JP Morgan Chase 2015 Annual Report Download - page 6

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We continued to deliver for our shareholders in 2015. 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 our tangible book value per share has grown far more than
that of 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. We are not proud of the fact that our stock
performance has only equaled the S&P 500 since the JPMorgan Chase & Co. merger
with Bank One on July 1, 2004 and essentially over the last five to 10 years. On a
relative basis, though, JPMorgan Chase stock has far outperformed the S&P Financials
Index and, in fact, has been one of the best performers of all banks during this dicult
period. The details are shown on the table on the following page.
201520142013201220112010200920082007200620052004
$15.35 $16.45 $18.88
$21.96 $22.52
$27.09
$30.12
$33.62
$38.68 $40.72
$44.60
$48.13
2004–2015
Tangible Book Value per Share
2004—2015
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—12/31/2015)1
Compounded annual gain 12.5% 5.0% 7.5%
Overall gain 481.4% 107.9% 373.5%
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—12/31/2015)
Compounded annual gain 13.7% 7.4% 6.3%
Overall gain 336.9% 127.6% 209.3%
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 Standard & Poor’s 500 Index (S&P 500), which is a pre-tax number
with dividends reinvested.
1 On March 27, 2000, Jamie Dimon was hired as CEO of Bank One.