Welcome to the annual shareholders meeting for JPMorgan Chase & Co., which will be led by Jamie Dimon, Chairman and CEO of JPMorgan Chase. Good morning, ladies and gentlemen. Its 10:00 A.M., and Im pleased to call to order the annual meeting of shareholders of JPMorgan Chase & Co. Welcome. Im Jamie Dimon, Chairman of the Board and Chief Executive Officer, and chairman of this meeting. With me today is Stacey Friedman, our General Counsel. Stacy will serve as secretary of this meeting and will lead us through the formalities and the agenda. Also with us is Reggie Chambers, our Head of Investor Relations, wholl be reading questions that have been submitted by our shareholders. Stacy? Thank you, Jamie. I would like to add my welcome to everyone joining us today. As for the business of the meeting, I have, one, the affidavit of mailing of notice of the meeting, the proxy statement, the form of the proxy and the annual report. The shareholder list is available for inspection by our stockholders who are participating in this virtual meeting webcast by using the link provided on the website. Representatives of American Election Services, LLC, whos been appointed to serve as inspectors of the election, are with us virtually. Dan Felner, our audit partner from PricewaterhouseCoopers, is with us by phone. The meeting is properly convened, a quorum is present, and the proposed resolution set forth in the proxy statement will be filed as part of these proceedings. Its 10:02 A.M. The polls on all proposals set forth in the proxy statement are now open and will remain open until we announce they have been closed. Please note, if we experience technical issues such as a loss of audio or webcast, we will ask that shareholders and guests stand by to allow us time to try and resolve the issue. Well resume the meeting or otherwise provide an update. If a technical disruption occurs that prevents us from continuing the meeting, the polls will close immediately. Votes received prior to the time the polls were closed will be counted. The meeting will not be reconvened. The vote results will be announced publicly. This meeting is being conducted solely through remote communication. You will be able to participate in the meeting by voting and submitting questions through our virtual meeting website. You may submit a question at any time, and I would encourage you to do so now. A meeting agenda and rules of conduct are provided in the meeting website and will be strictly followed. Because this is a meeting of our stockholders, only shareholders who are holders of record on March 19th are permitted to vote and submit questions during the meeting. In order to vote or ask questions, please follow the directions on the meeting website and in the rules of conduct. To allow us an opportunity to answer other shareholder questions, each shareholder will be limited to two questions. We received proxies up until just before the beginning of this meeting, representing 85.48% of the outstanding shares eligible to vote, and these have been voted in accordance with shareholder wishes. If there are shareholders present who have not yet voted, we ask that you take the opportunity to vote now using the link provided on the website. Your votes will be recorded and reflected in the final vote tally. Our remarks today may contain forward-looking statements. Please refer to our annual report on Form 10-K filed with the SEC for a disclaimer regarding such statements. That completes the necessary formalities. Jamie will next introduce the board of directors and comment on the state of the company. Okay, Stacey, thank you very much. Id like first to introduce and recognize our incumbent directors who are on this call today. They are Linda Bammann, Stephen Burke, Todd Combs, James Crown, Timothy Flynn, Mellody Hobson, Michael A. Neal, Phebe Novakovic, and Virginia M. Rometty. I am very proud to tell you that the dedication and commitment of your directors play a huge part in making this a great company. Id also like to encourage you to read the letter that was co-written by myself and our lead independent director, as included in this years proxy. I will make some remarks now about the year weve had. As I wrote in this years annual letter to shareholders, as we come together virtually here today for the second consecutive year, 2020 was an extraordinary year by any measure. It was a year of a global pandemic, a global recession, unprecedented government actions, turbulent elections, and deeply felt social and racial injustice. It was a year in which each of us faced difficult personal challenges, and a staggering number of us lost loved ones. It was also a year when those among us with less were disproportionately hurt by joblessness and poverty. It was a time when companies discovered what they really were and sometimes what they might become. Watching events unfold throughout the year, we were keenly focused on what we as a company could do to serve our countries. I want to start by saying how proud I am of what our company and our tens of thousands of employees around the world achieved collectively and individually. I also want to thank Daniel Pinto, Gordon Smith, our operating committee, and our board of directors and senior leaders for the exceptional leadership theyve shown under the most difficult of circumstances. As you might have seen, this morning we announced some senior management changes to help build upon our success as a leader in global financial services for its customers and communities. Gordon Smith, Co-President and Chief Operating Officer, and Chief Executive Officer of the Consumer & Community Banking, recently informed me of his decision to retire at the end of this year. Gordon will continue to carry on his current responsibilities until December, when Daniel Pinto, Co-President and Chief Operating Officer, and Chief Executive Officer of the Corporate & Investment Bank, will become the sole President and Chief Operating Officer of the firm. Were delighted that Gordon will continue as a Senior Advisor to me and other executives in the new year. We shall know that Gordon has been an exceptional friend, exceptional leader, and exceptional human being for this company. Marianne Lake, CEO of Consumer Lending, and Jennifer Piepszak, Chief Financial Officer of the firm, will become Co-Heads of Consumer & Community Banking, effective immediately, appointed by the board. As Co-Heads of CCB, Marianne and Jen will be responsible for home lending, auto finance, small business, and U.S. wealth management businesses, as well as our industry-leading Chase consumer banking and credit card businesses. Jeremy Barnum, currently Head of Global Research for the Corporate & Investment Bank, who has been the CFO of the CIB for seven or eight years, will succeed Jen Piepszak as Chief Financial Officer, also effective immediately. Congratulations to all. As a management team and as a company overall, we have long championed the essential role of banking in your community, its potential for bringing people together, for enabling companies and individuals to reach their dreams, and for being a source of strength in difficult times. Both opportunities were powerfully presented to us this year. Im proud of how we stepped up to help clients, communities, and countries worldwide. I'll start with our companys performance in 2020. 