2025年4月23日，摩根大通资产及金钱不休部首席奉行官欧朵念念发布致推进信，欧朵念念称：“咱们死力于期骗最先进的时刻，这不仅增强了竞争上风91porn.me，也适当咱们为客户提供卓越价值的高大主义——从试点，到出产，再到盈利。咱们正在银行业缔造翻新标杆，推动可持续增长与耐久推进价值。”

　　以下是信件全文：

　　2024致推进信

　　资产及金钱不休

　　估量未来，

　　咱们会尽心竭力推动翻新和持续增长，

　　不绝知足您的所需，超越所望。

　　摩根大通领有近两个世纪不休客户资产的明后历史，死力于试验受托株连。历经岁月变迁，咱们耐久为人人的客户提供深远洞见与卓越事迹，这些客户包括政府、大型机构、中央银行、主权金钱基金、企业首级、创举东谈主及个东谈主。咱们不懈追求稳健而持续的报酬，争取稳固咱们在行业增长中的当先地位。不管是在大通分行径初度储蓄的客户提供现款不休或退休权略决策，仍是为大型州立养老贪图制定战术性资产建立全盘不休策略，咱们通过每次合营连续稳固业务根基，获取客户相信。

　　我有幸和杰米·戴蒙（Jamie Dimon）同事二十余年，这段资格让我深远体会到，顺利绝非巧合，也不行视为理所虽然。可持续增长之谈，在于连续翻新、极致专注、任重道远，同期还需秉持“堡垒念念维”——安不忘危宽待严峻挑战，同期静待时机智取新局。咱们正踏进竞争强烈的环境，既要为客户甄选最好机遇，也要为本人的未来增长开拓旅途，同期死力于降本增效，追求运营卓越。

　　在资产及金钱不休部，我与同仁努力不懈，持续优化客户投资组合，为未来作念好准备。咱们通过以下容貌竣事这一主义：创造当先同行的投资事迹，汇聚业内顶尖东谈主才，践行咱们高大的投资方略。咱们要点投资顶端时刻与精英东谈主才，努力摒除低效，为推进创造丰厚的盈利增长。

　　客户持续注入新的资产，即是对咱们最大的招供。4，860亿好意思元净新增资产的录用，使得往常两年间资金净流入揣摸达近1万亿好意思元，彰显了客户对咱们策略的信心。这一不凡成即是咱们业求实力与生效的有劲确认。

　　凭借如斯强盛势头，咱们着实所有财务方针均翻新高，五大重要绩效方针更皆登攀峰。

　　主动不休客户资产

　　往常二十年间，当同行纷纷加大对被迫策略的投资时，咱们仍一直专注于打造业内当先的主动不休平台并持续干涉。在现时市集环境中，掌持基本面细察力至关贫困，咱们的职责是主动捕捉未在滞后的基准中所反应的机遇。咱们纯真而精确地应答周期轮动，争取持续缔造人人顶尖的投资事迹。咱们的卓越发扬，不仅为投资者创造了丰硕报酬，更进一步稳固了客户对咱们行动耐久合营伙伴的信任，并诱骗更多客户取舍咱们。

　　咱们对投资连络才略的紧要干涉，成为了咱们在主动不休范围优于业界的重要：2024年，咱们领有490名专属连络分析师，隐私多个资产类别，突显了咱们奋力作念出忠良决策的欢跃，并将连络融入公司文化与业务生态。仅往常一年，咱们的连络团队隐私约4，700家公司，开展了近1.1万次公司实地熟练与交流。这些来自恃家的及时实地细察，聚集摩根大通的前沿时刻，让团队概况为客户独霸复杂的人人市集。

　　通过深度期骗东谈主工智能（AI）、机器学习和专出奇据科学等先进时刻，咱们全面升迁业务才略，大幅优化风险不休才略、简化运营并提高合座遵守。咱们最近推出的GPT-Insights就体现了这一欢跃，它为资产不休投资者简化连络经过。这款专有生成式AI器具整合多方数据源，编制全面的公司申诉，以简明易懂的容貌呈现里面与外部不雅点。自2024年12月推出以来，GPT-Insights将连络任务耗时责问高达85%，指点投资者深入探索的标的。咱们死力于期骗最先进的时刻，这不仅增强了竞争上风，也适当咱们为客户提供卓越价值的高大主义——从试点，到出产，再到盈利。咱们正在银行业缔造翻新标杆，推动可持续增长与耐久推进价值。

