Thursday, April 15, 2010

JPMorgan Chase 2009 Shareholder Letter: Does Dimon take a dig at Kraft?

You read about it every day: continued global trade imbalances, higher fiscal deficits run by governments around the world, uncertain interest rate movements and potential regulatory changes, among other issues. I could go on for pages. rest assured, we are paying very close attention to the difficult issues we still face.
The two best parts of the letter:
1. The discussion on key compensation principles at JPMorgan Chase (a must read for anyone who influences compensation); and
2. Was this a dig at Kraft CEO Irene Rosenfeld when Dimon bluntly states: "We do not pay bonuses for completing a merger, which we regard as part of the job. When the merger has proved to be successful, compensation might go up."?

Read the entire letter.