JP Morgan Chase 2013 Annual Report Download - page 13

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• Several groundbreaking transactions,
including transformational deals for
Verizon, Sprint, Facebook, Virgin Media
and the University of California, to name
just a few.
• #1 for both All-America Fixed Income
Research and Equity Research – for the
previous four years.
Commercial Banking
• #1 traditional Middle Market syndicated
lender in the U.S.
• #1 multifamily lender in the U.S. – since
2008.
• Loan balances of $137 billion up 7% vs.
the year before – reflecting 14 consecutive
quarters of loan growth.
• Gains in market share in our Middle
Market expansion regions and within our
commercial real estate businesses – as we
deliver our capabilities locally in 119 U.S.
cities and 13 international ones.
Asset Management
• Client assets of $2.3 trillion up by $248
billion from the year before – reflecting
19 straight quarters of positive long-term
inflows.
• Client assets double since the beginning
of 2006.
• 80% of 10-year mutual fund assets under
management in top two quartiles.
• #1 Ultra-High-Net-Worth Global Private
Bank (Euromoney, 2013).
• #1 Institutional Money Market Fund
Manager Worldwide (iMoneyNet, 2013).
We have never been a fair-weather friend
— we hope that, over time, this builds more
trust and respect
During the recent financial crisis and
throughout our 200-year history, JPMorgan
Chase always has been there for our constitu-
ents around the world – not only in good
times but, more critically, in the toughest
of times when strong banks are needed the
most. However terrifying events became, we
never wavered in supporting our clients and
communities. In fact, we did many bold and
unprecedented things, including acquiring
Bear Stearns and WaMu. And we never
stopped raising capital and providing credit
for companies, nonprofits, states, municipali-
ties, hospitals and universities during times
of trouble. And when the situation became
very dicult in European countries such as
Greece, Italy and Spain, we stayed to help
our clients, which included the countries
themselves. While we may make mistakes
along the way, we never lose sight of why we
are here. We believe that our long-term view
and consistent behavior earn us the trust and
respect of our clients and the communities in
which we operate.
Our strategy remains the same — and we
always invest for the long run
While we need to make a lot of adjustments
to adapt to the new world (I will discuss later
in this letter how we intend to do that), we
are fortunate not to have to do a strategic
reset. Our strategies have worked – a consis-
tent strategy properly executed is important
for the long-term success of any company.
So whatever the future brings, we will face it
from a position of strength and stability. And
we will continue to do what we always have
done – manage the company and invest for
the long run.