JP Morgan Chase 2014 Annual Report Download - page 6

44
We believe that, in 2014, we continued to deliver for our shareholders. The table above
shows the growth in tangible book value per share, which we believe is a conservative
measure of value. You can see that the tangible book value per share has grown far
more than the Standard & Poor’s 500 Index (S&P 500) in both time periods. For Bank
One shareholders since March 27, 2000, the stock has performed far better than most
financial companies and the S&P 500. And since the JPMorgan Chase & Co. merger with
Bank One on July 1, 2004, we have performed well versus other financial companies
and slightly below the S&P 500. The details are shown in the table below.
Bank One/JPMorgan Chase & Co. tangible book value per share performance vs. S&P 500
Bank One
(A)
S&P 500
(B)
Relative Results
(A) — (B)
Performance since becoming CEO of Bank One
(3/27/2000–12/31/2014)(a):
Compounded annual gain 12.7% 5.3% 7.4%
Overall gain 434.9% 105.1% 329.8%
JPMorgan Chase & Co.
(A)
S&P 500
(B)
Relative Results
(A) — (B)
Performance since the Bank One
and JPMorgan Chase & Co. merger
(7/1/2004–12/31/2014):
Compounded annual gain 14.1% 8.0% 6.1%
Overall gain 300.5% 124.5% 176.0%
Tangible book value over time captures the company’s use of capital, balance sheet and profitability. In this chart, we are looking at
heritage Bank One shareholders and JPMorgan Chase & Co. shareholders. The chart shows the increase in tangible book value per share;
it is an aftertax number assuming all dividends were retained vs. the S&P 500 (a pretax number with dividends reinvested).
(a) On March 27, 2000, Jamie Dimon was hired as CEO of Bank One
Stock total return analysis
Bank One S&P 500 S&P Financials Index
Performance since becoming CEO of Bank One
(3/27/2000–12/31/2014)(a):
Compounded annual gain 10.4% 4.0% 2.2%
Overall gain 328.3% 78.8% 37.4%
JPMorgan Chase & Co. S&P 500 S&P Financials Index
Performance since the Bank One
and JPMorgan Chase & Co. merger
(7/1/2004–12/31/2014):
Compounded annual gain 7.5% 8.0% 0.9%
Overall gain 113.3% 124.5% 9.5%
This chart shows actual returns of the stock, with dividends included, for heritage shareholders of Bank One and JPMorgan Chase & Co.
vs. the Standard & Poor’s 500 Index (S&P 500) and the Standard & Poor’s Financials Index (S&P Financials Index).
(a) On March 27, 2000, Jamie Dimon was hired as CEO of Bank One