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Financial Times

Short-term return on equity is a flawed target

"Sir, Jamie Dimon’s annual letter to JPMorgan Chase shareholders makes many good points but fails to connect the dots (“JPMorgan’s Dimon warns of threat to biggest US banks”, April 9). Mr Dimon highlights with pride his bank’s improved capital strength, profitability and shareholder returns. He notes that JPM has posted record results in five of the last six years and that the stock price has outperformed its peers — sharply."