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Jpmorgan Chase & Co. Annual Report 2014

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Jpmorgan Chase & Co. Annual Report 2014 A Culture of Excellence EXCEPTIONAL CLIENT SERVICE OPERATIONAL EXCELLENCE A COMMITMENT TO INTEGRITY, FAIRNESS AND RESPONSIBILITY A GREAT TEAM AND WINNING CULTURE We distributed the principles to our employees and regulators and followed up with a more extensive “How We Do Business – The Report,” which is available on our public website. We recently launched a firmwide Culture and Conduct Program to Matt Zames further reinforce the behavioral standards implicit in these Business Principles. The program is not about Our firm has a rich, 200-year history manage to the needs of our critical reinventing our culture but recom- of serving its clients and customers stakeholders – shareholders, clients, mitting to it. It considers our culture, with integrity and establishing customers and employees – given our business models, tone from senior relationships based on trust. It is significance to worldwide markets executives, governance and incen- our responsibility to preserve and and the global economy. We continue tive structures; how they influence build upon the solid values on to respond to the changing regulatory daily decision making at all levels; which this firm was founded. The landscape, including requirements and the impact of those decisions on tone we set as stewards of the firm for G-SIBs, and we are evaluating our clients, our reputation and the is critical, and managing a culture the businesses we manage and the integrity of the markets. Our objec- of excellence, as well as integrity, products and services we offer in the tive is to instill in our employees a requires us to have a sophisticated context of these new requirements. strong sense of personal accountabil- and comprehensive infrastructure. As an example, we announced the ity through broad, deep integration of firm is targeting up to a $100 billion The Chief Operating Office is central common standards across businesses reduction in non-operating wholesale to delivering operational excellence. and geographies. In 2015, we will deposits. At a minimum, we are It is responsible for many of the develop a suite of metrics to enable committed to ensuring we remain firm’s corporate utilities, including management to keep a pulse on how safely within the 4.5% G-SIB capital Treasury, the Chief Investment we are doing in regard to our com- surcharge bucket and are looking Office, Global Technology, Operations, pany culture and with respect to spe- at additional actions to potentially Oversight & Control, Compliance, cific conduct risks. We have commit- reduce our surcharge by an incre- Corporate Strategy, Global Real ted, in 2015, that each line of business mental 50 basis points. Estate, Global Security & Military and function will implement a Affairs and Regulatory Affairs, Last year, we published Business Culture and Conduct Program aligned among others. In 2014, we focused a Principles, key themes around which to the firmwide framework. great deal on what it means to be a we want to drive the firm. These prin- Execution against our principles Global Systemically Important Bank ciples are fundamental to our success requires us to be ever mindful of (G-SIB) and how best to ensure we and provide guidance for our identity new opportunities to reduce com- as a company while informing our plexity and improve efficiency. As firmwide strategic priorities. part of our business simplification strategy, we spun off One Equity Partners, the firm’s private equity 40 unit, which was completed in early Liquidity and interest rate risk. In 2014, we further increased January 2015. We realized signifi- risk management continue to the proportion of investment securi- cant savings through the reshaping be important ties that we intend to hold to matu- of our workforce and consolidation rity to nearly $50 billion, which will Liquidity and interest rate risk of jobs in the right locations, creat- help to mitigate Basel III capital vol- management are fundamental to how ing efficiencies in labor and real atility in a rising rate environment. we manage the firm and take on estate costs and promoting consis- The average yield of our investment increasing importance for the firm as tency in our control culture. We are securities portfolio increased by 45 a G-SIB. As we advance our thinking committed to managing expenses basis points from a yield of 2.32 in in response to an evolving set of reg- tightly, eliminating waste, and 2013 to 2.77 in 2014 despite gener- ulatory requirements, we are driving running the firm in a nimble and ally lower interest rates, and we a coordinated approach to manage- flexible manner. maintained an average portfolio ment of the firm’s balance sheet. rating of AA+. We continue to look for additional 2014 featured final versions of impor- opportunities to do business in tant regulatory liquidity rules, nota- Cybersecurity remains a top priority smarter ways. For example, over bly the liquidity coverage ratio by the last few years, the firm made a In 2014, we experienced