JP Morgan Chase 2009 Annual Report Download - page 4

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The past two years have been among the most extraordinary and challenging in
recent history for JPMorgan Chase, the financial services industry and the global
economy. We have endured a once-in-a-generation economic, political and social
storm, the impact of which will continue to be felt for years or even decades to come.
As we see signs of recovery and the debates about financial reform wage on, it’s
easy for us to forget the fear and panic we felt a year ago. The market was down an
astonishing 50% from its 2008 highs to its low on March 9, 2009. More important,
as I write this letter, our country has lost 8.4 million jobs in what has turned out to
be a more serious, sustained economic crisis than most of us have ever experienced
before — or may experience again.
For JPMorgan Chase, these past two years have been part of a challenging, yet
defining, decade. We began it as three separate companies: Bank One, Chase and
J.P. Morgan, with each facing serious strategic and competitive challenges. Today, our
strategic position is clear, and JPMorgan Chase is a leader in all of its businesses.
If you had been a Bank One shareholder from 2000 to year-end 2009 (this represents
approximately 40% of the current company) and you held on to your stock, you
would have received a total return on your investment of 131%. Over the same time
period, if you were a Chase or J.P. Morgan shareholder, your returns would have been
12% and 70%, respectively. By comparison, the Standard & Poor’s 500 Index was
down 9% over the same period.
Throughout this decade, we made and executed on many transformative decisions.
When the global financial crisis unfolded in 2008, the people of JPMorgan Chase
understood the vital role our firm needed to play and felt a deep responsibility to our
many stakeholders. It is this sense of responsibility that enables us to move beyond the
distractions of the moment and stay focused on what really matters: taking care of our
clients, helping the communities in which we operate and protecting our company.
It is because of this focus — even amid the daunting and ongoing challenges — that
we are able to weather this economic crisis and continue to play a central, if some-
times misunderstood, role in rebuilding the U.S. economy. This is a testimony to the
collective strength of character and commitment of our people. Since those first
chaotic days in early 2008, many of our people have worked around the clock, seven
days a week, for months on end.
Dear Fellow Shareholders,