# EXHIBIT 21
From: Duffy, John R (john.r.duffy@jpmorgan.comj Sent: 10/10/2012 3:01:17 PM To: Staley, Jes Lies.staley@jpmorgan.com] Subject: RE: 2 things

Could work — I think he is quick to say "yes" to clients and with JE that worries me a bit — we would need to coach him on that. If you prefer to go with him we will provide the needed "education".

John R Duffy Chief Executive Officer U.S. Private Bank JP 270 Park Avenue New York, NY 10017

Tel: 212.464-1468 botm.r.OMMIPIromorgan.com

From: Staley, Jes Sent: Wednesday, October 10, 2012 9:55 AM To: Duffy, John R Subject: RE: 2 things

How about Justin?

Sent with Good (www.good.com)

Original Message-----

From: Duffy, John R Sent: Wednesday, October 10, 2012 09:31 AM Eastern Standard Time To: Staley. Jcs Subject: 2 things

Jes

- I. Any open spots on your calendar for lunch or a drink?
- 2. We need a new banker for I. Epstein. Paul Morris left to join DB. We have a banker with lots of Wall St experience under his belt who has thick skin. Do you want/need to meet hint first?

Thx, John

John R. Duffy J.P.\_ CEO, U.S. Private Bank

New York, NY 10017

Tel: 212.464-1468

Email: kohn.r.cluffWitipmorsan.conl

J.P. Securities LLC