　　终末，连年来，咱们干涉了大量资源发展走动型灵通式基金（ETF）平台。出色的主动不休发扬与ETF专长的聚集，使咱们概况在快速膨大的主动型ETF范围占据当先地位。2024年，咱们在全行业的主动不休和主动型ETF流入中双双位居前方。

　　精英汇萃的参谋人团队

　　往常五年，咱们政策性地膨大并校阅人人参谋人团队，旨在增强才略，以知足客户各种化和连续演变的需要。这包括遴聘新参谋人并完善空洞培训贪图，确保他们掌持最新常识与手段，保持站在行业前沿。2024年，咱们的金钱不休业务采集领有逾越9，500名参谋人，增长率为6%——在行业普遍停滞的布景下，这一成绩尤为权臣，展现了咱们人人平台的范围以及全力提供顶尖与专科服务的欢跃。咱们死力于开导面向未来的参谋人团队，隐私金钱不休、机构业务及零卖范围，缔造行业当先的竞争程序。

　　除了招聘与培训，咱们还为参谋人配备顶端AI器具，如Connect Coach和Sales Assist，大幅升迁出产遵守，扩大专科范围。凭借逾越80%的资产及金钱不休部前台职工使用摩根大通大型谈话模子（AI）套件，咱们每天都在挖掘契机，减省败兴疏浚的责任，让团队专注于更高价值的事务。这些举措对提供卓越服务与推动可持续增长至关贫困。

　　为每位客户量身定制决策

　　咱们对个性化提出的愿景，是让客户与参谋人概况笔据独到需求作念出纯真取舍。为了增强这方面的才略，咱们完成了两项贫困走动，区分在2020及2021年收购了55ip和OpenInvest。咱们的时刻团队期骗收购的时刻和平台，加上持续的专有开导责任，为每个投资组合团队配备最当代化和先进的器具和资源。这让他们概况纯真搬动偏好与集会度，适合税务需求，打造适当客户特定主义的投资组合。咱们相信，受托不休者不应为客户投资组合强加取舍或偏好。违反，咱们让客户指明对其贫困的程序，摩根大通团队则据此奉行。

　　咱们以为应该善用受托株连，对所投资的公司施展影响，借助两个世纪凝合的深厚底蕴，升迁为推进创造的耐久价值。咱们的里面不休团队孤苦运作，无需依赖外部代理参谋人为政策表决及提供提出。实质上，咱们已取舍行径大幅减少代理参谋人公司对团队的影响，不再将他们的连络申诉纳入咱们不休团队及投资众人的贬责决策体系。咱们引以为豪的是，主要投资者均积极参与公司贬责，并善用他们的专科常识及见识，为客户资产构筑坚实的监督保险。

　　另类投资

　　另类投资一直是咱们客户投资组合享有的一大各异化上风，因为咱们是人人贫困的另类投资提供商与投资者之一。连年来，这一资产类别成为行业最大、增长最快的范围之一，主要成绩于面向个东谈主投资者的灵通式结构。为此，咱们政策性地将业务范围重组为两大救助：资产及金钱不休另类投资决策和资产不休私募市集。依托咱们60多年的深厚积淀与丰富广泛的投资告诫，新架构旨在拓宽隐私范围并竣事明显增长。这些校阅让咱们概况扩伟业务范围，充分施展咱们在该范围的深厚专科常识，从第三方策略到自操纵理的基金，最终为客户提供全场地、定制化的翻新投资决策。通过精确匹配连续变化的市集需求与本人资源及业务才略，咱们概况缓慢独霸复杂的金融环境，推动这一重步伐域的可持续增长。

　　人人布局

　　行动一家领出奇百年历史的企业，咱们深远意会塑造行业的复杂经济与地缘政事口头。如今，资产及金钱不休部在逾越150个国度/地区服务客户，彰显了咱们死力于服务人人宽绰客户的欢跃。连年来，咱们在雅典、杰克逊维尔、曼彻斯特、慕尼黑、盐湖城和斯科茨代尔开设新作事处。此外，咱们还在奥斯汀、劳德代尔堡和法兰克福等主要作事处增多逾越10%的参谋人东谈主数。在中国，咱们在外资资产不休公司中领有较大的中国股票连络分析师团队。这些投资为资产及金钱不休业务未来几十年的发展奠定了坚实的基础。 