cyber U.S. banking regulators and Basel’s significant investment in telecom- threats of an unprecedented scale. final rule on the net stable funding munications and collaboration tools This included a data breach we ratio, with which we are compliant. to facilitate alternatives to air incurred last summer, which we We devoted significant resources to travel. We have rationalized the voluntarily disclosed. We continue understanding the potential liquidity population of vendors, in large part to discover and block new and impact of changing Fed monetary through the establishment of pre- unique malware, viruses and phish- policy and rising rates, particularly ferred vendors in categories such as ing attempts to obtain access to our the impact on our wholesale deposit information technology (IT), real data. Importantly, cyber attacks to base. As a direct result of this effort, estate services, printing, and mar- date have not resulted in material we further refined and improved our keting and advertising. In addition, harm to our clients or customers internal stress framework. We con- we are in the process of rationaliz- and have not had a material adverse tinue to be in compliance with our ing our population of law firms and impact on our results or operations. internal measures. physical security vendors. To defend against these threats, we We progressed our technology build- We will not compromise on the con- spent more than $250 million in out to enable more flexible and trol environment and, to that end, 2014 on our cyber capabilities. We timely liquidity stress testing for the continue to tighten data controls for established three global Security enterprise and major legal entities. ourselves, as well as for our third Operations Centers to monitor, We further evolved the Liquidity parties. This involves fortifying our detect and defend the firm. We Risk Oversight group, which provides defenses to ensure all of our manag- organized cyber defense exercises independent assessment, measure- ers, employees and vendors are fol- to test our capabilities and con- ment, monitoring and control of lowing the appropriate security and ducted an independent assessment liquidity risk. We established a firm- hygiene practices with regard to work of our cybersecurity program to wide program to set up a best-in-class email, password protection, data identify actions for continual intraday liquidity management proc- encryption, system entitlements and improvement. We doubled the ess and infrastructure in preparation social media. We continue to carefully number of cybersecurity personnel for a changing market environment monitor third-party systems and to over the past two years and hired and emerging regulatory expectations. increase our oversight of all the ven- top-notch security experts. dors with whom we work to make We continue to actively manage our Over the next two years, we will sure their protections are adequate. investment securities portfolio of increase our cybersecurity spend by over $340 billion, the primary vehi- nearly 80% and enhance our cyber cle used to offset the firm’s loan and defense capabilities with robust deposit mismatch and moderate testing, advanced analytics and firmwide structural interest rate 41 improved technology coverage. We In 2015, approximately 50% of our Our focus on the control agenda has will strengthen our partnerships technology investment spend will be become “business as usual” with government agencies to under- in support of our strategic business We have made substantial invest- stand the full spectrum of cyber priorities, including: ments and transformative changes risks in the environment and • Digital: End-to-end digital com- to strengthen our control environ- increase our response capabilities. merce across web, mobile and ment. Since the creation of Oversight & Control in 2012 to embed greater Technology is critical to our future channels and across our focus and discipline on controls competitive advantage and to businesses. within each business, the group the protection of our clients and • Data & Analytics: Leveraging of has successfully integrated into customers our firmwide data assets for opera- each business and function to make Over the past six years, the firm has tional stability, customer value, the control agenda a core strategy invested 8%-9% of its annual reve- revenue generation, and risk and and priority. nue to fund our global technology security. capabilities, one of the largest invest- Over the past few years, Oversight • Mobile, Unified Communications: ments we make at JPMorgan Chase. & Control has significantly enhanced Communications channel integra- Even as we are committed to expense the quality of, and standard re- tion into business applications to management, we will not compro- quirements for, our business self- enrich interaction among employ- mise our investment opportunities assessment process, designed to ees, clients and customers. for the future, especially as they identify and assess key operating relate to innovative and efficient • Next Generation Cloud Infrastruc- risks in each area.
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