JP Morgan Chase 2008 Annual Report Download - page 4

2
In last year’s shareholder letter, I referred to the “turbulence” and “unprecedented”
nature of events that had taken place during the preceding months. We did not know
when the cycle would end or the extent of the damage it would cause. But we did know
that we had to “prepare for a severe economic downturn.” Collectively, we resolved to
navigate through the tough conditions, to help our clients in every way we could and to
show leadership in the industry, as has been our legacy during times of crisis.
It is now a year later. What transpired was largely unprecedented and virtually incon-
ceivable. Our firm tried to meet every challenge, and, in the process, we distinguished
ourselves in our service to clients and communities. Although our financial results
were weak in absolute terms (but fairly good in relative terms), reflecting terrible
market conditions, I believe—and I hope you agree— that this year may have been one
of our finest.
The way forward will not be easy. We do not know what the future will bring, but we do
know that it will require everyone — the banks, the regulators and the government — to
work together and get it right. As we prepare for a very tough 2009, with most signs
pointing to continued deterioration of the economy, we still remain long-term optimists
about our future and that of our country. Whatever may come, we will meet the challenge.
In this letter, I will describe our 2008 performance by line of business and review the
many critical events of the previous year. I also will focus on where the industry went
wrong and what the implications for the future may be. I hope, after reading this letter,
you will share my confidence in our ability to build a stronger, more vibrant company
for the future.
DEAR FELLOW SHAREHOLDERS,
Jamie Dimon,
Chairman and
Chief Executive Officer