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Annual Report 2008
THE WAY FORWARD
 
As of or for the year ended December 31,(in millions, except per share, ratio and headcount data)
2008 2007
Reported basis
(a)
Total net revenue $
67,252
$ 71,372Provision for credit losses
20,979
6,864Total noninterest expense
43,500
41,703Income from continuing operations
3,699
15,365Extraordinary gain
1,906
—Net income $
5,605
$ 15,365
Per common share:
Basic earnings per shareIncome from continuing operations $
0.86
$ 4.51Net income
1.41
4.51Diluted earnings per shareIncome from continuing operations $
0.84
$ 4.38Net income
1.37
4.38Cash dividends declared per share
1.52
1.48Book value per share
36.15
36.59Return on common equityIncome from continuing operations
2%
13%Net income
4
13Return on common equity (net of goodwill)Income from continuing operations
4%
21%Net income
6
21Tier 1 capital ratio
10.9
8.4Total capital ratio
14.8
12.6Total assets $
2,175,052
$ 1,562,147Loans
744,898
519,374Deposits
1,009,277
740,728Total stockholders’ equity
166,884
123,221Headcount
224,961
180,667
(
a) Results are presented in accordance with accounting principles generally accepted in the United States of America.
Financial Highlights
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firmis a leader in investment banking, financial services for consumers, smallbusiness and commercial banking, financial transaction processing, assetmanagement and private equity. A component of the Dow Jones IndustrialAverage, JPMorgan Chase serves millions of consumers in the United Statesand many of the world’s most prominent corporate, institutional andgovernment clients under its J.P. Morgan and Chase brands.Information about J.P. Morgan capabilities can be found at www.jpmorgan.comand about Chase capabilities at www.chase.com. Information about the firm isavailable at www.jpmorganchase.com.
 
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We do our best to manage and operateour company with a consistent set of business principles and core values.First and foremost, this means alwaystrying to do the right thing.
It means continuing to focus on maintaininga fortress balance sheet, strong capitalratios and strong credit ratings. It meansbeing willing to sacrifice short-term growthfor long-term opportunity. During theseturbulent times, this approach is vital.While we haven’t avoided every obstacle, we’re proud our clients have been able torely on our relative strength and stability during these tough economic times.We will continue to provide creditworthy businesses of all sizes the capital andfinancial tools they need to drive growth.For individuals and families, we willcontinue to help with their credit, savingsand investment needs. This means helpingour customers put a roof over their heads,pay for their education and build theirsmall businesses. And, as always, we willadhere to safe and sound lending standards.With our core beliefs as our foundation, we will do our part to restore our financialsystem, strengthen the vitality of ourcompany and help move us all forward.
As we move forward, we believethat shareholders will benefit as wedo the right thing for our customersand the communities we serve.
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