JPMorgan Chase chairman and CEO letter to shareholders, 2025

About this letter

Jamie Dimon, chairman and chief executive of JPMorganChase, published this letter to shareholders in the bank's 2025 annual report on 6 April 2026. He opens by noting America's 250th anniversary and the firm's own founding in 1799, and by listing the conflicts weighing on the world, including the war in Ukraine and a war in Iran that he fears could bring oil and commodity price shocks. The bank itself had another strong year: record revenue for the eighth year running, $185.6 billion in all, and net income of $57.0 billion.

The letter has four sections: issues facing the company, management lessons, managing a time of complex risks, and critical issues facing America and the world. Along the way Dimon covers bank regulation and capital rules, growth plans, the firm's Security and Resiliency Initiative and American Dream Initiative, and how he wants teams organised for speed. The CEO and COO letters in the same report give business-level detail.

What to notice

1. 1

   Dimon expects leveraged lending losses to exceed expectations when a credit cycle arrives, because standards have quietly loosened.