JP Morgan Chase 2009 Annual Report Download - page 37

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Eight years ago, Brazil elected a left-leaning
president, but he continued policies to
strengthen the economy. He also used some
of the wealth to start a program called Bolsa
Familia that gave Brazil’s poorest citizens vacci-
nations, education and $80 a month for food.
The lesson is clear: Good policies and
economic growth are not the enemy of social
progress – they are the fuel for progress.
Businesses need to be responsible — and
healthy and vibrant
At JPMorgan Chase, we feel a deep respon-
sibility to build a company that benefits our
customers, our employees, our shareholders and
the communities in which we operate around
the world. The best companies don’t make deci-
sions for short-term profits. Contrary to public
opinion, corporations are not in business solely
to maximize quarterly earnings but rather to
serve clients and earn their trust over a long
period of time and, in so doing, earn a fair profit.
Profits in any one year, in eect, are a reflection
of decisions that may go back decades.
We always have been deeply committed to
being good corporate citizens and adhering to
the following practices:
• Treating our customers and employees with
the respect they deserve.
• Building safe and useful products.
• Maintaining ethical and responsible business
practices.
• Meeting our duciary responsibilities and
creating real value for shareholders.
• Developing a company for the long run –
one that stands the test of time.
• Making a meaningful dierence through
philanthropic endeavors in supporting
our communities.
• Acknowledging our mistakes (which are a
natural part of doing business), fixing them
and learning from them.
• Supporting the economies in which we
work through job creation and appropriate
tax payments. JPMorgan Chase, on average,
pays more than $12 billion a year in taxes to
governments around the world.
Building a great company allows investment in
the future, provides opportunities to employees,
builds better products for customers and serves
communities. Companies that are not healthy
and vibrant cannot do these things.
Businesses — small to large — are one of
America’s key strengths
A healthy business sector is fundamental to
our economic strength: Of the 130 million
people who go to work every day in the United
States, nearly 110 million are employed by
private businesses. These private businesses
are and always have been the nation’s primary
drivers of job creation and innovation.
The strength of the business sector is rooted
in its diversity, from the smallest start-up or
family-owned firm to the largest multina-
tional corporation.
Indeed, the relationship between larger and
smaller businesses is symbiotic. Studies show
that for every one job created at a larger busi-
ness, ve jobs are created at smaller businesses
that provide supporting goods and services. At
JPMorgan Chase, in particular, we spend more
than $15 billion per year with approximately
40,000 vendors, who provide jobs to millions
of employees.
We need global flagship companies —
including banks
In the current political environment, size in
the business community has been demonized,
but the fact is that some businesses require
size in order to make necessary investments,
take extraordinary risks and provide vital
support globally. America’s largest companies
operate around the world and employ millions
of people. This includes companies that can
make huge investments – as much as $10
billion to $20 billion a year – and compete in
as many as 50 to 100 countries to assure Amer-