　　除了扩大咱们的业务踪迹外，咱们还通过东谈主才流动训诫卓越文化，确保咱们的团队不仅熟悉当地市集动态，也与咱们具有凝合力的人人文化保持一致。两者的聚集，让咱们概况保持纯真敏捷、反应马上，准确主办新兴趋势，并为人人客户提供一致的体验。终末，在人人大多数资产及金钱不休网点，咱们都与消耗者和社区银行以及贸易和投资银行业务伙伴共处合并地点，大大增强了咱们对客户和社区的影响。

　　策略生效卓绝：为公司和推进带来强盛的净资产收益率

　　与业内敌手比较，咱们不仅事迹优异，对摩根大通的合座顺利也很重要。咱们之是以概况竣事行业当先的净资产收益率，源于咱们严谨地不休资产欠债表上的每一分毫，为推进带来强盛的空洞资本报酬率。这些遵守是在咱们对业务保持大量投资下同期竣事的，突显了咱们业务的建壮实力，以及对政策投资的专注。

　　结语

　　咱们死力于试验对客户的受托株连，这指导了咱们的责任标的，引颈着每一步的前行。连年的市况充满挑战和波动，咱们都能顺利指点客户和推进应答，同期也投资布局未来，为此，我深感自重。

　　摩根大通的三伟业务板块逐日都在各自范围追求卓越，深知整膂力量胜于个体之和。我和资产及金钱不休运营委员会的同仁努力不懈，为客户尽量升迁公司价值，提供投资提出、流动性不休、老本市集专长、信贷、支付、托管及全场地银行服务。客户与每个业务部门同样，都是集团的一份子，共同享有摩根大通庞杂的资源和范围上风，这些要求让咱们在竞争中脱颖而出。

　　咱们赤忱感谢客户和推进的相信，并将不绝死力于提供至臻服务。凭借摩根大通的上风，咱们有信心概况提供卓越价值，保持行业指导地位。估量未来，咱们会尽心竭力推动翻新和持续增长，不绝知足您的所需，超越所望。

　　2．庄重内容请参见今年报第58页庄重33。 

　　3．贵府开头：公开文献、公司网站、晨星。 

　　4．庄重内容请参见今年报第59页庄重36。 

　　5．贵府开头：公开文献；净资产收益率或访佛方针基于申诉数据（如有）。关于未申诉净资产收益率或访佛方针的同行，有计划适度开头于申诉的无为推进应占净收入以及申诉的平均无为推进权利。

　　2024 Letter to Shareholders

　　Asset & Wealth Management

　　J.P． Morgan has a proud fiduciary history spanning nearly two centuries of managing client assets． Throughout each decade， we have consistently delivered valuable insights and strong performance to a distinguished clientele worldwide， including governments， major institutions， central banks， sovereign wealth funds， CEOs， founders and individuals． Our steadfast commitment to delivering strong and consistent results has solidified our position as a leader in industry growth． Whether supporting a first-time saver seeking cash management solutions or retirement options at a Chase branch or serving a major state pension plan in need of tactical asset allocation overlay strategies， our franchise continues to strengthen with each new relationship， earning the trust of our clients．

　　Having had the privilege of working for Jamie Dimon for over two decades， I am reminded every day that success is not accidental and should never be taken for granted． Sustainable growth requires constant innovation， extraordinary focus， intensity and drive， coupled with a fortress mindset – always preparing for the toughest challenges while remaining poised to seize new opportunities． We are in a fiercely competitive race to identify the best opportunities for our clients and for our future growth while simultaneously maintaining our unwavering focus on cutting waste and achieving operational excellence．

　　In Asset & Wealth Management （AWM）， my partners and I work tirelessly to optimize client portfolios and future- proof them for what lies ahead． We achieve this by delivering leading investment performance， leveraging what I believe is the most exceptional talent in the industry and executing our most ambitious investment agenda to date． Our focus on investing in cutting- edge technology and our elite talent， while driving out inefficiencies， has led us to highly profitable growth for our shareholders． 

　　Our clients vote daily on our success with their consistent contribution of new assets． They have demonstrated their ongoing confidence in our strategy by entrusting us with an additional $486 billion in net new assets， bringing the total to nearly $1 trillion of inflows over the past two years． This remarkable achievement stands as the ultimate testament to the strength and effectiveness of our business．

　　Building on this tremendous momentum， we have achieved record results across nearly all financial metrics， reaching all-time highs in five key performance indicators．

