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Annual Report Jpmorgan Chase & JPMORGAN CHASE & CO. ANNUAL REPORT2006 FINANCIAL HIGHLIGHTS As of or for the year ended December 31, (in millions, except per share, ratio and headcount data) 2006 2005 Reported basis (a) Total net revenue $ 61,437 $ 53,748 Provision for credit losses 3,270 3,483 Total noninterest expense 38,281 38,426 Income from continuing operations 13,649 8,254 Net income $ 14,444 $ 8,483 Per common share: Basic earnings per share Income from continuing operations $ 3.93 $ 2.36 Net income 4.16 2.43 Diluted earnings per share Income from continuing operations $ 3.82 $ 2.32 Net income 4.04 2.38 Cash dividends declared per share 1.36 1.36 Book value per share 33.45 30.71 Return on common equity Income from continuing operations 12% 8% Net income 13 8 Return on common equity (net of goodwill) Income from continuing operations 20% 13% Net income 22 14 Tier 1 capital ratio 8.7 8.5 Total capital ratio 12.3 12.0 Total assets $ 1,351,520 $1,198,942 Loans 483,127 419,148 Deposits 638,788 554,991 Total stockholders’ equity 115,790 107,211 Headcount 174,360 168,847 (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 $1.4 trillion and operations in more than 50 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 AT A GLANCE Income Retail Financial Card Services Services $3,206 by line $3,213 of business(a) 24% 24% (in millions) 7% Commercial Banking $1,010 8% Investment 27% Bank 10% Treasury & Securities Services $3,674 $1,090 Asset Management $1,409 Net revenue Income from continuing operations (in billions) from continuing operations (in billions) $70 $20 65 9% $61.4 47% 60 15 $13.6 55 $51.8(b) $53.7 10 $8.3 50 $6.3(b) 5 45 40 2004 2005 2006 2004 2005 2006 Earnings per share Return on equity (net of goodwill) from continuing operations (fully diluted) from continuing operations 20% 20% $5 48% $3.82 4 15 13% 3 $2.32 (b) $1.75 (b) 2 10% 10 1 2004 2005 2006 2004 2005 2006 All information shown on a reported basis on (a) Excludes Corporate segment continuing operations. (b) Presented on an unaudited pro forma combined basis that represents how the financial information Growth rates shown as compound annual growth of JPMorgan Chase & Co. and Bank One rates (CAGRs). Corporation may have appeared on a combined basis had the two companies been merged for the full year. DEAR FELLOW SHAREHOLDER, JPMorgan Chase made very good progress in 2006. We earned $13.6 billion from continuing operations, up significantly from the year before; we grew our major businesses – and the growth was high quality; and we positioned ourselves extremely well for 2007 and beyond. In this letter, I will review and assess our 2006 performance and describe key initiatives and issues we are focusing on this year and in the future to make our company even better. I hope, after reading this letter, that you will share my enthusiasm about the emerging power and enormous potential of the JPMorgan Chase franchise. First, let’s look at 2006: I. OUR PERFORMANCE IN 2006: PROGRESS While we’re not yet top-tier in financial performance, we AND RENEWED FOCUS feel particularly good about a number of major issues. We essentially completed a huge, complex merger while At JPMorgan Chase, we analyze our performance against staying focused on business and pursuing growth; we a broad spectrum of measures, including growth, quality, dramatically cut expenses and waste; and we increased risk management, marketing, collaboration, operations, investment spending. Integration risk – the potential to controls and compliance. We continue to make significant suffer major setbacks because of merger-related issues – progress on all these fronts. Although our absolute per- is always a big challenge and source of concern. But formance is not yet where it should be, the pace and level superb execution throughout 2005 and 2006 has of improvement are extremely good and make us more enabled us to put that risk mostly behind us. confident than ever about our future. Starting with “financial performance,” we believe there Increased management discipline and collaboration are six key aspects of our overall 2006 performance that Ultimately, we will succeed or fail based upon the talent, illustrate the progress we have made. dedication and diligence of our management team and the people who work with them. On this measure, you, Strengthened financial performance our shareholders, should be extremely pleased. Your Our earnings from continuing operations for the year management team regularly reviews all aspects of our were $13.6 billion, up from $8.3 billion in 2005. business in an open and honest way, assessing our Return on equity (excluding goodwill) was 20% versus strengths and weaknesses, and our opportunities and 13%. Revenue growth – almost all organic – was 14%. risks. The level of collaboration among business units is These results, produced with the support of a still-favor- higher than ever and still getting better. Our top man- able credit environment, are good, but not excellent. agers work well together, respect each other and take And in some cases, we still trail our major competitors. pride in each other’s successes. As I have stressed in prior shareholder letters, getting people to work together across all business units is critical to our success. 