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Leadership Team Leadership Team OPERATING COMMITTEE 1 Jamie Dimon 7 Bill Daley 13 Gordon Smith 15 Bill Winters Chairman and Corporate Responsibility Card Services Investment Bank Chief Executive Officer 8 Ina Drew 14 Jes Staley 16 Barry Zubrow 2 Frank Bisignano Chief Investment Office Asset Management Risk Management Chief Administrative Office 9 Todd Maclin 3 Steve Black Commercial Banking Investment Bank 10 Jay Mandelbaum 6 3 13 10 8 12 16 14 4 John Bradley Strategy & Marketing 2 15 Human Resources 7 11 Heidi Miller 1 4 11 5 Mike Cavanagh Treasury & Securities Services 9 5 Finance 12 Charlie Scharf 6 Steve Cutler Retail Financial Services Legal & Compliance Investment Bank 2007 Highlights and Accomplishments JPMorgan is one of the world’s • Institutional Investor’s America’s • Record year-over-year revenue leading investment banks with Investment Bank of the Year. performance in: one of the most extensive client – Investment banking fees, 19% growth; • Risk magazine’s: lists in the world. Our full platform – M&A advisory fees, 37% growth; – Derivatives House of the Year; enables us to develop some of the – Equity underwriting fees, 45% growth; – Best Derivatives House of the Past 20 most complete and innovative – and – Years; and financial solutions in the industry. – Equity markets revenue, 13% growth. – Best Credit Derivatives House – Pioneer We offer clients a full range of – and Modern Great. • Gross investment banking revenue services, including strategic advice, (a) from Commercial Banking clients up capital raising, restructuring, risk • #1 in global investment banking fees. 24% from 2006. management, market-making and • #1 in global loan syndications and research. We cover clients in more • Strong progress on growth initiatives, global high-yield bonds for the third year than 100 countries and have global including energy, emerging markets and in a row.(b) leadership positions in our key retail structured products. products. JPMorgan also commits • #2 in equity underwriting, up from #6 • Low subprime exposure relative to the its own capital to proprietary in 2006.(b) financial industry. investing and trading activities. • Revenue of more than $5 billion in We continue to strengthen • Outstanding first half offset by more equity underwriting and equity markets. our platform and develop new difficult second half with leveraged loan products to meet clients’ needs. and credit-related writedowns. (a) Dealogic (b) Thomson Financial “Despite the industry-wide challenges we faced during the second half of 2007, “The risk management lessons we still produced record we learned from the past full-year revenue in several paid dividends this year and areas. Looking ahead to helped us avoid some of 2008, we believe having the pitfalls that affected the a fortress balance sheet will industry. While we remain prove a sizable advantage cautious about the near-term at a time when capital is at outlook, we believe we are a premium.“ extremely well-positioned for the long term with strong Steve Black (left) client relationships, global co-CEO Investment Bank leadership positions and high capital ratios.” Bill Winters (right) co-CEO Investment Bank Retail Financial Services “Capitalizing on the strength of the Chase brand, we’ll continue to expand our branch and ATM network to increase convenience for our customers. We will strengthen our team of well-trained bankers and mortgage officers and improve our products to help customers handle their money, finance their homes, run their businesses and manage their investments, deepening their relationship with Chase. “We have tightened our underwriting standards and are using our financial strength during this period of economic uncertainty to expand relationships, gain new customers and position ourselves for long-term growth across our businesses.“ Charlie Scharf – CEO Retail Financial Services 2007 Highlights and Accomplishments Retail Financial Services serves • Opened 127 new branches (and a total • Expanded market share in mortgages consumers and businesses through of 528 since 2004) and added 680 ATMs and home equity to 11% in the fourth personal service at bank branches (2,536 since 2004) in major Chase markets. quarter, up from 6% a year earlier.(a) and through ATMs, online banking Originated $208 billion in home loans • Increased in-branch personal bankers, and telephone banking as well during the year even as we tightened business bankers, mortgage officers and as through loan offices, auto our underwriting standards. dealerships and school financial investment specialists by a combined aid offices. 2,568, or 23%, including additions from • Increased third-party mortgage servicing the 2006 acquisition of The Bank of portfolio 17% to $615 billion. Customers can use more than New York branches. 