　　ACTIVELY MANAGING OUR CLIENTS’ ASSETS

　　Over the past two decades， we have focused on and invested in the industry’s leading active management platform， even as many of our peers double down on passive strategies． In today’s market environment， where having fundamental insights is critical， we believe our responsibility is to proactively seek opportunities that are not yet reflected in backward-looking benchmark weightings． We have responded swiftly and adeptly to various market cycles， consistently achieving world-class investment performance． Our peer-leading performance has enabled us to deliver positive outcomes for our investors， strengthening our clients’ trust in us as their long-term partner and attracting more clients than ever before．

　　A key component of our strategy to be the industry’s leading active manager is our substantial investment in our research capabilities． In 2024， we employed 490 proprietary research analysts across various asset classes， underscoring our commitment to making informed decisions and embedding research into our culture and business ecosystem． In the past year alone， our research team provided coverage on approximately 4，700 companies and conducted nearly 11，000 company visits and engagements． These real-time， on-the-ground insights from around the world， infused with JPMorganChase’s dominant technology， empower our teams to adeptly navigate complex global markets for our clients．

　　By harnessing and leveraging advanced technologies – such as artificial intelligence （AI）， machine learning and proprietary data science – we enhance all aspects of our business， significantly improving our risk management capabilities， streamlining operations and boosting overall efficiency． Our recent launch of GPT-Insights exemplifies this commitment， streamlining the research process for Asset Management （AM） investors． This proprietary generative AI tool creates comprehensive company reports from multiple sources， highlighting both internal and external perspectives in an easily digestible format． Since its December 2024 launch， GPT-Insights has reduced research task times by up to 85%， guiding investors on where to delve deeper． Our dedication to leveraging state-of-the-art technology not only strengthens our competitive edge but also aligns with our broader goal of delivering superior value to our clients – from pilot to production to profitability． We are setting a new standard of innovation in the banking industry， driving sustainable growth and long- term shareholder value．

　　Lastly， in recent years we have made significant investments in our exchange-traded funds （ETF） platform． The combination of top active management performance and ETF expertise has positioned us as a leader in the rapidly expanding field of active ETFs． In 2024， we were the leader in inflows in both active management and active ETFs across the industry．

　　BEST-IN-CLASS ADVISORY TEAMS

　　Over the past five years， we have strategically invested in expanding and elevating our global advisor teams to enhance our capabilities and meet clients’ diverse and evolving needs． This includes both hiring new advisors and expanding our comprehensive training programs to equip them with the latest knowledge and skills， ensuring they remain at the forefront of industry trends． With over 9，500 advisors， our Wealth Management network reflects a 6% growth in 2024 – a notable achievement given industry stagnation – demonstrating the scale of our global platform and our commitment to first-class service and expertise． We aim to build future-ready advisory teams in Wealth Management， Institutional and Retail/Funds， setting a standard that is admired by our competitors．

　　In addition to hiring and training， we equip our advisors with cutting-edge AI tools like Connect Coach and Sales Assist， significantly enhancing their productivity and scope． With over 80% of AWM Front Office utilizing our J.P． Morgan Large Language Model （AI） Suite， each day we uncover opportunities to eliminate “no joy” work and repetitive tasks， allowing our teams to focus on higher-value activities． These initiatives are integral to delivering exceptional service and driving sustainable growth． 

　　HIGHLY CUSTOMIZED SOLUTIONS FOR EACH INDIVIDUAL

　　Our vision for personalized advice focuses on empowering both clients and advisors to make choices tailored to each unique situation． To enhance our capabilities， we made two important acquisitions： 55ip （in 2020） and OpenInvest （in 2021）． Our technology teams leverage these acquisitions， alongside continuous proprietary developments， to equip every portfolio team with the most modern and advanced tools and resources． This enables them to customize preferences and concentrations， adapt to tax considerations and create portfolios that are aligned with their specific needs． We don’t believe any fiduciary manager should dictate choice or preferences for a client’s investment portfolio． Instead， we empower clients to specify criteria important to them， and J.P． Morgan teams execute accordingly．

　　We believe our fiduciary voice should be leveraged to influence the companies we invest in， drawing on our two centuries of collective knowledge to enhance long-term shareholder value creation． Our in-house stewardship teams operate independently， without relying on external proxy advisors to vote for us． In fact， we have taken major steps to minimize the influence of proxy advisory firms on our teams and no longer incorporate their research into the governance decisions made by our stewardship and investment professionals． We take pride in the active role our fundamental investors play in the governance process， utilizing their expertise and insights to ensure strong oversight for client portfolios． 