2020 was another strong year for JPMorgan Chase, with the firm generating record revenue as well as numerous other records in each of our lines of business. We earned $29.1 billion in net income on revenues of $122.9 billion, reflecting strong underlying performance across our businesses, offset by additional reserves under new accounting rules. We generally grew market share across our businesses and continued to make significant investments in products, people, and technology, all while maintaining credit discipline and a fortress balance sheet. In total, we extended credit and raised $2.3 trillion in capital for businesses, institutional clients, and U.S. customers. I want to reiterate how the purpose of a corporation is tied to its role as a corporate citizen. JPMorgan stock is owned by large institutions, pension plans, mutual funds, and directly by individual investors. To create long-term shareholder value, we need to build and maintain a healthy and vibrant company to be able to deal with the uncertainties of life, to invest, to innovate, and to grow. To be healthy and vibrant, our company must do many things well and do a great job for customers, attract, develop, and retain talented employees, and service communities. Businesses must earn the trust of their customers and communities by acting ethically and morally. With JPMorgan Chase and as a community, we take great pride in being a responsible citizen at the local level. In addition, being a responsible community citizen nationally or globally is equally important, though far more complex. While we have devoted to philanthropy and we spend $330 million a year on philanthropic efforts, corporate responsibility is far more than that. We are fully engaged in trying to solve some of the worlds biggest issues: climate change, poverty, economic development, and racial inequality. I'll cite a few ways were addressing them. Last month, we announced a 10-year, $2.5 trillion commitment to advance long-term solutions that address climate change and sustainable development. Last week, we released carbon reduction targets for our Paris-aligned financing commitments. We introduced the Path Forward in October 2020, committing $30 billion over the next five years to address the key drivers of the racial wealth divide, reducing systemic racism against Black and Latinx people, and to support employees. With well-designed policies, we think these issues can all be made significantly better. We also believe that businesses extraordinary capabilities are even more powerful when put to use in collaboration with government capabilities. Now I'll turn to COVID and the effect its had on the economy. Within days of realizing that COVID-19 is a global pandemic that would virtually close down large parts of the world economy, the U.S. government and the Federal Reserve moved with unprecedented speed and took bold actions to effectively reverse financial panic. Fortunately, banks are part of the solution, unlike in the Great Recession. Unlike the Great Recession, the U.S. economy was actually in good shape going into the COVID-19 recession. Just about every bank took extensive action to help their customers, employees, and communities. Many companies, large and small, may now survive had JPMorgan Chase not taken extraordinary efforts to help them then. I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more quantitative easing, a new potential infrastructure bill, a successful vaccine, and before or by the end of the pandemic, that the U.S. economy will likely boom, and this boom could easily run into 2023, because all the spending could extend well into 2023. The permanent effect of this boom will be fully known only when we see the quality, effectiveness, and sustainability of the infrastructure and other government investments. Now, I want to discuss the importance of collaboration, because problems are tearing at the fabric of American society, and these problems require government, business, and civic society to work together with a common purpose. If we can agree on what these problems are, as well as their symptoms and the causes, then we can start to address them. I want to highlight a few of the problems I see. Our education system is broken. While the average American high school graduates approximately 85% of students, many of our inner-city schools dont graduate half of their students. This is certainly not equal opportunity. Our healthcare system, among the best in the world, is also increasingly costly. Now at $11,000 per person, more than twice our global competitors, and the outcomes are certainly not twice as good. We need to invest properly on an ongoing basis in infrastructure, including highways, ports, and water systems, to airport modernization, and other products. Our challenges are significant, and we should not assume that they will take care of themselves. Fixing Americas problems are going to take hard work, and we all have to do what we can to strengthen our exceptional union. What stands in our way is the following. Presenting issues as if theyre binary, which they almost never are. Creating and blaming scapegoats. Frequently, we blame trade, China, immigration, or capitalism. Unfairly assigning motives to people that may or may not be true, and creating straw men. Heres what we need to do to start to solve some of Americas problems. We need a Marshall Plan, effectively, a coherent, consistent national strategy to match the severity of existing structural challenges that are driving our countrys racial and economic crises. We need a healthy growth strategy. We need to promote healthy economic growth, and this should be a primary economic policy of both political parties. We believe that if we have the right policies, we can enhance growth in America by 1% a year, which would be good for every single American. We need to take specific actions, and there are 15 policies where we've made recommendations that we think if we do and do a good job at these policies, not just spend the money, but spend the money well and effectively. Training for jobs with community colleges and high schools. Paying more for jobs that include raising the minimum wage, the earned income tax credit, et cetera. Creating jobs by giving people with criminal backgrounds a second chance. Making the healthcare system work better, which JPMorgan will be announcing some moves soon about things we think we can do to make it work better. We need proper, rigorous, and multi-year budgeting, planning, and reporting at the government level. Proper management and proactive view of regulatory red tape and bureaucracy, which is crippling to formation of small business. We need proper investments on an ongoing basis in infrastructure, but if you dont fix the regulatory problems, you will not fix the infrastructure problems. We need proper and consistent tax and fiscal policy, intelligent industrial policy, which includes proper R&D in things like broadband, AI, et cetera. Thoughtful trade policies which enhance the economy of the United States and the world. Maintain a strong financial system, proper immigration policies, affordable housing, which is now out of reach for many Americans, and then we have specific programs, very specifically identifying policies to help assist the Black and Latinx communities. The cumulative multi-year effort of doing just some of these measures I described will lead to a healthier, more resilient, robust, and fairer America. Sometimes we forget how blessed we are. America is in a very strong position, and we have the resources to emerge from this latest economic crisis as a stronger country. America is still the most prosperous nation the worlds ever seen, and my fervent hope is that we roll up our sleeves and bring leadership to our self-inflicted problems. As we work together for an inclusive recovery that is long-lasting, we must never forget that Americas economic prosperity is a necessary foundation for our military capability, which keeps us free and strong and is essential to world peace. America is still the arsenal of democracy. Let me close by thanking our more than 250,000 employees for the exceptional work theyve done in this difficult year. Everyone should keep the faith. Back to you, Stacey. Thank you, Jamie. Its now time to turn to the proposals that are in the proxy statement. I'll introduce the management proposals and then