Significant Geopolitical and Economic Challenges.

The Extraordinary Need for Strong American Leadership.

Competitive Threat Redux.

Investments and Acquisitions: Determining the Best Use of Capital and Assessing ROIs.

Updates on Specific Issues Facing Our Company.

Management Lesson: The Benefit of Purpose and the Tremendous Value of Work.

I would like to express my deep gratitude and appreciation for the more than 270,000 employees, and their families, of JPMorgan Chase.

From this letter, I hope shareholders and all readers gain an appreciation for the tremendous character and capabilities of our people and how they have helped communities around the world.

Dear Fellow Shareholders, 

2020 was an extraordinary year by any measure.

It was a year of a global pandemic, a global recession, unprecedented government actions, turbulent elections, and deeply felt social and racial injustice.

It was a year in which each of us faced difficult personal challenges, and a staggering number of us lost loved ones.

It was also a year when those among us with less were disproportionately hurt by joblessness and poverty.

And it was a time when companies discovered what they really were and, sometimes, what they might become.

Watching events unfold throughout the year, we were keenly focused on what we, as a company, could do to serve.

The Corporate Citizen: The Purpose of a Corporation 

Lessons from Leadership