{
"id":"28a6f1a8-31f3-cca4-d71a-6bca2e62d124",
"answerInContext":true,
"answer":"JPMorgan Chase paid the Federal Deposit Insurance Corporation $11 billion over the past decade.",
"sources":[
{
"document_id":"f8527829-c036-4d3a-9a6e-3169f4db1765",
"name":"examples/banking/jpmorgan-annual-report-2021.txt",
"highlights":[
"I do just want to note that in our case, the silent partner is not so silent.\n\nJPMorgan Chase is a healthy and thriving company, and we always want to give\r\nback and pay our fair share.\n\nWe do — and we want it to be spent well and have\r\nthe greatest impact.\n\nTo give you an idea of where our taxes and fees go: In the\r\nlast 10 years, we paid $42 billion in federal, state and local taxes in the United\r\nStates and $17 billion in taxes outside of the United States.\n\nWe also paid the\r\nFederal Deposit Insurance Corporation $11 billion so that it has the resources\r\nto cover the failure of any major American bank.",
"31 Traditional assets include Equity, Fixed Income, Multi-Asset and Liquidity assets under\r\n2 Federal Deposit Insurance Corporation (“FDIC”)\n\n2021 Summary of Deposits survey per S&P management; Brokerage, Administration and Custody assets under supervision.",
"In addition to banks’ shrinking global role, you\r\n U.S. debt and equity markets, down from 11% can see that the number of public companies,\r\n in 2010.\n\nwhich should have grown substantially over the\r\n• Conversely, U.S. banks’ liquid assets are up past decade, is remarkably reduced.\n\nInstead, U.S.\r\n more than 300% to $8.6 trillion, most of which public companies peaked in 1996 at 7,300 and\r\n is needed to meet liquidity requirements.\n\nnow total 4,800.\n\nConversely, the number of pri-\r\n vate U.S. companies backed by private equity\r\n• Banks’ share of mortgage originations has companies has grown from 1,600 to 10,100 — a\r\n gone from 91% to 32%.\n\nremarkable increase.",
"Before we give an update on the\r\n million customer accounts — refunding more\r\nstructural shifts taking place, it would be good to\r\n than $250 million for nearly 2 million consumer\r\naddress the question: How did banks perform\r\n deposit and lending accounts and offering\r\nduring the recent COVID-19 crisis?",
"Although I begin this annual letter to shareholders in a challenging landscape,\r\nI remain proud of what our company and our hundreds of thousands of employ-\r\nees around the world have achieved, collectively and individually.\n\nAs you know,\r\nwe have long championed the essential role of banking in a community — its\r\npotential for bringing people together, for enabling companies and individuals to\r\nreach for their dreams, and for being a source of strength in difficult times.\n\nThroughout these past two challenging years, we never stopped doing all the\r\nthings we should be doing to serve our clients and our communities.\n\nLooking back on the last year and the past two decades — starting from my time\r\nas CEO of Bank One in 2000 — it is clear that our financial discipline, constant\r\ninvestment in innovation and ongoing development of our people are what\r\nenabled us to persevere in our steadfast dedication to help clients, communities\r\nand countries throughout the world."
],
"publicUrl":"https://www.jpmorganchase.com/ir/annual-report"
}
]
}