2 Here are some examples of what we can achieve by has been undergoing fundamental change, i.e., mort- working well together. In all of these cases, the manage- gages are increasingly being packaged and sold to institu- ment team came together – to review facts and critically tional investors rather than being held by the company analyze and reanalyze issues – in order to find the right that originates them. answers for our clients and our company. We developed Historically, our two businesses, Home Lending and and executed a game plan without the destructive poli- the Investment Bank, barely worked together. In 2004, tics, silly game-playing and selfish arguments about rev- almost no Home Lending mortgages were sold through enue-sharing that can destroy healthy collaboration and our Investment Bank. This past year, however, our undermine progress. Investment Bank sold 95% of the non-agency mortgages Establishing the Corporate Bank (approximately $25 billion worth) originated by Home Lending. As a result, Home Lending materially increased Previously, our investment bankers played the lead role its product breadth and volume because it could distrib- in managing our firm’s relationships with large clients, ute and price more competitively. This arrangement even when a client might require non-investment-bank- obviously helped our sales efforts, and the Investment ing products and services, such as cash management, Bank was able to build a better business with a clear, custody, asset management, certain credit and derivatives competitive advantage. In 2006, our Investment Bank products, and others. The product salespeople outside moved up several places in the league-table rankings for our Investment Bank operated somewhat independently mortgages. (Importantly, Home Lending maintained its from the investment bankers. As a result, we were not high underwriting standards; more on this later.) We managing our relationships with many of our largest believe that we now have the opportunity to become one clients in an integrated and coordinated way. Too many of America’s best mortgage companies. people were selling their own products without feeling accountable for JPMorgan Chase’s overall relationship Growing credit card sales through retail branches with the client. In 2006, we opened more than one million credit card Now, we have addressed this issue with dedicated accounts through our retail branches, up 74% over corporate bankers who cover the treasurer’s offices of our 2005. Retail and Card Services teams drove this progress largest, longest-standing and most important clients. by working together and analyzing every facet of the These corporate bankers, in partnership with our invest- business, including product design, marketing, credit ment bankers, are focused on developing our entire rela- reporting, systems and staffing. It started slowly, but as tionship with our clients – orchestrating the coverage we’ve learned together and innovated, we’ve been able to effort with regular account planning, client reviews and add increasingly more profitable new accounts. We have coordinated calling. This effort ultimately should add the ability to provide – almost instantaneously – preap- hundreds of millions of dollars to revenue and create proved credit to customers while they are opening other happier clients. banking accounts with us. And, while respecting cus- tomer privacy, we now can offer better pricing because Building the mortgage business – in Home Lending and we can underwrite using both credit card and retail the Investment Bank customer information. Over time, this competitive Home Lending is one of the largest originators and ser- advantage will enable us to add more value and produce vicers of mortgages in the United States. Separately, our better results for customers and for JPMorgan Chase. Investment Bank has been working hard to build out its mortgage capabilities as the mortgage business overall 3 Approaching Asia holistically • Our goal is to accomplish real, sustainable growth, but Our Operating Committee members traveled to Asia not growth at any cost.
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