invite shareholder proponents to introduce their proposals. After all the proposals have been introduced, well respond to shareholder questions regarding those proposals, including the questions that were submitted prior to the meeting. It is after the polls are closed that well hold a 30-minute general Q&A period during which we will address general questions, including any that were submitted prior to the meeting. I'll now move all of the management proposals as set forth in the proxy statement. These are for, Number one, election of the 10 nominees listed in our proxy statement as directors. Number two, an advisory resolution to approve executive compensation. Number three, approval of an amended and restated long-term incentive plan effective May 18th, 2021. Number four, ratification of the independent registered public accounting firm, PricewaterhouseCoopers. I will now ask the shareholder proponents to introduce their proposals. Proponents, as stated in our rules of conduct for this meeting, we do ask that you limit your time to three minutes and confine your comments to the subject matter of the proposal being presented. The first proposal is number five to improve shareholder written consent. It was submitted by John Chevedden. We've been advised that he is here to present the proposal. Mr. Chevedden, are you on the line? Hello, this is John Chevedden. Can you hear me okay? Yep, all good. Please go ahead. Proposal five, improve our current useless shareholder right to act by written consent. Shareholders requested our board of directors take the steps necessary to enable 10% of shares to request a record date to initiate written consent. This proposal topic just won majority support at BorgWarner on April 28th. Our current version of written consent, like the BorgWarner written consent, is useless and would not be used by any group of shareholders in their right mind. If you have voted against this proposal, please consider changing your vote before the polls close. Why would any group owning 20% of our stock seek to do so little as to get a date on the calendar for management when the same group of shareholders, with less effort, can compel management to hold a special shareholder meeting on a topic of their choosing? Door number one i s the date on the calendar for management that shareholders can frame and hang on the wall. Door number two takes less effort and compels management to hold a special shareholder meeting. Thus door number two, a special shareholder meeting, is the clear choice. Our current written consent is thus useless. Clearly, shareholders, when made aware of the uselessness of our current right deck by written consent, would not approve it. Yet management claims that shareholders did approve it. This shows how management abused shareholder outreach by withholding key information on written consent in order for management to claim it got shareholder approval. Management failed to mention that there is no formal process to remove false text from management statements next to a shareholder proposal. Thus, management gets a free ride and includes false statements next to a shareholder proposal. However, there is a formal process for management to remove false text from shareholder proposals that is overseen by the Securities and Exchange Commission. Management made no such attempt in regard to this proposal. Management talks about a so-called shareholder outreach plan. It is important to emphasize that such an outreach plan is not transparent, has no objective oversight, and depends 100% on whatever honor system management has in reporting the outcome of shareholder outreach. JPM has the chutzpah to brag about shareholder outreach and then forces shareholders to pay for glossy advertisements opposing shareholder proposals that gain significant shareholder support. Please vote yes, proposal five, and improve our current useless shareholder right deck by written consent. Thank you for that. We oppose this resolution. Our reasons for doing so appear on pages 99 and 100 of the proxy statement. Well now turn to proposal six. It was submitted by SOC Investment Group. Weve been advised Ms. Patel will present this proposal. Ms. Patel, are you on the line? Yes, I am. Can you hear me? Yes. Please go ahead and start. Okay. Thank you. On behalf of the CTW Investment Group, I hereby move proposal six, requesting the board of directors oversee a racial equity audit based on input from stakeholders. A racial equity audit will help JPMorgan identify, remedy, and avoid adverse impacts on minority stakeholders and communities of color, particularly in light of its $30 billion commitment to address racial inequality. When it comes to addressing racial inequality in the communities it serves, JPMorgan has a controversial history. Over the years, regulators have levied numerous fines against the bank related to racial imbalances in its mortgage lending practices. JPMorgan appears to be failing to hire, develop, and retain employees of color, particularly amongst its management ranks. We continue to see that JPMorgans policies have had an effect on minority-owned businesses, as shown by the banks inequitable application requirements for PPP loans during the early days of the COVID-19 pandemic. The disparate impact of JPMorgans practices on communities of color continues even today. Community leaders are currently calling on JPMorgan to waive a $9 million interest payment to a loan made to the City of Chicago because there are plans to redirect federal funds intended to assist Black and brown communities that were hardest hit by COVID towards repayment of the loan to JPMorgan in order to avoid the hefty interest payment. An audit of this nature would provide an objective assessment of the banks lending, human capital management, and philanthropic practices. The proposal looks to evaluate the effectiveness of the company's policies in addressing racial inequality, and we do not believe that existing regulatory requirements or inspections are sufficient to ensure that JPMorgan is meeting its commitments. As with any other operational or financial review, the real benefit of the racial equity audit lies in its independence. The auditor must have a civil rights background in order to produce credible and useful information. The objective perspective and civil rights expertise required cannot be provided by management, internal counsel, or the board. For JPMorgan and its investors, the racial equity audit is an important risk management tool. In the banking industry, trust is paramount. Changes in public, consumer, and employee sentiment have put systemic racism and racial injustice at the forefront of our national dialogue. Concerns about reputation and talent attraction have prompted other major consumer-facing companies such as Facebook, Starbucks, and Airbnb to conduct these types of audits. The racial equity audit is an important investment in JPMorgans long-term sustainability and value protection. JPMorgan has committed $30 billion to address racial inequality. Given such a significant sum, investors need assurances that the banks policies are effective at addressing these issues and that JPMorgan is not acting in other ways that could negate any positive impact. Therefore, we urge shareholders to vote for proposal 6, requesting that the board oversee a racial equity audit. Thank you. Thank you. We oppose this resolution. Our reasons for doing so appear on pages one and one, and one and two of the proxy statement. Well now turn to proposal seven. Mr. Chevedden, I understand you are going to present this proposal. Are you still on the line? Yes. This is John Chevedden. This is proposal seven, independent board chairman, sponsored by Kenneth Steiner. Shareholders requested our board of directors adopt as policy and amend the bylaws to require that the chair of the board of