摩根大通资管部CEO欧朵想：2024是破记录之年，险些整个财务方针均翻新高，五大关节绩效方针更王人攀缘峰

　　2025年4月23日，摩根大通资产及资产经管部首席践诺官欧朵想发布致鞭策信，欧朵想称：“客户无间注入新的资产，即是对咱们最大的招供。4,860亿好意思元净新增资产的委托，使得往常两年间资金净流入所有达近1万亿好意思元，彰显了客户对咱们策略的信心。这一超卓成即是咱们业求实力与奏效的有劲解说。凭借如斯强劲势头，咱们险些整个财务方针均翻新高，五大关节绩效方针更王人攀缘峰。”

　　以下是信件全文：

　　2024致鞭策信

　　资产及资产经管

　　预测将来，

　　咱们会尽心接力推动翻新和无间增长，

　　链接得志您的所需，超越所望。

　　摩根大通领有近两个世纪经管客户资产的后光历史，戮力于践诺受托包袱。历经岁月变迁，咱们永恒为环球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、主权资产基金、企业首长、首创东说念主及个东说念主。咱们不懈追求谨慎而无间的报恩，争取自如咱们在行业增长中的当先地位。岂论是在大通分步履首次储蓄的客户提供现款经管或退休运筹帷幄决策，已经为大型州立养老筹画制定战术性资产建树全盘经管策略，咱们通过每次贯串不断自如业务根基，获得客户信托。

　　我有幸和杰米·戴蒙（Jamie Dimon）同事二十余年，这段阅历让我深远体会到，告捷绝非无意，也不成视为理所诚然。可无间增长之说念，在于不断翻新、极致专注、任重道远，同期还需秉持“堡垒想维”——安不忘危理睬严峻挑战，同期静待时机智取新局。咱们正跻身竞争强烈的环境，既要为客户甄选最好机遇，也要为自己的将来增长开拓旅途，同期戮力于降本增效，追求运营卓越。

　　在资产及资产经管部，我与同仁努力不懈，无间优化客户投资组合，为将来作念好准备。咱们通过以下面貌完好意思这一宗旨：创造当先同行的投资事迹，集聚业内顶尖东说念主才，践行咱们雄壮的投资方略。咱们要点投资顶端手艺与精英东说念主才，努力放手低效，为鞭策创造丰厚的盈利增长。

　　客户无间注入新的资产，即是对咱们最大的招供。4，860亿好意思元净新增资产的委托，使得往常两年间资金净流入所有达近1万亿好意思元，彰显了客户对咱们策略的信心。这一超卓成即是咱们业求实力与奏效的有劲解说。

　　凭借如斯强劲势头，咱们险些整个财务方针均翻新高，五大关节绩效方针更王人攀缘峰。

　　主动经管客户资产

　　往常二十年间，当同行纷繁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经管平台并无间插足。在现在市集环境中，掌抓基本面瞻念察力至关报复，咱们的职责是主动捕捉未在滞后的基准中所响应的机遇。咱们纯真而精确地唐突周期轮动，争取无间缔造环球顶尖的投资事迹。咱们的卓越发扬，不仅为投资者创造了丰硕报恩，更进一步自如了客户对咱们动作历久贯串伙伴的信任，并劝诱更多客户采纳咱们。

　　咱们对投资计议智力的要紧插足，成为了咱们在主动经管领域优于业界的关节：2024年，咱们领有490名专属计议分析师，掩饰多个资产类别，突显了咱们勤恳作念出理智决策的甘愿，并将计议融入公司文化与业务生态。仅往常一年，咱们的计议团队掩饰约4，700家公司，开展了近1.1万次公司实地西席与疏导。这些来自环球的及时实地瞻念察，结合摩根大通的前沿手艺，让团队省略为客户控制复杂的环球市集。

　　通过深度诈骗东说念主工智能（AI）、机器学习和专迥殊据科学等先进手艺，咱们全面晋升业务智力，大幅优化风险经管智力、简化运营并提高举座遵守。咱们最近推出的GPT-Insights就体现了这一甘愿，它为资产经管投资者简化计议进程。这款专有生成式AI用具整合多方数据源，编制全面的公司呈报，以简明易懂的面貌呈现里面与外部不雅点。自2024年12月推出以来，GPT-Insights将计议任务耗时镌汰高达85%，教导投资者深入探索的标的。咱们戮力于诈骗起原进的手艺，这不仅增强了竞争上风，也合适咱们为客户提供卓越价值的雄壮宗旨——从试点，到坐蓐，再到盈利。咱们正在银行业设立翻新标杆，推动可无间增长与历久鞭策价值。

　　临了，连年来，咱们插足了无数资源发展交游型通达式基金（ETF）平台。出色的主动经管发扬与ETF专长的结合，使咱们省略在快速扩张的主动型ETF领域占据当先地位。2024年，咱们在全行业的主动经管和主动型ETF流入中双双位居前哨。

　　精英汇萃的参谋人团队

　　往常五年，咱们计谋性地扩张并编削环球参谋人团队，旨在增强智力，以得志客户千般化和不断演变的需要。这包括聘用新参谋人并完善抽象培训筹画，确保他们掌抓最新学问与妙技，保持站在行业前沿。2024年，咱们的资产经管业务集中领有高出9，500名参谋人，增长率为6%——在行业普遍停滞的布景下，这一成绩尤为权贵，展现了咱们环球平台的领域以及全力提供顶尖与专科服务的甘愿。咱们戮力于开垦面向将来的参谋人团队，掩饰资产经管、机构业务及零卖领域，设立行业当先的竞争递次。

