8-KRegulation FDExhibits & Filings

JPMORGAN CHASE & CO 8-K Report, Regulation FD Disclosure (Apr 9, 2010)

Filed April 9, 2010For Securities:JPMJPM-PCJPM-PDJPM-PKJPM-PLJPM-PMJPM-PJAMJBVYLD

Summary

JPMorgan Chase & Co. (JPM) filed this Current Report on Form 8-K on April 9, 2010, to provide supplemental financial disclosures concerning its Retail Financial Services (RFS) business segment. The primary purpose of this filing is to inform investors about a change in how the Consumer Lending portion of RFS is presented for reporting purposes, effective January 1, 2010. Previously reported as a single unit, Consumer Lending will now be segmented into two distinct categories: 'Mortgage Banking & Other Consumer Lending' and 'Real Estate Portfolios'. This reclassification is intended to enhance transparency and investor understanding of the RFS segment's performance. It breaks down mortgage production and servicing, auto finance, and student lending into one category, while separating residential mortgages and home equity loans (including those from the Washington Mutual acquisition) into another. Importantly, the company emphasizes that this is a change in presentation and not a restatement of prior financial statements; it does not impact reported net income, earnings per share, total assets, or regulatory capital for any past periods. A supplemental financial presentation detailing these changes is attached as an exhibit.

Key Highlights

  • 1JPM is reclassifying its Consumer Lending segment within Retail Financial Services (RFS) for reporting purposes, effective January 1, 2010.
  • 2The Consumer Lending segment will now be presented as two distinct categories: 'Mortgage Banking & Other Consumer Lending' and 'Real Estate Portfolios'.
  • 3'Mortgage Banking & Other Consumer Lending' will include mortgage production and servicing, auto finance, and student/other lending.
  • 4'Real Estate Portfolios' will encompass residential mortgages and home equity loans, including purchased credit-impaired assets from the Washington Mutual acquisition.
  • 5The Retail Banking segment remains unaffected by this change.
  • 6This is a change in presentation to improve investor clarity and does not restate prior financial statements.
  • 7The reclassification does not affect JPM's reported net income, EPS, total assets, or regulatory capital for any prior periods.
  • 8A supplemental financial presentation (Exhibit 99.1) is attached to provide further details.

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