A New Year Message from David Frame

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David Frame, CEO, J.P. Morgan Global Private Bank. David stands on a mezzanine overlooking the lobby of a building.

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Across the Global Private Bank and for all our clients around the world, 2025 was another remarkable year. Markets rewarded investors, with global equities delivering solid gains and fixed income stabilizing after three years of volatility.

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We move over a large city at night as stock tickers run through the streets. We move over a container port. Pumpjacks move up and down. A projection of a globe with a moving candlestick chart appears.

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The global economy continued to adapt to a new policy environment as the U.S. actions on trade and regulation shaped the investment landscape. AI innovation, always a topic of conversation, accelerated even further.

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Data spans out of a chip. Two men chat and look at a computer screen. Two men stand in a hallway chatting.

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We deepened our integration of those technologies across the entire Private Bank, enhancing your client experiencing, strengthening risk management and unlocking new efficiencies. Most importantly, these advancements are giving our people more time to focus on what matters most—you, our clients, and helping you navigate the investment landscape for generations to come.

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People sit at tables and in meetings talking.

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None of this would be possible without our people. We are now 4,000 advisors strong, helping clients across 77 cities around the world.

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People walk in and out of a large, diamond-shaped building with fan-like columns and a U.S. flag, a JPMorganChase flag, and a New York State flag in front of it. People walk in a large, tall-ceilinged lobby with large abstract art murals and V-shaped columns, with security gates.

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And we recently moved into our new global headquarters at 270 Park Avenue, and we look forward to hosting you here soon.

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He points behind him. He stands on a mezzanine on a higher level.

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As AI connects the digital economy, another powerful trend is the shift from globalization to fragmentation.

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A projection of a darkened globe appears. Several rings revolve around the globe. A container ship cruises on water. Business people shake hands.

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Countries are prioritizing security over pure efficiency, and we’re seeing supply chains, trade flows and alliances evolve and disrupt. Tariffs, regional blocs and onshoring are reshaping global commerce.

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We move through a hallway in the building to an office. David stands in the office as people work at desks with computers behind him. An excavator moves with a bucket full of dirt. A power plant with electricity towers appears. A refinery with a multitude of pipes and a tank appears. Two men walk in a lobby chatting. Several people sit at tables and stand in offices with documents on the table, chatting.

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Across this backdrop, resilience and security remain defining investment themes. With continued interest in infrastructure, energy and critical resources, we are helping clients diversify across regions and sectors, positioning them to benefit from these shifts and balancing innovation with portfolio durability.

As we help clients navigate themes like AI and fragmentation, we never lose sight of what matters the most, preparing the next generation to lead with confidence and, importantly, purpose. Our Global Family Office report tells us that financial education and philanthropy remain the top priorities for our families worldwide.

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A lobby with armchairs and a counter, with several decorative pots and vases on shelves and a sign behind the counter, text: J.P. Morgan. A man and woman walk on a street talking. Two women sitting at desks talk. A man and woman talk in an office.

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And that’s why we continue to expand our resources through J.P. Morgan Private Advisory and our Philanthropy Centre, giving families the tools to educate future leaders, foster shared values and create impact that lasts well beyond a single generation.

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Several people in offices sit at tables, talking.

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It’s about aligning wealth with knowledge and purpose so your family is positioned not just for today’s opportunities, but tomorrow’s legacy. So thank you for your trust and for your partnership. And here’s to a successful 2026.

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Text: J.P. Morgan Private Bank.

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