directors, whenever possible, to be an independent member of the board. This policy could be phased in for the next CEO transition. This proposal topic won 52% support at Boeing and 54% support at Baxter International in 2020. Boeing adopted this proposal topic in June of 2020. The roles of chairman and CEO are fundamentally different and should be held by two directors, a CEO and a chairman who is completely independent of the CEO and our company. The role of the CEO and management is to run the company. The role of the board of directors is to provide independent oversight of management and the CEO. There is a potential conflict of interest for a CEO to have the oversight role of chairman. After Lee Raymond finally retired as lead director at age 82, we now have Mr. Stephen Burke as lead director. Mr. Burke was runner-up in getting the most against votes at our 2020 annual meeting. Mr. Burke has 17 years long tenure on JPM board. Long tenure is the enemy of director independence, director independence is the most important attribute of a lead director. Mr. Burke is also a former CEO. Being a former CEO can make Mr. Burke the champion of CEO rights at the expense of shareholder rights. People tend to favor members of their peer group. This proposal topic won our 41% support at the 2020 JPM annual meeting. This was close to or above majority support from the shares that have access to objective proxy voting advice. Unfortunately, most small shareholders do not have access to objective proxy voting advice. Management is thus getting a free ride on the backs of the small shareholders who do not have access to objective proxy voting advice and are then forced to rely on the self-serving management recommendation. Management promotes the fallacy that shareholders should be apathetic about increasing management accountability to shareholders with this proposal simply because JPM has the average governance practice that a lot of other companies have. The unfortunate attitude of management is that since JPM is average on accountability to shareholders, the management goal is to block improvement. The 41% support in 2020 for this proposal topic was in spite of JPM management having its hand on the scale by forcing JPM shareholders to pay for glossy advertisements opposing this proposal topic. Shareholders were again forced to pay for management glossy advertisements opposing greater accountability to shareholders at this proposal today. Please vote yes to independent board chairman, proposal seven. Thank you. We oppose this resolution and our reasons for doing so appear on pages 103 and 104 of the proxy statement. Our final proposal is number eight. It was submitted by ReVentures on behalf of Jonathan Weinstock, whos been advised that Shelly Alcorn will present this. Miss Alcorn, are you on the line? Yes. Can you hear me, Franklin? Yes. You want to go ahead? Thank you. Good morning, Mr. Chairman, board of directors, and my fellow shareholders. This proposal asks JPMorgan to make a regular practice of examining its political contributions to ensure that they are congruent with the company's values and policies, and to report out on this review. This proposal received 47% in support at Pfizer last month. Events in recent months have made it very clear why this makes sense. After the January 6th attack on the Capitol, corporate donations to the politicians in Congress who challenged the election results came under nationwide scrutiny. That scrutiny has now broadened to include ties to politicians who support voter suppression legislation. Public records show that in 2020, JPMorgan made at least 30 contributions to members of Congress who challenged the election results. These arent the first issues that reveal how risky it is for corporations to engage in political spending. They wont be the last. Mr. Weinstocks resolution notes that Bloomberg News reported last fall that one half of JPMorgans political spending in the 2020 election cycle had gone to candidates the article characterized as, quote, Ardent obstructionists of proactive climate policy. Public records also reveal how over the last three election cycles, JPMorgan has contributed at least $2.8 million to at least 268 candidates and political committees that are working to weaken access to womens reproductive healthcare, a contradictory stance for a company that invests in programs to improve its retention and promotion of female employees. JPMorgan also gives to politicians who oppose LGBT equality, despite its excellent policies on workplace inclusion. After January 6th, JPMorgan was reported to be pausing all PAC donations in the coming months. This is a step in the right direction, we urge senior leadership to think beyond band-aid solutions that don't get to the heart of the problem. The problem is that political contributions never succeed in just advancing narrow business interests. Inevitably, there is collateral damage. They are inherently fraught with reputation and brand risk. There really are only two sustainable options going forward. Don't make political contributions or tie them to deeply held, clearly articulated organizational values. This is consistent with the Business Roundtables 2019 declaration under the chairmanship of Mr. Dimon, that companies must balance the drive for profits with the needs of customers, employees, and communities. Our country and our world face daunting challenges that demand that the business community act with integrity and consistency. Fellow shareholders, if you have not already cast your votes, please vote yes on item number eight, and thank you for your attention. Thank you. We oppose this resolution. Our reasons for doing so appear on pages 105 and 106 of the proxy statement. That does complete the introduction of the shareholder proposals. We oppose them for the reasons set forth in the proxy. If anyone has questions regarding any of the proposals, please submit them now using the Q&A field on the website. I would now like to invite Reggie Chambers, our head of investor relations, to read questions from our shareholders, particularly those we've already received. Thank you, Stacey. Our first question comes from shareholder Dion Cucimella and relates to shareholder proposal six on a racial equity audit and report. Dion asks, Why would the board recommend voting against the racial equity audit and report? Thank you, Reggie and Jamie. The firm is committed to maintaining a culture of respect and inclusion and to advancing racial equity, and we've taken significant steps to combat systemic racism in the communities in which we are present. We believe we are taking appropriate action to address the issues raised in the proposal, and we've embarked on an effective Path Forward. The work to advance racial equity is complex, and we are determined to get it right with our board providing oversight of our progress as we execute our strategy around diversity, equity, and inclusion. In addition to board oversight, we get feedback and input from internal organizations and from key independent external organizations that are focused on civil rights, human rights, and consumer advocacy as part of our efforts to shape and inspect our progress on racial equity commitments. Tracking our progress and sharing periodic updates publicly is part of our commitment. This transparency is another key element of our commitment. Given this, conducting an additional racial equity audit at this point in time would not provide us with meaningful additional information. We believe our shareholders would be better served by the firms vigilant focus on building on current amendments to maintain a culture of respect and inclusion and advancing racial equity and related reporting. Thank you. Great. Our next question is also about shareholder proposal six on a racial equity audit and report. A shareholder who chose not to provide