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JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 1998

Filing Date
Filed June 29, 1999
Period End
December 31, 1998
In the record · 2016–202610-K1110-Q328-K336

JPM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 336 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K/A filed June 29, 1999. Cited figures are marked; the original filing is the authoritative source.

This filing is not a true 10-K annual report for JPMorgan Chase & Co. It is a Form 10-K/A amendment from The Chase Manhattan Corporation (the predecessor entity, CIK-era 1999, Commission File No. 1-5805) for fiscal year ended December 31, 1998, filed to add Exhibit 22.1, the Form 11-K annual report of the 401(k) Savings Plan of The Chase Manhattan Bank and Certain Affiliated Companies.

The amendment contains no consolidated bank financial statements, earnings, capital ratios, segment results, or risk disclosures, so it provides little direct value for evaluating the bank's operating performance or investment merits. The content is limited to KPMG's audit opinion (dated June 18, 1999) on the employee plan's financial statements, plus detailed fund-level schedules. Plan net assets available for benefits were $5.02 billiona at December 31, 1998, up from $4.18 billion a year earlier, an increase of roughly 20%.

The growth was driven mainly by a rise in the value of Chase common stock held in the plan, which was valued at $2.02 billionb at year-end 1998 versus $1.44 billion in 1997, and by net investment gains of about $838 million. Chase common stock was the largest single holding at roughly 40% of plan assets, a concentration investors may view as a risk for the employee plan rather than a signal about the parent company's core business. For investors, the key takeaway is that this filing is a procedural, supplementary disclosure.

Anyone seeking JPMorgan Chase's current financial condition should consult the company's primary annual reports and filings, noting that the 1999 Chase Manhattan entity was later combined with J.P. Morgan & Co. in the December 2000 merger that created JPMorgan Chase & Co.

02—Key points

Key Highlights

  1. Document type: Form 10-K/A amendment filed by The Chase Manhattan Corporation (not JPMorgan Chase & Co.), adding only Exhibit 22.1, the 401(k) plan's Form 11-K, for fiscal 1998.
  2. Plan net assets available for benefits rose to $5,019,980,724 at December 31, 1998, from $4,182,827,889 at December 31, 1997 (about +20%).
  3. Net increase in plan assets for 1998 was $837,152,835, driven by $612.6 million of unrealized appreciation and $99.4 million of realized gains.
  4. Chase Manhattan Corporation common stock was the largest holding at $2.02 billion (about 40% of plan assets), with 28.4 million shares held.
  5. Total participant contributions of $278.4 million in 1998 (employer contributions $104.8 million) and withdrawals of $278.3 million.
  6. Participants declined to 54,483 at year-end 1998 from 51,879 at year-end 1997, while the Chase Common Stock unit value rose to $18.13 from $13.70.
  7. KPMG LLP issued an unqualified opinion on the plan's financial statements, dated June 18, 1999; the filing contains no consolidated bank financial data.

03—Questions

Frequently Asked Questions

  1. Does this filing contain JPMorgan Chase's annual financial results?

    No. The filing is a 10-K/A from The Chase Manhattan Corporation, the predecessor to JPMorgan Chase, and it only adds the 401(k) savings plan's Form 11-K. It contains no consolidated income statement, balance sheet, or segment data for the bank holding company.

  2. Why does the filing show a $5 billion figure, and what does it represent?

    The $5.02 billion is the net assets available for benefits of the employee 401(k) Savings Plan at December 31, 1998. It is the plan's total pool of employee retirement assets, not the bank's assets or equity.

  3. Is the plan's concentration in company stock a concern for investors?

    The plan held about $2.02 billion, or roughly 40% of its assets, in Chase Manhattan common stock. This concentration exposes plan participants' retirement savings to company-specific risk, though it reflects participant elections and employer matching contributions, which are partly invested in company stock by design.

  4. Where can investors find the financial condition of the combined company today?

    Investors should consult JPMorgan Chase & Co.'s current SEC filings and annual reports. The 1999 Chase Manhattan entity later merged with J.P. Morgan & Co. in December 2000 to form JPMorgan Chase & Co., so this 1998 amendment does not reflect the current company.

04—Continue

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