Noting how difficult conditions were for banks after the financial crisis, he said his company’s fortunes this year have brightened thanks to a new political culture.
“We believe the anticipated reversal of many negatives and the expectation of a more business-friendly environment, coupled with our sustained, strong business results, are among the reasons our stock price has done so well this past year,” Dimon wrote.
JPMorgan’s shares are up nearly 48 percent over the past 12 months, thanks to a big rally after President Donald Trump’s upset election victory in November. The stock was up about 0.5 percent on Tuesday.
Though Dimon did not mention Trump anywhere in the 45-page missive that he delivers each April, some of the president’s pet themes do appear.
Like Trump, he also bemoans the cost of U.S. wars and said the government taking over the student loan business has seen college debt soar from $200 billion to more than $900 billion.
As far as his own company goes, Dimon noted that all of JPMorgan’s core businesses have gained market share over the year. He said he continues to favor buybacks as a way to boost share price, even though the current level represents double the stock’s book value.
“We believe we have substantial opportunities in the decades ahead to drive organic growth in our company,” Dimon said. “We have confidence in the underlying growth in the U.S. and global economies, which will fuel the growth in our customer base.”
The bank also will be rolling out some new products.
Among them are the ability to do most banking on mobile devices, automated online advising (commonly referred to as
In addition, he said the bank is rolling out more security protections for customers.
Watch: Dimon focusing on ‘ancient news’
