L3VLUP
ProSign in
Letters & Theses
Banking & TechnologyShareholder letter

JPMorgan Chase chairman and CEO letter to shareholders, 2022

Written by
Jamie Dimon
Organisation
JPMorgan Chase
Published
4 Apr 2023
Sector
Banking

Read the original at sec.gov (opens in a new tab)

About this letter

Jamie Dimon, chairman and chief executive of JPMorgan Chase, wrote this letter to shareholders for the bank's 2022 annual report, dated 4 April 2023. He was writing weeks after the failures of Silicon Valley Bank and Credit Suisse, and says plainly that the crisis was not yet over as he wrote.

The letter reports a fifth consecutive year of record revenue, $132.3 billion, with net income of $37.7 billion. From there it ranges widely: the firm's steadfast principles, specific issues facing the company such as climate, AI and data, and the banking turmoil, succession planning and corporate governance, the economic and geopolitical risks ahead, and Dimon's case for more effective public policy and government.

Why read it

A bank chief executive's real-time reading of the 2023 bank failures, explaining interest rate risk, uninsured deposits and regulation in terms any banking candidate should be able to discuss.

What to notice

  1. 1

    Dimon argues most of SVB's risks were hiding in plain sight; the unknown was that a small number of venture capital firms controlled its corporate clients, who moved their deposits in lockstep.

Continue with L3VLUP analysis

Unlock the 3 remaining takeaways on this letter, and every analysis across the full Letters & Theses library.

Checking what you can open…

“most of the risks were hiding in plain sight”
Jamie Dimon, 4 Apr 2023

Companies discussed

  • JPMorgan Chase (JPM)

Topics

  • banking
  • crisis
  • risk
  • regulation
  • ai
Read the original at sec.gov (opens in a new tab)

L3VLUP does not host this document. It belongs to JPMorgan Chase; the notes above are L3VLUP’s reading of it.

More from JPMorgan Chase

The same argument, elsewhere