their name asked, Who keeps submitting racial equity audit proposals, and how many shares do they have? Thank you, Reggie. The shareholder proposal number six on the racial and equity audit and report was submitted by CTW Investment Group, and they've satisfied the minimum shareholding requirements set by the SEC to be eligible to submit a shareholder proposal. Great. Thank you, Stacey. We have now addressed the questions that were submitted with respect to the proposals. Thanks, Reggie. With that completed, responding to questions on a proposal, it is now 10:33 A.M. I declare the poll closed. I will now read the preliminary vote results that were received immediately prior to the meeting. The final voting results will be reported on a Form 8-K that will be filed with the SEC, along with the minutes of the meeting. With respect to the election of the directors, all directors were elected. Each director received a majority of the votes cast for and against. No director received less than 91.6% of the votes cast. With respect to the other proposals today, the results I read will be the percentage voted for each proposal based on the shares marked for, against, or abstain. The vote for the approval of number two, advisory resolution to approve executive compensation, was 90% for. The vote to approve the amended and restated long-term incentive plan effective May 18th was 96% for. The vote for ratification of our independent registered public accountant was 95% for. The vote for proposal to improve shareholder written consent was 47% for. The vote for proposal on a racial equity audit was 39% for. The vote for the proposal on independent board chairman was 48% for. The vote for proposal on political and electioneering expenditure contingency report was 29.6% for. That concludes all of the formal business. Jamie, if you want to call to adjourn the meeting, now is the time. Stacey, thank you. This concludes the business of the meeting, and the 2021 annual meeting of shareholders is hereby adjourned. Thanks, Jamie. Were going to respond now to general questions and comments submitted by shareholders. As mentioned earlier, were going to allow 30 minutes to respond to general questions. As a reminder, if you have questions about the services we provide or questions in regard to a personal matter, we will be responding to those questions separately after the meeting. Reggie, would you please read the questions? Sure. Thank you, Stacey. A shareholder named C. Cook submitted the following question: News reports suggest that the big banks will no longer be friendly toward fossil fuel companies. As a long time and continued investor in this type of energy, it is becoming a concern that major banks could cause great harm to these companies. Is this true, as we have recently seen in the news? Thank you for your response. Meeting the needs of our clients is a top priority for the firm, and we will continue to support clients with the capital and strategic support they need as they navigate the low-carbon transition. The challenges we face in combating climate change are significant, and we recognize the world will continue to rely on resources such as oil and natural gas until commercial, affordable, and low-carbon alternatives can be developed to meet all of our global energy needs. The solution is not as simple as walking away from fossil fuels, which is why we lean in and working with our clients in these industries in developing solutions. Weve announced our aim to facilitate more than $2.5 trillion over the next 10 years on sustainable development. Were growing capacity in our business to support these needs, such as with our new Center for Climate, Carbon Transition, and Green Economy team. This is about doing whats right for the environment, but also whats right for our clients and business. Our next question was submitted by shareholder James Fox, who asks, The bank had an excellent first quarter. Prospects for the balance of the year are bright, and 2020 reserves for the pandemic are being released. Hence, is the board considering raising the dividend in 2021? Thanks for your question, James. When we think about the dividend, its important to remember that our capital use hierarchy hasnt changed. First and foremost, we use our capital to invest in our businesses, communities, and employees. After all prudent investments have been made, and we may still have excess capital, but the best thing we can do with this excess capital to return to shareholders is through dividends or buybacks, subject to regulatory capital requirements. Beyond that, we wont comment on future dividend actions. These decisions are sometimes influenced by regulators and always up to our board. A shareholder who submitted a question without providing their name asked, JPMC spends a lot of money, time, and effort to put forth a green or environmentally conscious agenda. However, employees are also being asked to come back to the office, creating commutes. Commuting will increase emissions and is bad for the environment in a number of ways. How is the company planning to adjust for this unnecessary climate cost? To this shareholder, 100 million people go to work every single day and have been for the last year. That includes firemen, police, sanitation, hospitals, the U.S. military, manufacturers, retailers, our branches, et cetera. We think its time to go back to work, and we think we can do it safely, intelligently, and attack the climate problem with material ways, not ways to stop commuting and normal work. Our next question was submitted by a shareholder who did not provide their name. It is representative of several shareholder questions on the same topic. What steps are being taken to have a more diverse board of directors? Information about the composition, attributes, and diversity of our board is available on pages 12 and 13 of the proxy statement. When recruiting director candidates, the board looks for candidates with a diversity of experience, perspectives, and viewpoints, including diversity with respect to gender, race, ethnicity, and nationality. For example, over the last three years, we've recruited three highly qualified new directors. Just so happens, all three are women. We have another question that was submitted by a shareholder who did not provide their name. That shareholder asked, How do you justify the very large compensation packages for your board of directors of both cash and stocks? I realize that shareholders essentially pay to have you make sure the stock performs well. Are you putting the performance of the stock first in your compensation packages? The governance committee annually reviews the boards responsibilities for director compensation against the practices of peer firms and makes any recommendations to the board. Our director compensation program is unchanged since 2017. A significant portion of director compensation is vested in stock, which directly aligns with shareholder interest. Additionally, directors are required to retain all shares purchased and received while on the board and may not pledge JPMorgan stock, which further strengthens the alignment with long-term shareholders. Great. We received multiple shareholder questions about political activities and statements of the firms management. One of these questions, representative of the topic, was submitted by shareholder David Moore, who wrote, Why has the company been visible and vocal specific to political issues? JPMC has shareholders and employees on both sides of the aisle, and voicing a stance in either direction is only going to cause more division. In response to Mr. Moore and other shareholders who've asked similar questions, we recognize that employees, our clients, and our shareholders have differing views on many issues. First and foremost, we deeply respect and welcome all points of views in an effort to have