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JP Morgan Chase and Company Chief Executive Officer Jamie Dimon
Reuters/Larry Downing
Man of letters.
PRAISEWORTHY

All of the things that Jamie Dimon thinks are “exceptional” and “extraordinary”

By Jason Karaian

JPMorgan is an exceptional bank. Extraordinary, even.

That’s according to chairman and CEO Jamie Dimon, who published his annual letter to shareholders (pdf) today. As the boss of the largest bank in the US by assets, Dimon’s words are closely followed, not least in this letter, which he uses every year to muse on banking, business, and public policy. (This year’s letter runs to 45 pages.)

Per usual, Dimon thinks regulations are too strict. That said, ”a more business-friendly environment” is on the way soon (cough, Trump, cough), which is partly why the bank’s share price has soared over the past year, he writes.

Another major theme of the letter, it may surprise you, is how great JPMorgan is. “Ours is an exceptional company with an extraordinary heritage and a promising future,” the CEO writes at the outset. “Exceptional” and “extraordinary” are two superlatives that Dimon has been using more lately, about a wide range of things. For market watchers looking for an edge, a meta-analysis of the effusiveness of Dimon’s praise may serve as a useful indicator.

Things that are “exceptional”

The bank 1
The bank’s people 2
The United States of America (twice) 3

1
"Ours is an exceptional company with an extraordinary heritage and a promising future."
2
"Ultimately, our people are our most important assets—and they are exceptional."
3
"The United States of America is truly an exceptional country."

Things that are “extraordinary”

The bank’s heritage 4
The bank’s capabilities 5
The bank’s accomplishments 6
The bank’s benefits and training 7
The bank’s corporate responsibility 8
The number of calculations required to measure capital and liquidity requirements 9

4
"Ours is an exceptional company with an extraordinary heritage and a promising future."
5
"We have extraordinary capabilities—both our people and our technology."
6
"I can’t emphasize enough how honored I am to work at this company and with its people. What they have accomplished during these turbulent times has been extraordinary."
7
"We compensate our employees fairly and provide extraordinary benefits and training."
8
"We have accomplished an extraordinary amount in our Corporate Responsibility efforts."
9
"There are more than 20 different major capital and liquidity requirements—and they often are inconsistent... An extraordinary number of calculations need to be made as companies try to manage to avoid inadvertently violating one of the standards—a violation that rarely affects safety and soundness."