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To attract, support, motivate and retain a great team, we must:

Operate with the highest standards of integrity

In business, as in every other arena, ethical behavior does not just happen. It has to be cultivated and repeatedly affirmed throughout the organization. Maintaining the high- est standards of integrity involves being honest and doing the right thing for our cus- tomers, fellow employees, our shareholders and all our other partners. To paraphrase a former leader of our firm, J.P. Morgan, Jr., we will conduct first-class business in a first-class way (see full statement).

Train and retain great managers

We need to continually hire and train great managers and leaders. Great managers drive for superior performance, building teamwork within and across business lines. They act quickly on tough issues, relentlessly strive to improve performance, demon- strate a passion to win and develop their people.

Be open and honest with ourselves, our colleagues, our shareholders and our communities

We must build a culture based on truth, knowledge, constructive debate, a passion to win, and the courage to face and fix mistakes. We must learn to be brutally honest with ourselves. Our experience is that if you ask people to tell you the truth about what needs to be done, they will tell you. Our responsibility is to create a company that promotes this kind of constructive exchange. Then – and we believe this is the hardest part of leadership – we must have the fortitude and courage to take action and do the right thing, however difficult. Leadership is an honor and a privilege, and carries the responsibility to set the right example.

All our people must be engaged in challenging the system and solving problems. The key is to never stop learning, to share ideas and always acknowledge mistakes. Our commitment is to create a self-sustaining culture that strives for continual improve- ment, which will ensure the health of this company for decades to come.

Get incentives right

We want employees to think and act like owners and partners. We want to offer them an appropriate stake in JPMorgan Chase’s financial performance, which is why equity is an important part of our compensation plans. Compensation should follow per- formance, nothierarchy. The higher the manager, the more his or her compensation should be tied to the company’s performance – no excuses.

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