a constructive dialogue on the policy challenges we face as a company and as a nation. Because these challenges are so important, JPMorgan Chase believes that responsible corporate citizenship demands a strong commitment to healthy and informed democracy through civic and community involvement. Our business is subject to extensive laws and regulations, and changes to such laws can significantly affect how we operate, our revenues, and the costs we incur. Because of the impact public policy can have on our businesses, employees, communities, and customers, we engage with policymakers on a range of issues, including banking, financial services, cybersecurity, workforce development, small business, tax, trade, and inclusive economic growth, among others, all to advance and protect the long-term interests of the firm. More importantly, we believe companies like ours have an obligation to put their business to work for all their stakeholders. For our firm, this means we are leveraging our business and policy expertise, data capital, and global presence to help drive an inclusive recovery, expand access to economic opportunity, and accelerate sustainable and climate solutions. A shareholder named Clyde Brandford submitted the following question. Is there any plan to have a stock split in the future, and what would be the criteria for implementing the split? We have no plans to do one in the immediate future, and the board looks at this periodically. We've received multiple shareholder questions about cryptocurrency. The first is from Cecilia Gusso, who asked, What is the company's policy on cryptocurrency? Complex question. We use the blockchain here, which is a technology, not necessarily cryptocurrency. In cryptocurrency, we think that the regulators and the legislators should be looking at proper rules and regulations of how cryptocurrency should be treated. A lot of our clients are asking can we help them buy or sell cryptocurrency, and were investigating that as we speak. Our next question is also about cryptocurrency. Sergei Bulzov asked, What is JPMorgan Chase doing in anticipation of a federal digital currency? What effect will such a change have on financial institutions such as JPM? Yeah. We are closely monitoring the situation, and central banks around the world are looking at it, and depending on how they implement it could have anywhere from small to large effects on the firm. When we have something to report on it, we will report to the shareholders on it. Next question. Multiple shareholders ask about executive compensation. A representative question comes from a shareholder named Whitney Knapp, who asks, Why are the executives of the company receiving such high compensation packages? JPMorgan Chase has 250,000 employees, we need some very talented employees who have many choices to work elsewhere, to work here, to make sure we do the best we can for our company. Thats across the whole spectrum. There's lawyers, technologists, engineers, investment bankers. There are always choices, and we try to be very fair about compensation and across the full board. I should also point out that starting salary at this company is something like $33,000 a year, which does not include $10,000-$13,000 of benefits, which include medical, retirement, et cetera. All of those folks get an opportunity to grow and expand their careers while they're here. We try to be very good to all of our employees. The following question, also about employee compensation, was submitted by a shareholder who did not provide their name. During the pandemic, our company has successfully conformed to remote BAU. However, although our company has done well during these circumstances, it appears as though lower-level employees, level 6-2 and below, received minimal to any annual incentive compensation, which is a bit disheartening. Can you please advise why this has occurred? Those employees that are level 6-2 and below are the employees holding the company together, doing the work, and working 12-plus hour days remotely while also caring for children. I don't really disagree with what the person said. Were deeply appreciative and grateful for employees hard work, dedication, and perseverance, especially in a year when we had to quickly adapt to coming up with new ways of doing business. A special note of gratitude goes out to our frontline colleagues who've been diligently serving our clients, customers, and each other during the COVID-19 crisis. We also recognize that many of our employees have been facing personal obligations, parents and caregivers, for example. We appreciate the way our employees have managed these responsibilities and know that it hasn't been easy. We remain committed to supporting our employees and their families. Examples of our efforts in 2020 include, we raised the minimum wage for our U.S.-based overtime-eligible employees between $16 and $20 an hour, depending where they work, while providing an annual benefits package worth about $13,000. We made a $750 special award to employees earning less than $60,000 through 401 contributions in the U.S. We launched a lifelong learning education benefit program which provides employees with access to 300 accredited programs. We increased paid leave provided to non-primary parental caregivers following the birth or adoption of a child. We provided additional benefits and support for employees and their families during the pandemic. For example, we awarded over $100 million in special payments to employees whose jobs required continuing on-site work, with a focus on those with annual compensations of less than $60,000. We enhanced our paid time off policies, including an additional five days off for all employees to handle COVID-related challenges, 14 days if the employee, contractor was in close contact with someone who contracted COVID-19. We provided additional support for employees with childcare needs. We increased the number of covered mental well-being assisted sessions, and we provided additional resource support for coping with the challenging topics such as fear, anxiety, and loss. A shareholder who did not provide their name submitted the next question. Which group, customers, rank-and-file employees, shareholders, management, do you feel will be most greatly impacted by the proposed increase in the corporate tax rate? Why? What effect will it have on profitability of the company as a whole? Obviously, if the tax rate goes up, it will reduce the profitability of the company. I think a far more important issue is the United States. If you want to maximize healthy growth in the United States, we need to have a competitive international global tax system. Thats been our focus, to make it internationally competitive and fair to maximize growth in the United States. The more healthy growth in the United States, the better it is for all Americans. Our next question comes from Shareholder Mark Dubow, who asks, What is the banks outlook for net interest margin based on current 10-year bond yields? We would expect it to go up marginally over the next couple of years if they stay where they are. Shareholder Lila Holtman submitted our next question. Lila asks, Being able to compare finance emissions across global financial institutions is of critical importance to investors. Consensus is converging on the Partnership for Carbon Accounting Financials, PCAF. What would it take for JPMorgan to join its peers and commit to PCAF? Will JPMorgan provide a clear transition plan as to how it will reach its Paris-aligned banking commitments and clarify whether this means the company aims for net zero financing emissions by 2050? We've already provided our clear transition plan. We made our Paris-aligned finance commitments last fall. We've now set and announced our initial targets. We've published our Carbon Compass methodology in our recently released ESG