Jamie Dimon's Letter to Shareholders
The annual letter from the chairman and CEO of America's largest bank, covering the firm's results, risk management, regulation and the state of the economy. It is the closest thing banking has to the Berkshire letters.
Free to read
Jamie Dimon has written JPMorgan Chase's chairman's letter every year since he became CEO, and it has become a fixture of the financial calendar. Recent letters run around 50 pages and mix a review of the bank's results with long sections on risk, regulation, leadership, technology and public policy. The letter for 2025, published April 6, 2026, covers competition from banks and nonbanks, AI, bank capital rules, management lessons and managing through the economic cycle.
Few executives write this candidly about how a large financial institution actually works: why the bank holds the capital and liquidity it does, how it thinks about stress scenarios, where regulation helps or hurts, and what management mistakes look like from the inside. Read in sequence, the archive is also a first-person history of the 2008 crisis and the decade of reform after it.
Read the newest letter for the current view, then go back to 2008 to see how the bank described the crisis while it was happening. The annual report page links each year's letter as a PDF.
Start with
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1
Chairman and CEO Letter to Shareholders, 2025 Annual Report
The current letter, with the bank's view on AI, regulation and the economic cycle.
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2
Letter to Shareholders, 2008
Dimon's account of the financial crisis, the fortress balance sheet and the Bear Stearns and Washington Mutual deals, written in early 2009.