Annual Reports

Piper Jaffray 2004 Annual Report

Building a foundation

"Proud to be building again." So says the CEO's letter in the annual report of this 110-year-old securities firm, having spun off from U.S. Bancorp only two years before. Demonstrating financial rigor to shareholders, the firm's leaders chose to convey "cost discipline" in action. So Larsen created a fine-tuned, few frills report consistent with the strategy. Elegant details on the cover, created through foil-stamping and embossing, underscore the focused message.