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2007 Complete Annual Report

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2007 Complete Annual Report Annual Report2007 Building a Strong Foundation Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio and headcount data) 2007 2006 Reported basis (a) Total net revenue $ 71,372 $ 61,999 Provision for credit losses 6,864 3,270 Total noninterest expense 41,703 38,843 Income from continuing operations 15,365 13,649 Net income $ 15,365 $ 14,444 Per common share: Basic earnings per share Income from continuing operations $ 4.51 $ 3.93 Net income 4.51 4.16 Diluted earnings per share Income from continuing operations $ 4.38 $ 3.82 Net income 4.38 4.04 Cash dividends declared per share 1.48 1.36 Book value per share 36.59 33.45 Return on common equity Income from continuing operations 13% 12% Net income 13 13 Return on common equity (net of goodwill) Income from continuing operations 21% 20% Net income 21 22 Tier 1 capital ratio 8.4 8.7 Total capital ratio 12.6 12.3 Total assets $ 1,562,147 $1,351,520 Loans 519,374 483,127 Deposits 740,728 638,788 Total stockholders’ equity 123,221 115,790 Headcount 180,667 174,360 (a) Results are presented in accordance with accounting principles generally accepted in the United States of America. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about JPMorgan capabilities can be found at www.jpmorgan.com and about Chase capabilities at www.chase.com. Information about the firm is available at www.jpmorganchase.com. Financial Trends Income Corporate Investment $1,775 Bank by Line 12% 20% $3,139 of Business Asset (in millions) Management $1,966 13% Retail Financial Treasury & Services 20% Securities 9% $3,035 Services $1,397 7% Commercial 19% Card Services Banking $2,919 $1,134 Net Revenue Income (in billions) from continuing operations (in billions) Earnings per Share Return on Equity (net of goodwill) from continuing operations (fully diluted) from continuing operations All information shown on a reported basis on (a) Presented on an unaudited pro forma combined continuing operations basis that represents how the financial information of JPMorgan Chase & Co. and Bank One Growth rates shown as compound annual growth Corporation may have appeared on a combined rates (CAGRs) basis had the two companies been merged for the full year 1 Dear Fellow Shareholders, As I write this letter, the turbulence that began in the second half of 2007 continues to wreak havoc on the financial markets today. Given the magnitude and unprecedented nature of events as they continue to unfold, it is a year that will be written about for a long time. We do not know when this cycle will end or the extent of the damage it will cause. But we do know that no financial company operating under these conditions will emerge from them unchanged. And, while we are long- term optimists about the future of the U.S. economy and our company, we remain focused on the current crisis. In this context, I will review how we performed in 2007 and how we are preparing to weather the ongoing storm. I would like to start by saying how gratifying it is that JPMorgan Chase was able to report record revenue and earnings for 2007 despite the intense credit and capital markets issues we faced during the second half of the year. These issues continue to confront us today, particularly in both our Investment Bank and home lending businesses. That said, we must be prepared for a severe economic downturn that could affect all of our businesses. We intend to navigate through the turbulence, protect our company and capitalize on any opportunities that present themselves. It is during these tough times that we can distinguish ourselves with our clients. As a firm, we have a history of showing leadership during times of financial crisis, and we will continue to build on that legacy. As you read this letter, I hope you will agree that our expectations are rational, our approach is consistent and measured, and our operating philosophy is sound. I also hope you will feel as I do – that while our company still faces many risks in these challenging times, we will continue to grow our franchise, outperform many of our competitors and win where it matters most: with customers in the marketplace. 2 Jamie Dimon Chairman and Chief Executive Officer I. REVIEW OF 2007 A. Financial Results by Line of Business Over the past few years, we have not only worked hard We delivered record 2007 full-year earnings of $15.4 to instill management discipline, but we have also spent billion on record revenue of $71.4 billion. This repre- considerable time and resources developing a strong sented total revenue growth of 15%, most of which was foundation for long-term growth. So when we measure organic. Earnings per share – also a record at $4.38 – were our performance, we not only review financial results – up 15% from 2006. Our return on tangible common by line of business and for the company overall – but equity was 23%. Record or near-record earnings in many we also look at multiple indicators of health. These meas- of our businesses and the diversified nature of our compa- ures help us gauge the progress we have made by expand- ny helped offset areas of cyclical weakness. Our results – ing and extending our capabilities, geographic reach, by line of business – are reviewed below. client coverage, product offerings and technology and by attracting, training and retaining talented people. The Investment Bank reported net income of $3.1 billion Meaningful progress in any of the areas mentioned above with an ROE of 15% takes a considerable investment of time and money. The Investment Bank delivered a record first half of the We generate both by operating efficiently and maintaining year, with a return on equity (ROE) averaging about 26%. a fortress balance sheet. So, there are three intrinsically Difficult market conditions reduced our ROE to about linked imperatives that are fundamental to our success: 4% for the second half of 2007. Given the natural volatili- strong financial results, quality growth and capital ty of this business, these results are not surprising. That strength. I will focus on each in the following review said, our goal remains to earn 20% ROE through a busi- of our 2007 results. ness cycle. Ideally, this means we’ll produce ROE of 30% or higher in good years, 10% in tougher years and no worse than 0% in a particularly bad quarter. Our subjec- tive assessment of how we performed in 2007 is that the 26% ROE in the beginning of the year was a solid result. However, our 4% ROE in the second half of the year could have been better, e.g., perhaps a 7%-10% ROE. 3 Even though we had hoped to do better, relative to the Despite this progress, however, overall RFS earnings were performance of most of our competitors, many of whom down 6% year-over-year. This was largely a function of sustained large losses, our Investment Bank’s results were increased credit costs in our home equity business and in rather good. Most of the adverse results in the second subprime home loans (which we will describe in detail half were confined to the sales and trading areas of the later). However, unlike other lenders that are pulling back Investment Bank. Within sales and trading, the majority of or closing down, we have not abandoned this business. the issues were in mortgage-related trading and leveraged To the contrary, while we have materially tightened our finance (which we will cover in a later section). Equities, underwriting standards, we have also nearly doubled our rates and currencies had excellent full-year results. home lending market share to 11% in the fourth quarter (up from 6% a year ago). We have done this because we We are particularly pleased to have ended the year ranked believe it is a strong, sustainable business that continues No. 1 in investment banking fees and with an increased to meet an important financial priority for many people market share in global equities and global debt. This perfor- throughout this country. mance is a testament to our capital raising capabilities and the quality of the coverage, support and advice we provide to Card Services reported net income of $2.9 billion with an corporations, institutions and investors around the world. ROE of 21% JPMorgan is now a top-ranked player in virtually every major investment banking product. We are proud of this progress We are the second-largest credit card issuer in the United and are pleased to see it noted in several independent client States, with approximately 155 million credit cards in cir- surveys and reports (e.g., Institutional Investor, which rated culation. In 2007, while growth in outstanding balances JPMorgan the No. 1 Investment Bank, Greenwich Research was relatively low at 4%, merchandise spending on our and Risk magazine). We believe by working hard to earn our cards increased nicely, by 9%, particularly in our co-brand- clients’ trust, we will sustain our leadership position and build ed partner and small business card portfolios.
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