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In last year’s shareholder letter, I referred to the “turbulence” and “unprecedented”
nature of events that had taken place during the preceding months. We did not know
when the cycle would end or the extent of the damage it would cause. But we did know
that we had to “prepare for a severe economic downturn.” Collectively, we resolved to
navigate through the tough conditions, to help our clients in every way we could and to
show leadership in the industry, as has been our legacy during times of crisis.
It is now a year later. What transpired was largely unprecedented and virtually
inconceivable.
Our firm tried to meet every challenge, and, in the process, we distinguished
ourselves in our service to clients and communities. Although our financial results
were weak in absolute terms (but fairly good in relative terms), reflecting terrible
market conditions, I believe—and I hope you agree—that this year may have been one
of our finest.
Keywords; Jamie Dimon,Shareholders,Financ ial,Business Results,Investment Bank
Fund Letters