report. We said were going to include new sectors in our commitment over time, and well keep you all updated on our progress. This shows were not just saying the right thing, were doing the right thing. Our next question comes from a shareholder who did not provide their name. The shareholder asks, Since CEO Jamie Dimon is on the Presidential Committee of Economic Advisers, I would respectfully request that Mr. Dimon urge the Biden administration to be a little less aggressive with government spending. The U.S. has already had two multi-trillion dollar stimulus packages within the past calendar year. Im hoping that the U.S. Treasury Secretary, Janet Yellen, is pushing for a more balanced spending approach. Inflation getting out of control is one of the current fears of Wall Street and investors, many of whom have retirement savings tied in those accounts. Thanks for your leadership and influence in the U.S. economy. Im not on the Council of Economic Advisers or any form of government body providing guidance to the administration. I have met with the president and spoken to administration officials, but not in any form of advisory capacity. Regarding the substance of the question, I think we need a public policy that takes into consideration concerns of wasteful spending and inflation while recognizing the importance of public investment. Its very important, and I cannot overemphasize this, how that we need not just spend the money, spend it wisely. If we spend it wisely, it will help healthy growth, itll help productivity, itll help Americans. If we spend it poorly, which has been the history of this country, by the way, if we spend it poorly, it will make growth less, productivity lower, and inflation higher. Great. The following question concerns the financing of a pipeline and was submitted by Micah Bennett of the #StopEACOP coalition. Im asking a question on behalf of the #StopEACOP coalition, an alliance of local groups and communities, and African and international organizations. The East African Crude Oil Pipeline is a proposed 898-mile heated pipeline through Uganda and Tanzania. Construction of the pipeline threatens to enable the opening up of critical ecosystems, including the Murchison Falls National Park, to oil extraction. It will cause large-scale displacement of communities and pose grave risks to protected environments, water sources, and wetlands in both countries. In addition to releasing massive amounts of carbon. The net zero pathway announced today by the IEA confirms that new fossil fuels projects like this are incompatible with keeping global heating at or below 1.5 degrees. Can the bank confirm whether or not it plans to finance the East African Crude Oil Pipeline? Reggie, thank you for asking the question. I dont know the answer to it. Reggie will get back to you. You got it. All right. The following question concerns CEO pay and was submitted by a shareholder who did not provide their name. What is the total CEO pay for 2020 and for 2019? It was $31.5 million both years, most of which is in stock, which is performance-based. The following question concerns accounting rules and regulations and was submitted by Mark Zeszen. How will the company approach CECL in 2021 and beyond? Well, weve made extensive disclosures about CECL, and Id just refer you to the disclosures that we made in the past. Awesome. The following question is submitted by Sayida Afrin. In 2015, JPMorgan committed to not support the global controversial Adani Carmichael Coal Project in Australia. However, JPMorgan is continuing to support Adani by raising capital for other companies such as Adani Ports, which is part of the Carmichael Project, owning the port and rail sidings of coal operations. Earlier this year, Adani Ports was removed from the Dow Jones Sustainability Index after its involvement in the Carmichael Project, and its business dealings with the Myanmar military were highlighted. Why does JPMorgan still consider this company fit for financial support? We are going to have to get back to you on that one. The following question comes from Scott Shepherd. Im Scott Shepherd with the National Center for Public Policy Research. In response to a question posed by a colleague of mine at the 2019 meeting, you asserted that, quote, unquote, We have not and do not de-bank JPMorgan Chase customers in response to their political activities. Can you again confirm that you do not de-bank for political reasons? Can you explain in detail the circumstances in which accounts are shut by senior management demand without explanation? I can confirm that we dont de-bank people because of political considerations. People are de-banked usually because we file suspicious activity reports, and there is suspected bad behavior regarding money laundering, human trafficking, sex trafficking, criminal activities, et cetera. We are required by law not to tell them why were closing the account. We received multiple shareholder questions about cutting emissions and financing fossil fuel companies. One of these questions, representative of the topic, was submitted by shareholder Jordi Sciona, who wrote: We must cut global absolute emissions in half by 2030 if we are to limit climate change to one and a half degrees. President Biden last month committed to cutting U.S. emissions in half by 2030. JPMorgan Chases new 2030 targets, which are limited to carbon intensity, are fully compatible with increasing absolute emissions. Ahead of the COP26 climate talks in Glasgow, will JPMorgan Chase commit to cutting the emissions from its fossil fuel portfolio at least in half by 2030? I think we recently made some announcements about what were doing, we think well be able to accomplish something like that. If you look at what were doing, its very detailed, very mature. I just want to point out to shareholders, were in favor of doing these kind of things intelligently, reducing carbon intensity. Even if the U.S. gets it down 50%, India and China don't get it down at all. They have under the Paris Agreement. If you remember that they have no obligation under the Paris Agreement to reduce CO2 at all. In fact, they're probably going to increase it dramatically for the next 10 years, we wont accomplish anything about trying to help our climate. The following question is on the topic of political contributions and comes from Douglas Cha. Will the company continue to refrain from making political contributions to members of Congress who voted against the certification of the 2021 U.S. presidential election? Maybe even dissolve the corporate PAC as Charles Schwab and other competitors have done. We are definitely not going to dissolve the PAC. We think being part of the political process is a good thing. I would not be against getting rid of the PAC if everyone were PAC-governed PACs. That I think is fair and perfectly reasonable. Legislators would have to make that possible. We are going to be announcing soon how were going to operate the PAC. It does not mean that every time we disagree with someone that were not going to give money or engage in dialogue with them. This is an ode to democracy, folks. You don't have to agree with people to sit at the table with them and have conversations about what's good for the United States of America. Well make clear the base from which well continue to make contributions. The following question relates to stakeholder capitalism, and its from Gerald Matthews. Mr. Chairman, Gerald Matthews again from the United Brotherhood of Carpenters. The topic of shareholder capitalism as an alternative to stakeholder capitalism has received considerable attention recently. As long-term pension fund investors, the carpenter funds appreciate the sentiments embodied in the stakeholder capitalism perspective but feel that execution could be complicated. Could you discuss the boards perspective on the concept of