A year-end message from David Frame, CEO of the U.S. Private Bank

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JP Morgan Private Bank. Investment products, not F D I C insured, no bank guarantee, may lose value. Please read the important information at the end of this video. Copyright 2022 JPMorgan Chase & Co. All rights reserved.

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Hello. My name is David Frame. And I'm the CEO of the US Private Bank at JP Morgan.

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Text, David Frame, Chief Executive Officer, JPMorgan US Private Bank. A man in medical garb wearing a mask holds a sign that reads, We are in this together.

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Every year has unique challenges.

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The word COVID-19 is highlighted in many different types of locations. A woman wears a mask, sits on her bed and plays with her dog.

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In 2020, we weathered a global pandemic and lockdown.

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A man behind a glass window, smiles and turns his sign to open. People wear masks in a stadium. Two women wearing masks bump elbows in an officer environment.

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In 2021, the economy slowly reopened, and we allowed ourselves to return to more normal patterns of life.

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A group of people wear masks and sit at a long table. A silhouetted man talks on his phone with a government building in the background, the word recession is highlighted in many types of locations. A man looks at a bar chart on his phone.

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And 2022 has brought a whole new set of headwinds, some we haven't seen in over 40 years.

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A woman dressed in office attire looks at her phone as she walks down the street.

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Many clients have understandably been concerned.

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Fingers pinch a screen to zoom in on data. The word inflation is typed into a search field. Mark Cudmore stands in front of a screen of data with the caption, Markets Live, How much more can yield curve invert? Text on a screen reads, Crude prices $112.06. A reporter talks about business, oil price surges. Colorful stock market stats scroll across a screen.

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As inflation proved more resilient than anticipated and rose to levels we haven't seen for years, the Fed has aggressively raised rates to slow its progress.

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Another caption for a news report reads, Markets Live, Stocks extend slide ahead of US CPI. Detail of a chart, details of George Washington and other parts of a dollar bill.

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And with both stocks and bonds suffering significant losses, 2022 has delivered one of the worst years ever for balanced portfolios.

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Stock market data streams across screens on the outside of a building. A crowd of warmly dressed people stand outside. One woman holds a sign that reads, Stand with Ukraine. We see destroyed cities from the air. Dozens of people walk down a neighborhood street rolling suitcases behind them.

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Adding to this difficult backdrop, the geopolitical situation has worsened.

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A tank is on fire on. a rural highway. We see the aftermath of bombed hi-rise buildings. A container ship is stacked with containers. Steam rises from a nuclear facility.

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The invasion of Ukraine caused great human suffering and disrupted global markets for both energy and grain.

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A tractor drives through a field. A man hands out a blanket. A woman wearing a shield and a masks takes notes from a woman and her young daughter. A person gets a shot. A large group of runners starts a race under a sign that reads JPMorgan Corporate Challenge. A man in a wheelchair receives a box of fruit from a woman. Two women hug at the end of a race.

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It is in times like this when we rely on each other and on the relationships we've created over time.

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An American flag waves inside a government building.

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And we've been honored to stand by your side.

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A large signature on a wall reads JPMorgan. Four people stand on a stage and smile. Two people wearing microphones sit in chairs and talk. Henry Kissinger speaks. Professionals take notes at a conference table. A woman speaks on stage and holds a microphone with the JPMorgan logo. Digital stock market numbers. Two young boys use a microscope.

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We aim to be your family's trusted advisor, bringing you the insights of global thought leaders and our own world-class specialists to help you find new opportunities and create lasting wealth for generations to come.

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A group of diverse young people wear school uniforms. Two men hold the hands of young people and walk down a walkway in a city. People fill boxes at a food bank.

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We are members of your community, volunteering to help our neighbors.

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Women load items into boxes. A large group of runners pose for a photo. We see the shoes of runners. The crowd is filled with a diverse group of people.

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We have been there to help you work towards the goals you have for yourself, for the people you love,

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Runners start at the beginning of a race. We see the group from above. A woman raises her arms and runs through a banner at the finish of a race. Young children get on bicycles. A row of windmills turn on the side of a mountain. A group of construction workers look at floor plans. Young people pick up trash outdoors. People are silhouetted against the sky with fireworks. A child sits on the shoulders of a man with windmills in the background.

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and for your community and causes you care about.

And while 2023 will undoubtedly bring new challenges, we feel better about where we are than we have in a long time.

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Columns of numbers on a chart change and turn red. A building with columns has the name The Department of the Treasury. A man puts headphone on one ear.

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Equity valuations have dropped and bond yields have risen, creating some market dynamics we haven't seen in decades.

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Men in white dress shirts sit in front of computers. From above, we see a ship filled with containers. A woman watches a sunset from a high-rise building.

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And looking ahead, we are optimistic about asset class returns over the next decade.

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A crane towers over a building under construction. Two people shake hands in a conference room. A man holds the root ball of a small plant.

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In fact, we haven't been this optimistic about the future for a long time.

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A woman holds a notebook and looks at her phone. We see the shadow of a windmill from above. An electric car charges next to windmills. Men in hardhats stand on top of a building under construction. A man talks on a phone an points to a computer screen.

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So let's work together to make the best of 2023 and make sure you own that brighter future. So please allow me to thank you personally for your partnership and trust. We look forward to helping you and your family in the coming years.

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A sign reads, Take Care of Each Other.

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