8-KOther EventsExhibits & Filings

JPMORGAN CHASE & CO 8-K Report, Corporate Update (Nov 4, 2011)

Filed November 4, 2011For Securities:JPMJPM-PCJPM-PDJPM-PKJPM-PLJPM-PMJPM-PJAMJBVYLD

Summary

JPMorgan Chase & Co. filed this Form 8-K on November 4, 2011, primarily to report revisions to its previously filed Annual Report on Form 10-K for the year ended December 31, 2010, and its Quarterly Reports for the periods ending March 31, 2011, and June 30, 2011. The core purpose of these revisions is to reflect a reorganization of the company's business segments, effective July 1, 2011. Specifically, the Auto and Student Lending businesses have been moved from the Retail Financial Services (RFS) segment and consolidated with Card Services into a new 'Card' segment. The RFS segment itself has been redefined to include Consumer & Business Banking and Mortgage Banking. Importantly, the company states that these segment reclassifications do not impact previously reported net income, earnings per share, total assets, stockholders' equity, or regulatory capital. Investors should note that this filing is focused on structural reporting changes rather than new financial performance data.

Key Highlights

  • 1JPMorgan Chase is filing an 8-K to revise its 2010 10-K and 2011 10-Q filings.
  • 2The revisions are due to a reorganization of business segments effective July 1, 2011.
  • 3Auto and Student Lending are moved from Retail Financial Services (RFS) to be combined with Card Services into a single 'Card' segment.
  • 4Retail Financial Services (RFS) is redefined to include Consumer & Business Banking and Mortgage Banking.
  • 5The company explicitly states these changes do not affect previously reported net income, EPS, total assets, equity, or regulatory capital.
  • 6The filing provides revised sections of the 2010 10-K and includes an Exhibit 99 with updated segment information.
  • 7XBRL interactive data files are provided for the revised financial statements.

Frequently Asked Questions

The primary purpose of this 8-K filing is to update and correct previously filed financial reports (2010 10-K and 2011 10-Qs) to reflect a reorganization of JPMorgan Chase's business segments that became effective on July 1, 2011.

No, the company explicitly states that these segment reclassifications do not alter previously reported net income, earnings per share, total assets, stockholders' equity, or regulatory capital for any of the affected periods.

Auto and Student Lending were moved from the Retail Financial Services segment and are now reported within a combined 'Card' segment alongside Card Services. The Retail Financial Services segment was subsequently redefined to comprise Consumer & Business Banking and Mortgage Banking.

This filing revises information contained within JPMorgan Chase's Annual Report on Form 10-K for the year ended December 31, 2010, as well as its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011, and June 30, 2011. An updated Exhibit 99 containing revised segment disclosures is also provided.