stakeholder capitalism, and what principles the board would use to balance the interest of various stakeholders as it develops and implements the company's long-term business strategy? Thank you. I think when people talk about shareholder capitalism, they get confused that short-term profit-taking, reputation profit-taking, is a way to build a company. Its ironic, but that's the worst way to build a company. You cannot build a company if you do not do a good job for customers over time. Customers do not have to come back. They always have choices. You cannot build a good company if you don't have great employees. They take years of training and building up the right kind of employees over time. You cannot build a great company if you are'nt accepted and trusted in the communities in which you operate. You don't have to weigh and balance them all. You have to do them all kind of like a team. Every employees got to do their part well. If you fall down on any one part, the company can fail. The next question relates to our coal policy. It comes from Jason Bisterhoff. Yesterday, the presidency of the Glasgow Climate Conference called for private finance institutions to, among other ambitious commitments, commit to phasing out coal before the conference in November. JPMorgan Chases coal policy lags behind U.S. and global best practice. Your bank has no commitment to exit coal power and no restrictions on financing companies building new coal power, unlike Citigroup and a number of global banks. Your bank coal mining phase out threshold of 50% of revenue is very high, allowing continued financing of major miners like Glencore. By the UN climate conference in Glasgow in November, will JPMorgan Chase commit to phasing out all coal finance, including power and mining, as well as prohibiting financing for companies expanding coal? Just to be clear, I'd just like to point out that you can have all the banks in the world not finance coal companies, but they may be financed by private companies, international investors, et cetera. We have terrific policies in place that will dramatically reduce the carbon intensity of coal producers, and were helping some of the coal producers in their transition too. Some of the assets specifically to help them get more into renewables and things like that. Weve made a lot of commitments that we think are intelligent and wise and well-described, and we think a lot of people are making commitments that we dont actually even understand what they are. Next question relates to financial literacy, in particular in urban poor communities. This comes from Tom Wayne. His question is from Tom Wayne from a rural area near Columbus, Ohio. I recently encountered a man who described his child's 4-H project where the child raised some ducks and later sold them after a year. It was to teach him about working, saving, and investing. Would JPM want to try this approach in the urban poor communities, something like a 4-H urban program for urban kids to learn about capitalism? I would have to look into it. Sounds interesting. We do believe in the concept of financial education. If you look at our new community branches, of which we have six, we have in Harlem, in L.A., in New Orleans, in Chicago. Part of the point of community branches is to have people come in and learn about savings, investing, financial education. Were also asking governments, teachers, schools K-12, to start teaching financial education. We think its important that the American public understands what investing and saving is all about. Great. We have another climate change-related question. This comes from Mariela Monteiro. JPMorgan Chase has committed to strengthening its palm oil restrictions to require producer clients to adopt no deforestation, no exploitation NDPE policies. This is a welcome move. Palm oil constitutes just 10% of JPMorgan Chases forest risk financing. Pulp and paper constitutes 70%. Beef, rubber, soy, and timber are crucial as well. By the UN climate conference in Glasgow in November, will JPMorgan Chase extend its NDPE policy to encompass the full range of forest risk commodities? The answer is no, but we are looking at how those industries should be incorporated in our carbon transition policies. Great. The next question comes from Adam Neville. Good morning, all. My name is Adam Neville, and Im attending today on behalf of Future Coalition and as an organizer within the youth climate justice movement. Chases first banking program is targeted at young people under 18, arguably with the objective of creating lifelong customers. Young people are becoming increasingly aware and critical of Chases insistence on financing fossil fuel companies like Enbridge, which is building the Line 3 Tar Sands pipeline. Many people are looking for more ethical banking options and are increasingly skeptical of vague climate commitments. To respond to this emerging demand of young customers for banking that respects our planet and indigenous sovereignty, will Chase commit to stop financing companies that are expanding fossil fuels and abusing indigenous rights? I think, first of all, the question has nothing to do with the age of the person. I think we've already described our climate policies, which we think are detailed and proper policies for our country going forward that can actually help solve the problem. Great. The next question comes from a shareholder who did not provide their name. Are there programs to encourage employees to be vaccinated? Well, weve been quite clear. I think I want all of our employees vaccinated. Weve not mandated it, but we want all of our employees to be vaccinated because its the right thing to do, not just for themselves, but for all the other people inside the company, and we will consider at one point mandating it if it becomes legal. Great. The next question comes from Alderwoman of the City of Chicago, 33rd Ward, Rossana Rodriguez-Sanchez. JPMorgan provided a loan to the City of Chicago in December that was a $9 million per year interest payment. Currently, there are plans to redirect almost half a billion dollars of Chicagos federal recovery money, which is intended to help Black and brown communities, in order to avoid the interest payments to JPMorgan. In light of the companys pledges to racial equity, will JPMorgan commit to waive the interest, and CEO Jamie Dimon meet with me and members of my community to talk about how we can ensure our relief money goes towards the recovery for our hard-hit communities? Well, first of all, I'm a native of Chicago. I miss the city, and Id be happy to have you meet with the proper people on this issue. I don't know about the specific issue that you just raised, but well look into it and well be happy to get back to you. Thank you. Maybe we have time for one more question. Perfect. The last question is from Mark Session. Is it harder for a bank of your size to deal with the efficiency ratio? Not really. I think we have a very strong economies of scale, which leads to a good efficiency ratio. I want to point out that were not always trying to improve it because we take a lot of our profits, et cetera, and reinvest them in future endeavors. Thank you. Our discussion period has now concluded. If you submitted a question that was not responded to or would like additional information, we invite you to contact our investor relations team at the email address included on the website. Jamie, would you like to say a few words in closing? Stacey. We greatly appreciate the views of all of our shareholders and how thoughtful they were in engaging us in this process. The entire board takes their feedback very seriously and will continue to incorporate their input in how we govern the company. We will continue to build toward being best in class in every way. Thank you all for being on this call. This concludes todays session. You may now disconnect.