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.