5 takeaways from JPMorgan CEO's annual shareholder letter

JPMorgan Chase & Co. CEO Jamie Dimon outlined several outlooks for his company and the U.S. and global economies in his April 5 annual letter to shareholders.

Here are five takeaways from the 46-page letter.

1. Mr. Dimon said JPMorgan achieved $24.4 billion in net income on revenue of $103.6 billion in 2017. The company has also bought back almost $40 billion in stock during the past five years. 

2. In regard to the U.S. economy, Mr. Dimon said possibilities the Federal Reserve will have to respond quickly to rein in growth may be underestimated, according to CNBC.

"[T]he Federal Reserve and other central banks may have to take more drastic action than they currently anticipate — reacting to the markets, not guiding the markets," if inflation and wages grow quicker than projected, he said.

3. Mr. Dimon also said it would be reasonable to anticipate a 10-year Treasury note yield of 4 percent under normal growth and inflation at about 2 percent.

4. He likewise tipped his hat to President Donald Trump for his tax cuts and deregulation efforts.

"The current administration is taking steps to reduce unnecessary regulation by insisting that congressional rules around cost-benefit analysis be properly applied. It is also actively trying to put regulators in the right roles with the proper authority to use commonsense principles to make appropriate changes," he said.

5. On a global scale, Mr. Dimon said he supports efforts to overhaul some trade relations, but when it comes to China, favors a collaborative approach with European allies, CNBC reports.

"Retreating from the world is not the solution, nor is burning down the current system and starting anew. At the same time, we cannot and should not turn a blind eye to the real pressures millions of families face at the hands of globalization, technological advances and other factors," he said.

For the full letter, click here.

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