans for the construction and rehabilitation of affordable housing

$14 million in New Markets Tax Credit investments to support the Ronald McDonald House Charities in central Ohio

Over $12 million spent with Black, Hispanic and Latino suppliers

We’ve committed $45 million in philanthropic support across the state since 2018 such as:

$5 million to support The 614 for Linden, a CDFI and nonprofit collaborative in Columbus, which helped:

catalyze a $20 million fund for affordable housing;

create or preserve nearly 750 affordable housing units;

provide 57 microloans to local entrepreneurs;

support technical assistance for over 100 small businesses;

and increase wraparound services for prenatal care, as well as facilitate access to healthy food.

Our impact as a proud employer in Ohio:

Today, as the largest private employer in Columbus, JPMorgan Chase employs over 20,000 Ohioans throughout the state, including more than 2,000 veterans and 500 people with a criminal background who deserve a second chance.

We also support an additional 3,200 jobs for contractors in our branches and corporate offices across the state.

In Ohio, our average salary is $96,000, not including benefits. Our lowest starting wage is $41,000 (plus a comprehensive annual benefits package worth nearly $15,000) compared with Ohio’s average salary of $35,000. [Footnote: Ohio’s per capita income of $35,000 was sourced from 2021 U.S. Census Bureau American Community Survey data released December 2022.]

(25:11) Section II – Update on Specific Issues Facing Our Company

(54:10) Section III – Management Lessons

(1:13:19) Section IV – Some Commonsense Principles for Corporate Governance

(1:29:26) Section V – Evaluating and Managing the Economic and Geopolitical Risks Ahead

(1:57:36) Section VI – Our Serious Need for More Effective Public Policy and Competent Government

(2:07:42) In Closing

I would like to express my deep gratitude and appreciation for the 290,000+ 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 continue to help communities around the world.

They have faced these times of adversity with grace and fortitude.

I hope you are as proud of them as I am.

Finally, we sincerely hope that all the citizens and countries of the world return to normal after the pandemic, see an end to the ongoing war in Ukraine, and see a renaissance of a world on the path to peace and democracy

(0:00) Introduction

(9:33) Section I – Why We Are Proud of JPMorgan Chase

(25:11) Section II – Update on Specific Issues Facing Our Company

(54:10) Section III – Management Lessons

(1:13:19) Section IV – Some Commonsense Principles for Corporate Governance

(1:29:26) Section V – Evaluating and Managing the Economic and Geopolitical Risks Ahead

(1:57:36) Section VI – Our Serious Need for More Effective Public Policy and Competent Government