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JPMORGAN CHASE & CO Annual Report (Amendment), Year Ended Dec 31, 1999

Filing Date
Filed June 28, 2000
Period End
December 31, 1999
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 28, 2000. Cited figures are marked; the original filing is the authoritative source.

This Form 10-K/A, filed by The Chase Manhattan Corporation (the predecessor to JPMorgan Chase & Co., which the filing identifies as JPM in your request), is a limited amendment for fiscal year 1999.

It does not contain the company's consolidated financial statements, business description, or risk disclosures. Instead, it adds the audited financial statements and supplemental schedules of the 401(k) Savings Plan of The Chase Manhattan Bank and Certain Affiliated Companies, as required for the plan's Form 11-K. For investors, the filing offers little information about the bank's operating performance or valuation.

The plan's net assets available for benefits grew to $5.57 billiona at December 31, 1999, up about 11% from $5.02 billion a year earlier. Growth came from $287 million in contributions and $597 million in net investment gains. Those gains were offset by $319 million in participant withdrawals.

The plan had 57,088 participants or former participants at year-end, up from 54,483. Net unrealized depreciation was $185 millionb, while realized gains from sales totaled $637 million. The plan is heavily concentrated in its sponsor's stock.

Chase Manhattan Corporation common stock was valued at $2.04 billionc, roughly 36% of total plan investments of $5.60 billion. The Chase Common Stock unit value fell from $18.13 to $10.73 during 1999, a decline of about 41%. Investors interested in the company's financial health should instead review the parent company's full 10-K for fiscal 1999 and its subsequent filings.

02—Key points

Key Highlights

  1. Filing type: This is a 10-K/A amendment for fiscal 1999 that adds 401(k) plan financial statements (Form 11-K information). It contains no consolidated bank financial statements.
  2. Plan net assets rose to $5.57 billion at December 31, 1999, an increase of about 11% from $5.02 billion in 1998.
  3. Total plan contributions were $287.4 million in 1999, of which $107.3 million came from employers and $180.1 million from participants.
  4. Heavy concentration in company stock: Chase Manhattan Corporation common stock was valued at $2.04 billion, about 36% of total plan investments.
  5. Chase Common Stock fund unit value fell about 41%, from $18.13 in 1998 to $10.73 in 1999, although the fund still had 41,798 participants.
  6. Participant withdrawals of $319.0 million exceeded plan expenses and transfers, and realized gains of $637.3 million offset a $185.3 million unrealized depreciation.
  7. The 1999 audit was performed by Mitchell & Titus, LLP, while the 1998 statements were audited by KPMG LLP. The auditor's opinions are unqualified.

03—Questions

Frequently Asked Questions

  1. Does this filing contain the bank's consolidated financial results for 1999?

    No. The filing contains only the financial statements of the 401(k) Savings Plan for fiscal 1999 and the related supplemental schedules. Consolidated revenues, earnings, capital ratios, and business segment information are not included and would appear in the company's original 10-K for 1999.

  2. How large is the 401(k) plan and how fast is it growing?

    Net assets available for benefits were $5.57 billion at year-end 1999, up from $5.02 billion in 1998, a gain of about $551 million or roughly 11%. The plan had 57,088 participants or former participants at December 31, 1999, compared with 54,483 a year earlier.

  3. How much of the plan is invested in the company's own stock?

    Chase Manhattan Corporation common stock was valued at $2.04 billion at December 31, 1999, about 36% of total plan investments of $5.60 billion. The company stock was also the largest single holding, and the plan's matching contributions were partly directed into the Chase Common Stock Fund.

  4. Why did the Chase Common Stock fund unit value drop in 1999?

    The fund's unit value fell from $18.13 at year-end 1998 to $10.73 at year-end 1999, a decline of about 41%. The filing does not explain the cause. It reflects the decline in the value of Chase Manhattan Corporation common stock during 1999, which the plan's accounts recorded at closing prices on the New York Stock Exchange.

04—Continue

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