主席 & 首席执行官致股东的信

各位股东:

Seven years ago, the world was shaken by the global financial crisis. 从那时起, our company has been dealing with extraordinary challenges as a result of that crisis. 我们经历了前所未有的经济危机, political and social storm — the impact of which will continue to be felt for years and possibly decades to come. 什么最让我震惊, 尽管所有的混乱, is that our company became safer and stronger — and it never stopped supporting clients, communities and the growth of economies around the world.

I feel extraordinarily privileged to work for this great company with such talented people. Our management team and our employees do outstanding work every single day — sometimes under enormous pressure — while dealing with an extreme number of complex business and regulatory issues. The way our people and our firm are able to address our challenges and admit our mistakes while continuing to grow our businesses and support our clients fills me with pride.

我们公司赚了创纪录的21美元.收入为97美元，净收入为80亿美元.90亿美元. 事实上, we have delivered record results in the last four out of five years, and we hope to continue to deliver in the future. Our financial results reflected strong underlying performance across our businesses. 在过去的一年里, our four franchises maintained — and even strengthened — our leadership positions and continued to gain market share, improve customer satisfaction and foster innovation. We also continued to deliver on our many commitments — including business simplification, 监管要求, 控制, 费用纪律和资本要求.

We believe that, in 2014, we continued to deliver for our shareholders. The tables above show the growth in tangible book value per share, which we believe is a conservative measure of value. You can see that the tangible book value per share has grown far more than the Standard & 普尔500指数(Poor 's 500 Index&500英镑). 自3月27日起对第一银行的股东, 2000, the stock has performed far better than most financial companies and the S&P 500. 从澳博官方网站app开始 & Co. 于7月1日与第一银行合并, 2004, we have performed well versus other financial companies and slightly below the S&P 500. 详情如下表所示.

However, our stock performance has not been particularly good in the last five years. While the business franchise has become stronger, I believe that legal and regulatory costs and future uncertainty regarding legal and regulatory costs have hurt our company and the value of our stock and have led to a price/earnings ratio lower than some of our competitors. We are determined to limit (we can never completely eliminate them) our legal costs over time, 当我们这样做的时候, we expect that the strength and quality of the underlying business will shine through.

澳博官方网站app continued to support consumers and businesses and make a significant positive impact on our communities. In 2014, the firm provided credit and raised capital of more than $2.给我们的客户1万亿美元. 该公司还雇佣了近8名员工,700 military veterans since 2011 as a proud founding member of the 100,000个工作岗位, 最近哪家公司将目标提高到了300人,000个工作岗位. Our firm was there to help 小型企业 — we provided $19 billion of credit to U.S. 小型企业, 这使他们能够开发新产品, 扩大业务，雇佣更多的工人. In total, we provided $197 billion of credit to consumers. And we provided credit and raised capital of more than $75 billion for nonprofit and government entities, 包括国家, 市, 医院和大学. Our strength allows us to be there for our clients and communities in good times — and, 更重要的是, 在困难时期. 面对许多困难的挑战, 我们从未停止我们的工作, 我们证明了我们所做的工作是重要的. And we also continue to build our business by investing in infrastructure, 系统, technology and new products and by adding bankers and branches around the world.

Our clients also exhibit their faith in us by entrusting us to take care of their money — either as deposits or as client assets entrusted to us — as shown in the chart below.

In this letter, I will discuss the issues highlighted below. I also encourage you to read the letters written by several of our business leaders about our main businesses, 我们的关键操作和控制, 以及我们在企业责任方面的一些努力.

像往常一样, this letter will describe some of our successes and opportunities, 以及我们面临的挑战和问题. 信的主要部分如下:

1. We have an outstanding franchise — our company has emerged as an endgame winner, 但我们每天都需要努力争取
2. We build for the long term — we manage through–the–cycle, and we always are prepared for the toughest of times
3. We will successfully navigate the new global financial architecture (and we are well on our way to having fortress 控制)
4. We have a solid strategy and believe our future outlook is very good — but, 像往常一样, there still are a lot of things to think and worry about
5. We have a fully engaged board, an exceptional management team and a strong corporate culture