JP Morgan Chase 2013 Annual Report Download - page 4
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22
Dear Fellow Shareholders,
What a year. Despite tremendous challenges, your company earned $17.9 billion in
net income on revenue of $96.6 billion in 2013. Our financial results reflected strong
underlying performance across our four main businesses — unfortunately marred by
significant legal settlements largely related to mortgages. These legal expenses cost the
company $8.6 billion after-tax. Excluding these expenses and some one-time positive
benefits from reserve reductions (which we never have considered true earnings) and
one-time gains on the sale of assets, your company earned about $23 billion.
As tough as the year was — the company was under constant and intense pressure —
I can hardly express the admiration, even pride, I feel because of the enduring resolve
and resiliency of our management team and our employees. They never wavered as
they attacked our problems while maintaining a relentless focus on serving our clients.
We all owe them a great deal of gratitude.
The bad news was bad. The most painful, dicult and nerve-wracking experience
that I have ever dealt with professionally was trying to resolve the legal issues we
had this past year with multiple government agencies and regulators as we tried to
get many large and risky legal issues behind us, including the Chief Investment Oce
(CIO) situation (that happened in 2012) and mortgage-related matters (that happened
Jamie Dimon,
Chairman and
Chief Executive Ocer