3,100 bank branches (fourth- • Increased active online customer base largest nationally), 9,100 ATMs (#3) • Increased in-branch sales of credit cards 21%; generated 258 million online and 290 mortgage offices. More 23%, mortgages 31% and investments 23%. transactions, including bill payment and than 13,700 branch salespeople electronic payment, an increase of 38%. • Increased checking accounts by 844,000, assist customers with checking or 8%, and deposits 3% to $221 billion. •Improved customer experience and and savings accounts, mortgages, sales through refurbishment, rebranding, home equity and business loans, • Increased number of households with core technology conversion and sales process and investments across the 17-state retail relationships 12% to 10.3 million. enhancements at former Bank of New footprint from New York to Arizona. • Increased business banking loan Consumers also can obtain loans York branches. originations 20% to $6.8 billion. through more than 14,500 auto dealerships and 5,200 schools and universities nationwide. (a) Source: Inside Mortgage Finance 19 Card Services “In a challenging environment, we generated solid momentum in 2007 and established a clear vision for the future. Chase Card Services aims to create lifelong, engaged relationships with our customers by being a trusted provider of financial services. We are supporting our vision with a solid growth strategy – focusing our efforts on key marketplace segments, including the small business, mass affluent and high-net-worth markets.” Gordon Smith – CEO Card Services 2007 Highlights and Accomplishments With 155 million cards in circula- • Added 16 million new Visa, MasterCard • Better leveraged the JPMorgan Chase tion and more than $157 billion and private label accounts. franchise by increasing the number in managed loans, Chase Card of credit cards sold through the Retail • Maintained Chase’s position as the Services is one of the nation’s Financial Services network by 23% second-leading issuer of MasterCard largest credit card issuers. from 2006. and Visa cards in the U.S. Customers used Chase cards • Increased charge volume by $15 billion to meet more than $354 billion • Moved core processing platform from 2006. worth of their spending needs in-house, allowing for greater techno- in 2007. logical innovation, more flexibility • Increased net revenue 3% and grew managed loans 3% while investing in With hundreds of partnerships, and reduced costs. activities to attract new customers and Chase has a market leadership • Further enhanced the innovative further engage current cardmembers. position in building loyalty Chase Freedom program, which gives programs with many of the cardmembers the choice of earning • Increased merchant processing volume world’s most respected brands. either cash or points and changing to $719 billion, up 9% from 2006, through back and forth without leaving any Chase Paymentech Solutions, LLC, the rewards behind. The Chase Freedom nation’s largest merchant processor. program has generated more than one million new customers since its 2006 launch. 20 Commercial Banking 2007 Highlights and Accomplishments Commercial Banking serves more • Increased net income 12% to a record • Added in excess of 2,200 new banking than 30,000 clients nationally, $1.1 billion and net revenue 8% to a relationships through accelerated calling including corporations, munici- record $4.1 billion. efforts and targeted marketing initiatives. palities, financial institutions and • Achieved record results in gross invest- • Maintained favorable market position not-for-profit entities with annual ment banking revenue of $888 million, relative to the industry through revenue generally ranging from conservative credit underwriting and $10 million to $2 billion. It is the treasury services revenue of $2.4 billion, strong credit reserves. #1 commercial bank in market loan balances of $61.1 billion and liability penetration within Chase’s retail balances of $87.7 billion. • Converted the wholesale New York (a) branch footprint. • #1 commercial bank in market penetration Tri-State customer base of more than (a) 332,000 deposit accounts, representing Commercial Banking delivers within Chase’s retail branch footprint. extensive industry knowledge, local almost $28 billion, and migrated • #2 large middle-market lender in the U.S.(b) expertise and a dedicated service customers acquired from The Bank of model. In partnership with the • #2 asset-based lender in the U.S.(b) New York to the firm’s platforms. firm’s other businesses, it provides • Launched seven new offices, expanding • Delivered focused leadership training to comprehensive solutions, including coverage in Atlanta, Nashville, Philadel- more than 500 managers and enhanced
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