　　ALTERNATIVES

　　Alternatives have always been a key differentiator in our clients’ portfolios， as we are among the leading providers and investors globally． Recently， this asset class has emerged as one of the industry’s largest and fastest-growing areas， primarily driven by the open-ended structure now available to individual investors． In response， we have strategically restructured our coverage into two distinct pillars： AWM Alternative Solutions and AM Private Markets． This new structure is designed to broaden our coverage and enable meaningful growth， leveraging our rich history of over 60 years and our extensive experience across various investment types． With these enhancements， we are poised to expand our coverage and unlock our deep expertise in this area， ultimately providing our clients with innovative and tailored investment solutions across the board – from third-party strategies to funds managed by our own teams． By aligning our resources and capabilities with the evolving needs of the market， we are well-equipped to navigate the complexities of the financial landscape and drive sustainable growth in this important area．

　　GLOBAL FOOTPRINT 

　　As a business within a firm with hundreds of years of history， we possess a deep understanding of the complex economic and geopolitical landscape that shapes our industry． Today， AWM maintains client coverage in over 150 countries， underscoring our commitment to serving a diverse range of clients globally． In recent years， we have invested in opening new offices in Athens， Jacksonville， Manchester， Munich， Salt Lake City and Scottsdale． Additionally， we have increased our number of advisors by more than 10% in other key offices， including Austin， Fort Lauderdale and Frankfurt． In China， we have one of the largest teams of research analysts covering Chinese stocks among foreign-owned asset managers． These investments build a strong foundation for AWM for decades to come．

　　In addition to expanding our geographic footprint， we cultivate a culture of excellence through talent mobility， ensuring our teams are not only adept in local market dynamics but also aligned with our cohesive global culture． This combination allows us to remain agile and responsive， positioning us to capitalize on emerging trends and to deliver a consistent experience to our clients worldwide． Lastly， in most of AWM locations around the world， we co-locate with our Consumer & Community Banking and Commercial & Investment Bank partners， significantly amplifying our impact on clients and communities．

　　EVIDENCE THAT THIS STRATEGY IS WORKING： STRONG ROE FOR OUR FIRM AND SHAREHOLDERS

　　Our results are not only strong compared with every major competitor but are also crucial for the broader success of JPMorganChase． Our ability to deliver industry-leading return on equity （ROE） stems from our disciplined approach to managing every dollar on our balance sheet， contributing to a robust blended ROE for our shareholders． These results， achieved while maintaining significant investment in our business， speak to the strength of our franchise and the focus of our strategic investment agenda．

　　CONCLUSION 

　　Our fiduciary commitment to our clients serves as our north star， guiding every aspect of our work． I am proud of how we have successfully guided our clients and shareholders through the challenges and volatility of recent years， all while making significant investments in the future．

　　As each of the three lines of business at JPMorganChase strives every day to excel in our respective areas， we are acutely aware that our collective strength surpasses the sum of our individual parts． Together with my Operating Committee partners in AWM， we work relentlessly to maximize the firm’s value to every client， delivering investment advice， liquidity management， capital markets expertise， credit， payments， custody and full-service banking． Clients benefit from being  part of the broader JPMorganChase ecosystem， as does each line of business， with access to unparalleled resources and scale that set us apart from the competition． 

　　We are deeply grateful for the trust our clients and shareholders place in us and remain dedicated to delivering excellence every day． By leveraging the strengths of JPMorganChase， we are confident in our ability to deliver exceptional value and maintain our leadership position in the industry． As we look to the future， we are committed to driving innovation and consistent growth， ensuring that we continue to meet and exceed your expectations．

　　1.For footnote， refer to page 58 footnote 34 in this Annual Report． 

　　2.For footnote， refer to page 58 footnote 33 in this Annual Report．  

　　3.Source： Public filings， company website， Morningstar．  

　　4.For footnote， refer to page 59 footnote 36 in this Annual Report． 

　　5.Source： Public filings； return on equity （ROE） or comparable metric is based on as reported figures， where available． For peers that do not report ROE or a comparable metric， calculations were derived from reported net income attributable to common shareholders and the reported average common shareholders’ equity．

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