The first is that while JPMorgan Chase stock is owned by large institutions, pension plans, mutual funds and directly by individual investors, in almost all cases, the ultimate beneficiaries are individuals in our communities. I’d like to note some steadfast principles that are worth repeating. In total, we extended credit and raised capital of $3.2 trillion for large and small businesses, governments and U.S. We generally grew market share across our businesses and continued to make significant investments in products, people and technology, all while maintaining credit discipline and a fortress balance sheet.
Excluding these reserve releases, we still earned 18% on tangible equity - an extremely healthy number.
We have pointed out repeatedly that we do not consider these reserve releases core or recurring profits because they are driven by hypothetical, probability-weighted scenarios.
Included in the $48.3 billion is $9.2 billion after tax in reserve releases due to the volatility introduced by the new current expected credit loss accounting standard. We earned $48.3 billion in net income on revenue of $125.3 billion versus $29.1 billion on revenue of $122.9 billion in 2020, reflecting strong underlying performance across our businesses. 2021 was another strong year for JPMorgan Chase, with the firm generating record revenue, as well as setting numerous other records in each of our lines of business. Looking back on the last year and the past two decades - starting from my time as CEO of Bank One in 2000 - it is clear that our financial discipline, constant investment in innovation and ongoing development of our people are what enabled us to persevere in our steadfast dedication to help clients, communities and countries throughout the world. Throughout these past two challenging years, we never stopped doing all the things we should be doing to serve our clients and our communities. As you know, we have long championed the essential role of banking in a community - its potential for bringing people together, for enabling companies and individuals to reach for their dreams, and for being a source of strength in difficult times. I discuss these themes later in this letter.Īlthough I begin this annual letter to shareholders in a challenging landscape, I remain proud of what our company and our hundreds of thousands of employees around the world have achieved, collectively and individually. JPMorgan Chase, a company that has historically worked across borders and boundaries, will do its part to ensure the global economy is safe and secure. This juncture is also a moment when our country needs to work across the private and public sectors to lead once again by, among other remediations, improving American competitiveness and better fulfilling equal access to opportunity for all. We have seen America, in partnership with other countries around the globe, come together previously during instances of conflict and crisis.
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But during this difficult time, we have a moment to put aside our differences, offer solutions and work with others in the Western world to come together in defense of democracy and essential freedoms, including free enterprise. While all this turmoil has serious ramifications on our company, its effect on the world - with the extreme suffering of the Ukrainian people and the potential restructuring of the global order - is far more important.Īdding to the disruption, these events are unfolding while America remains divided within its borders, with many arguing that it has lost its essential leadership role outside of its borders and around the world.
election, mounting inflation, a war in Ukraine and dramatic economic sanctions against Russia. We are facing challenges at every turn: a pandemic, unprecedented government actions, a strong recovery after a sharp and deep global recession, a highly polarized U.S.