00:00:10:03 - 00:00:38:02
David Frame
Hello. My name is David Frame and I'm the CEO of the US private bank. JP morgan. It is important to say upfront that while I often begin this video with a discussion of global economic forecasts, we must acknowledge that this is also been a year of geopolitical struggles. Russia's invasion of Ukraine continues to convulse the people of that country and as we know, the horrific violence in the Middle East weighs on all our hearts and minds.
00:00:38:22 - 00:01:06:13
Speaker 1
As always, we stand firmly against antisemitism and Islamophobia, which have no place in our society. Now, from a markets perspective, this has been a very interesting year. I'm reminded that one year ago, when I delivered this year on message, equity markets were down almost 20% and the world was filled with rising concern over the damage and inflation. And the higher rates it brought would have on risk assets and the global economy.
00:01:07:08 - 00:01:30:18
Speaker 1
I highlighted then that in spite of that, our 2023 outlook cited optimism in the face of these concerns. And we mentioned that our expectations for the next ten years were the most constructive they had been in a decade. But as we know, this is a new year. And in this year's outlook, we discussed that even after the impressive equity rally, we remain constructive into 2024.
00:01:31:13 - 00:01:57:04
Speaker 1
And while this rally has been even larger than we had originally predicted, it is only slightly tempered our longer term outlook. Meanwhile, we think the significant reset and rates that we have endured is at an end. As inflation slows and bonds will now be an important part of most diversified portfolios, it is worth sharing that, based on our forecasts, returns for over 80% of the assets we cover will likely be higher in the next decade than they were in the last.
00:01:57:22 - 00:02:21:05
Speaker 1
So I want to conclude by saying to all of you, whether you have just joined the private bank or have been with us for generations, whatever this New Year brings will be in it together with 200 years of tradition and experience. We remain honored to partner with you to help you work towards your goals and to put the vast resources of this bank in the service of your family.
00:02:21:05 - 00:02:32:14
Speaker 1
Security and prosperity. So thank you for putting your trust in us, and I look forward to continuing to earn it. I wish you and your families a very happy holiday.
(SPEECH)
[PIANO MUSIC]
(DESCRIPTION)
Text, J.P. Morgan Private Bank. Gold ink writes out the J.P. Morgan signature in cursive handwriting. David Frame, CEO, J.P. Morgan US Private Bank.
(SPEECH)
Hello. My name is David Frame, and I'm the CEO of the US Private Bank at JPMorgan. It is important to say up front that while I often begin this video with a discussion of global economic forecasts, we must acknowledge that this has also been a year of geopolitical struggles.
(DESCRIPTION)
An Eastern European city skyline in early morning sun. A man in cammo walks through a storage warehouse with a package. A mosque with a golden dome.
(SPEECH)
Russia's invasion of Ukraine continues to convulse the people of that country. And as we know, the horrific violence in the Middle East weighs on all our hearts and minds.
As always, we stand firmly against anti-Semitism and Islamophobia, which have no place in our society. Now, from a markets perspective, this has been a very interesting year.
(DESCRIPTION)
A hand points to a monitor with trading data at a workstation in an office. Stock tickers across a map of the world. Blinds shut over a Closed sign that reads, Going out of Business. A storefront shuts. A gas pump runs. A rug with the word inflation on it. A woman sets down a document in an office.
(SPEECH)
I'm reminded that one year ago, when I delivered this year-end message, equity markets were down almost 20% and the world was filled with rising concern over the damage that inflation and the higher rates it brought would have on risk assets and the global economy.
I highlighted then that in spite of that, our 2023 outlook cited optimism in the face of these concerns. And we mentioned that our expectations for the next 10 years were the most constructive they had been in a decade.
(DESCRIPTION)
A man taps on a stock chart on a tablet as he discusses financial documents with a group seated around a table.
(SPEECH)
But as we know, this is a new year. And in this year's outlook we discussed that even after the impressive equity rally, we've remained constructive into 2024.
(DESCRIPTION)
Pedestrians walk between trains at a station. A stock exchange floor with traders and modern displays. Another group meets around a table in an office. A trading floor in an office. Analysts and traders sit at workstations with multiple monitors.
(SPEECH)
And while this rally has been even larger than we had originally predicted, it has only slightly tempered our longer term outlook.
Meanwhile, we think the significant reset in rates that we have endured is at an end as inflation slows and bonds will now be an important part of most diversified portfolios.
(DESCRIPTION)
Two men sit opposite a colleague on video conference with charts on a second monitor.
(SPEECH)
It is worth sharing that based on our forecasts, returns for over 80% of the assets we cover will likely be higher in the next decade than they were in the last.
(DESCRIPTION)
Three people in business attire meet stand talking in a lobby with a screen separating them from the parking lot. Co-workers laugh around a meeting table. A woman gestures as he speaks with two colleagues. A man taps a monitor while on a phone in an office.
(SPEECH)
So I want to conclude by saying to all of you, whether you have just joined the private bank or have been with us for generations, whatever this new year brings, we'll be in it together.
(DESCRIPTION)
Three colleagues stand chatting by a high-rise window. The J.P. Morgan handwritten logo on a wall in an office. Two men shake hands in a corner office. A man writes on a white board at the head of a meeting room. Two men in business suits walk together through an office. A woman on a laptop meets with a colleague.
(SPEECH)
With 200 years of tradition and experience, we remain honored to partner with you, to help you work toward your goals, and to put the vast resources of this bank in the service of your family's security and prosperity. So thank you for putting your trust in us. And I look forward to continuing to earn it. I wish you and your families a very happy holiday.
(DESCRIPTION)
Cursive gold handwriting forms the logo for J.P. Morgan.
