JP Morgan Chase 2015 Annual Report Download - page 58

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credit card issuer in the United
States based on loans outstanding.
When I look back over the last three
years, the people in CCB have made
remarkable progress. It felt like only
a short time ago when we were faced
with considerable headwinds –
several regulatory actions, inconsis-
tent customer experiences across
Chase and an expense base growing
faster than revenue. And all this
was happening during a period of
formidable economic headwinds –
an extremely challenged Mortgage
Banking market and flat interest
rates compressed our net interest
income in Consumer Banking.
We worked through that rough eco-
nomic period by relentlessly focus-
ing on three priorities: 1) strengthen-
ing our controls, 2) delivering a great
customer experience and 3) reducing
expenses. These three priorities have
become a core part of our DNA and
how we run the business.
We had to make some very tough
decisions around simplifying our
business, reducing the number of
people and prioritizing investments
to focus on our strategy. We had to
stop doing things we liked and dis-
continue some products that just
weren’t core to how we serve custom-
ers. And we are very glad we did.
We will not lose our intense focus on
those priorities, but with several key
milestones behind us, we now can
accelerate the pace of innovation at
Chase. We are excited about what’s
coming in 2016 – new product
launches, digital features, technology
and innovative marketing investments.
Scale matters
In my nine years at Chase, I’ve never
been more optimistic about where
we are and where we are headed. In
short, I wouldn’t trade our hand for
anyone else’s. We have a set of busi-
nesses with leadership positions that
would be very dicult to replicate.
In 2015, Chase was #1 in total U.S.
credit and debit payments volume,
the #1 wholly owned merchant
acquirer, the #2 mortgage originator
and servicer, and the #3 bank auto
lender. We also grew our deposit
volumes at nearly twice the industry
growth rate. And we continue to
deepen relationships across Chase.
We also continue to lead the industry
in digital adoption. Chase.com is the
#1 most visited banking portal in the
United States, with nearly 40 million
active online customers. Our Chase
Mobile® app has nearly 23 million
active mobile customers, up 20%
since 2014, the highest mobile
growth rate among large banks.
In short, scale matters. Scale matters
to our shareholders because it allows
us to use our strong operating lever-
age to invest and grow in good times
and bad. And scale matters to our
customers because we can provide
them with leading products that
meet all of their financial needs at
every stage of their lives. But we
know customers don’t care about
scale unless it’s relevant to them.
Consumer & Community Banking
2015 financial results
Consumer & Community Banking
(CCB) had another strong year in
2015. For the full year, we achieved
a return on equity of 18% on net
income of $9.8 billion and revenue
of $43.8 billion.
All of our CCB businesses performed
well. We continued our strategy of
delivering an outstanding customer
experience and developing stronger
relationships with customers. In
2015, we added approximately
600,000 households to Chase; and
today, we have consumer relation-
ships with nearly 50% of U.S. house-
holds and over 90 million credit,
debit and prepaid accounts.
In 2015, we also stepped up our
focus on growing engaged customers
– people who choose Chase as their
primary bank and have a Chase debit
or credit card at the top of their wal-
let. In doing so, we grew our CCB
average deposits 9% to more than
$530 billion and are #1 in primary
bank relationships within our Chase
footprint. And we remain the #1
Gordon Smith