From CNBC: JPMorgan Chase said Thursday it is revising its
first-quarter financial results to show a lower profit, after deciding that the
value of certain derivatives held by its main investment arm was overstated.
The reduction followed the bank's internal investigation
into the nearly $6 billion in trading losses revealed in recent months.
In a regulatory filing, the New York bank said the probe
found information that "suggested that certain individuals may have been
seeking to avoid showing the full amount of the losses being incurred."
The bank now says that it earned $4.92 billion for the
quarter ended March 31. That's $459 million less than the $5.38 billion
originally reported. On a per share
basis, the results came to $1.19, versus the $1.31 originally reported.
Read all about it at http://www.cnbc.com/id/48586760
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