JP Morgan Chase 2014 Annual Report Download - page 8

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In this letter, I will discuss the issues highlighted below. I also encourage you to read
the letters written by several of our business leaders about our main businesses, our
critical operations and controls, and some of our corporate responsibility eorts.
As usual, this letter will describe some of our successes and opportunities, as well as
our challenges and issues. The main sections of the letter are as follows:
I. We have an outstanding franchise — our company has emerged as an endgame
winner, but we need to earn it every day
II. We build for the long term — we manage through-the-cycle, and we always are
prepared for the toughest of times
III. We will successfully navigate the new global financial architecture (and we are
well on our way to having fortress controls)
IV. We have a solid strategy and believe our future outlook is very good — but, as
usual, there still are a lot of things to think and worry about
V. We have a fully engaged board, an exceptional management team and a strong
corporate culture
Our clients also exhibit their faith in us by entrusting us to take care of their money —
either as deposits or as client assets entrusted to us — as shown in the chart below.
Assets Entrusted to Us by Our Clients
at December 31,
Deposits
 Consumer 10% 6% 8%
 Wholesale 3% 9% 4%
 Client assets(a) 10% 13% 3%
‘11 to ‘12 ‘12 to ‘13
Year-over-year change
‘13 to ‘14
Deposits and client assets
($ in billions)
2014201320122011
$2,035
$730
$398
$2,244
$755
$439
$2,534
$824
$464
$2,609
$861
$503
$3,438
$3,822 $3,973
Assets under custody(b)
($ in billions)
$16,870 $18,835 $20,485 $20,549
$3,163
(a) Represent assets under management as
well as custody, brokerage, administration
and deposit accounts
(b) Represents activities associated with the
safekeeping and servicing of assets