　　除了招聘与培训，咱们还为参谋人配备顶端AI用具，如Connect Coach和Sales Assist，大幅晋升坐蓐遵守，扩大专科范围。凭借高出80%的资产及资产经管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，减省无聊访佛的职责，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无间增长至关报复。

　　为每位客户量身定制决策

　　咱们对个性化淡薄的愿景，是让客户与参谋人省略把柄独到需求作念出纯真采纳。为了增强这方面的智力，咱们完成了两项报复交游，远隔在2020及2021年收购了55ip和OpenInvest。咱们的手艺团队诈骗收购的手艺和平台，加上无间的专有开发职责，为每个投资组合团队配备最当代化和先进的用具和资源。这让他们省略纯真调养偏好与琢磨度，适合税务需求，打造合适客户特定宗旨的投资组合。咱们校服，受托经管者不应为客户投资组合强加采纳或偏好。相悖，咱们让客户指明对其报复的递次，摩根大通团队则据此践诺。

　　咱们合计应该善用受托包袱，对所投资的公司施展影响，借助两个世纪凝华的深厚底蕴，晋升为鞭策创造的历久价值。咱们的里面经管团队寥寂运作，无需依赖外部代理参谋人为政策表决及提供淡薄。本色上，咱们已汲取步履大幅减少代理参谋人公司对团队的影响，不再将他们的计议呈报纳入咱们经管团队及投资巨匠的科罚决策体系。咱们引以为豪的是，主要投资者均积极参与公司科罚，并善用他们的专科学问及视力，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别化上风，因为咱们是环球报复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、增长最快的领域之一，主要收获于面向个东说念主投资者的通达式结构。为此，咱们计谋性地将业务范围重组为两大复古：资产及资产经管另类投资决策和资产经管私募市集。依托咱们60多年的深厚积淀与丰富深广的投资教会，新架构旨在拓宽掩饰范围并完好意思赫然增长。这些编削让咱们省略扩伟业务范围，充分施展咱们在该领域的深厚专科学问，从第三方策略到自主宰理的基金，最终为客户提供全地点、定制化的翻新投资决策。通过精确匹配不断变化的市集需求与自己资源及业务智力，咱们省略悠闲控制复杂的金融环境，推动这一重方法域的可无间增长。

　　环球布局

　　动作一家领迥殊百年历史的企业，咱们深远融会塑造行业的复杂经济与地缘政事模式。如今，资产及资产经管部在高出150个国度/地区服务客户，彰显了咱们戮力于服务环球浩繁客户的甘愿。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就业处。此外，咱们还在奥斯汀、劳德代尔堡和法兰克福等主要就业处增多高出10%的参谋人东说念主数。在中国，咱们在外资资产经管公司中领有较大的中国股票计议分析师团队。这些投资为资产及资产经管业务将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，咱们还通过东说念主才流动教诲卓越文化，确保咱们的团队不仅熟练当地市集动态，也与咱们具有凝华力的环球文化保持一致。两者的结合，让咱们省略保持纯真敏捷、反应飞快，准确把抓新兴趋势，并为环球客户提供一致的体验。临了，在环球大多数资产及资产经管网点，咱们都与滥用者和社区银行以及买卖和投资银行业务伙伴共处统一地点，大大增强了咱们对客户和社区的影响。

　　策略奏效卓绝：为公司和鞭策带来强劲的净资产收益率

　　与业内敌手比拟，咱们不仅事迹优异，对摩根大通的举座告捷也很关节。咱们之是以省略完好意思行业当先的净资产收益率，源于咱们严谨地经管资产欠债表上的每一分毫，为鞭策带来强劲的抽象资本报恩率。这些效果是在咱们对业务保持无数投资下同期完好意思的，突显了咱们业务的矫健实力，以及对计谋投资的专注。

　　结语

　　咱们戮力于践诺对客户的受托包袱，这指导了咱们的职责标的，引颈着每一步的前行。连年的市况充满挑战和波动，咱们都能告捷教导客户和鞭策唐突，同期也投资布局将来，为此，我深感自负。

　　摩根大通的三伟业务板块逐日都在各自领域追求卓越，深知整膂力量胜于个体之和。我和资产及资产经管运营委员会的同仁努力不懈，为客户尽量晋升公司价值，提供投资淡薄、流动性经管、老本市集专长、信贷、支付、托管及全地点银行服务。客户与每个业务部门不异，都是集团的一份子，共同享有摩根大通浩大的资源和领域上风，这些条款让咱们在竞争中脱颖而出。

　　咱们真心感谢客户和鞭策的信托，并将链接戮力于提供至臻服务。凭借摩根大通的上风，咱们有信心省略提供卓越价值，保持行业携带地位。预测将来，咱们会尽心接力推动翻新和无间增长，链接得志您的所需，超越所望。

　　2．驻守内容请参见今年报第58页驻守33。 

　　3．云尔来源：公开文献、公司网站、晨星。 

　　4．驻守内容请参见今年报第59页驻守36。 

　　5．云尔来源：公开文献；净资产收益率或类似方针基于呈报数据（如有）。关于未呈报净资产收益率或类似方针的同行，狡计限度来源于呈报的普通鞭策应占净收入以及呈报的平均普通鞭策权柄。

　　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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