摩根大通 2025年度报告

Annual Report 2025 Financial Highlights JPMorganChase (NYSE: JPM) is a leading financial services firm with assets of $4.4 trillionand operations worldwide. The firm is a leader in investment banking, financial servicesfor consumers and small businesses, commercial banking, financial transaction processingand asset management. Under the J.P. Morgan and Chase brands, the firm serves millionsof customers, predominantly in the U.S., and many of the world’s most prominent corporate,institutional and government clients globally. Information about J.P. Morgan’s capabilities can be found at jpmorgan.com and about Chase’scapabilities at chase.com. Information about JPMorganChase is available at jpmorganchase.com. 2025 Another Year of Firsts IN DEPOSITS AND FOR SMALL BUSINESSES COMMERCIAL & INVESTMENT BANK Named #1 in retail deposit market shareand #1 primary bank for U.S. small businesses Generated $28 billion of net incomeon revenue of $78 billion IN ARTIFICIAL INTELLIGENCE#1 PRIVATE BANK AND ASSET MANAGER#1 Named Best Private Bank in the WorldbyGlobal Financemagazineand #1 asset manager by active flows Ranked #1 for overall artificial intelligencecapabilities on the Evident AI Indexfor the fourth year in a row TRADITIONAL MIDDLE MARKET BOOKRUNNER#1 IN CREDIT CARDS#1 Ranked #1Traditional Middle Market Bookrunner in the U.S. #1 credit card issuerin the U.S. by sales MOST ADMIRED COMPANIESTOP 10 TOP COMPANIES FOR CAREER GROWTHTOP 10 Ranked in the top 10 onFortunemagazine’s Most Admired Companies listfor the ninth year in a row Ranked in the top 10 on LinkedIn’s 2025Top Companies list, which ranks the 50 best largeU.S. companies for career growth Dear Fellow Shareholders, Jamie Dimon,Chairman andChief Executive Officer In 2026, America is celebrating its 250thanniversary. Also this year, we arecelebrating the 227thanniversary of JPMorganChase, which was founded in April1799. This is the perfect time to rededicate ourselves to the values that made thisgreat nation of ours — freedom, liberty and opportunity — and to recognize thatwe all stand on our country’s shoulders. The challenges we all face are significant. The list is long but at the top are theterrible ongoing war and violence in Ukraine, the current war in Iran and thebroader hostilities in the Middle East, terrorist activity and growing geopoliticaltensions, importantly with China. Our hearts go out to those whose lives areprofoundly affected by these crises. We sincerely hope these global conflicts areproperly resolved and that one day all of Europe and the Middle East will attainlong-term stability and prosperity. Even in troubled times, we have confidencethat America will do what it has always done — look to the values that havedefined our singular nation and sustained our leadership of the free world. Despite the unsettling landscape, the U.S. economy continues to be resilient, withconsumers still earning and spending (though with some recent weakening) andbusinesses still healthy. It is important to note that our economy has been fueled by large amounts of government deficit spending and past stimulus and thatincreased expenditure on infrastructure remains a growing need. Now, becauseof the war in Iran, we additionally face the potential for significant ongoing oil andcommodity price shocks, along with the reshaping of global supply chains, whichmay lead to stickier inflation and ultimately higher interest rates than marketscurrently expect. Continual trade negotiations exacerbate the tense geopoliticalissues. And high asset prices, which certainly feel good in the short run, createadditional risk if anything goes wrong. In Section III of this letter, I describe ingreater detail how we are dealing with these risks. JPMorganChase, a company that historically has worked across borders andboundaries, will do its part to ensure that the global economy is safe and secure,but we cannot confidently predict the outcome of current events, and ourcompany is not immune to their ultimate effects. As we have for more than twocenturies, we will continue to work through all of the complexities that confront usand continue to help our clients, including governments, always defending ourvalues, even when challenged. Remember the poem “If—” by Rudyard Kipling that begins “If you can keep yourhead when all about you are losing theirs”? We will stay true to this. We must dealwith the world we have — and strive for the one we want. Two things are absolutely foundational to our long-term success: The first isthat we run a great company, and the second, which is maybe more important,is that the vitality of America domestically and the future of the free anddemocratic world are strong. In the first part of this letter, I talk about issuesunique to JPMorganChase and how we are addressing them, including constantlysurmounting complexity, bureaucracy and complacency. And in the last twosections, I focus on the perils before us, both nationally and int