JP Morgan Chase 2012 Annual Report Download - page 43

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meaningfully to their local economies.
We do this every day, across the
country, with companies like Jack
Link’s Beef Jerky, a Chase Middle
Market client that completed major
expansions of its production facilities
in Alpena, South Dakota and Minong,
Wisconsin last year, adding 115
full-time jobs in those communities.
Having long-lasting relationships
with our clients means we are there
for them when they need us most.
Our response in the aftermath
of Superstorm Sandy best exemplifies
our dedication to our clients and
our communities. In the wake of the
storm, Commercial Banking team
members from across the country
immediately went to work, finding
ways – both big and small – to
oer resources and support for those
aected. Beyond increasing credit
lines to give our clients peace of
mind as they worked to resume
operations, we also located clients
that could provide temporary space
to help other clients, donated
payroll processing equipment to an
evacuated healthcare client and
proactively processed wire payments
for clients without electricity.
Being good partners is about more
than doing our job well. It’s about
finding ways to contribute outside the
oce, too. I’m incredibly proud of
our team members’ commitment to
being good neighbors in everything
they do.
2013 perspective
As we look forward, 2013 will
continue to test us as our competition
intensifies and the economy remains
fragile. We expect market conditions
to improve, though, and actually
hope to see some reduction in deposit
balances as that money moves
back into the economy.
We will uphold our risk discipline
and continue doing business the
right way in 2013. We have a respon-
sibility to ourselves, our clients and
our shareholders to deliver strong
financial performance while building
and maintaining eective controls
to protect our business. This includes
complying with the letter and spirit
of all rules and regulations that
govern our industry and our firm.
Expanding our client base and
building deeper client relationships
remain top priorities for Commercial
Banking. Our Middle Market expan-
sion strategy is a significant growth
opportunity – one we believe will
reach $1 billion in annual revenue
over time. We added over 900 new
Middle Market clients last year, with
more than a quarter of those in our
expansion markets. We are deepening
existing relationships by continually
improving our coverage and customer
service, as well as by sharpening
our industry expertise. Deepening
relationships takes patience, but
we’re not going anywhere.
There are real growth opportunities
in our commercial real estate
businesses as well. Our strategy for
the coming year is to further
dierentiate our service and capabili-
ties as multifamily housing market
fundamentals continue to improve.
We’re monitoring risk in these
businesses as carefully as always.
In 2013, we will continue to recruit
and hire great people across our
markets while also focusing on
development initiatives to build and
retain the best team in the industry.
All our employees are challenged
to continually learn and grow, and
I’m committed to making sure they
have access to the best resources
possible to help them make a dier-
ence for our business and in the
communities where they live
and work.
Our business plan has been tested
and proven. We have a fantastic
team with an incredible culture
based on teamwork, integrity, hard
work and a deep sense of community.
I am so proud of what our people do
every day for our clients. I’m confident
we will continue to build upon
our tremendous franchise, remain
focused on our long-term objectives,
and deliver enduring value to our
clients and shareholders in 2013.
Douglas Petno
CEO, Commercial Banking