Summary
This Form 8-K filing by JPMorgan Chase & Co. (JPM) primarily serves to announce revisions to previously filed financial reports, specifically the March 31, 2011 10-Q and the 2010 10-K, to reflect a reorganization of its business segments effective July 1, 2011. The key change involves the "Auto and Student Lending" business being moved from the "Retail Financial Services" (RFS) segment to "Card Services & Auto" (Card).
Key Highlights
- 1JPMorgan Chase is revising its March 2011 10-Q and 2010 10-K filings to reflect a business segment reorganization.
- 2The business segment changes became effective on July 1, 2011.
- 3Auto and Student Lending have been moved from Retail Financial Services (RFS) to the Card Services & Auto (Card) segment.
- 4Retail Financial Services (RFS) segment is now organized into two components: Consumer & Business Banking and Mortgage Banking.
- 5These revisions are made to align with the new segment structure.
- 6Importantly, the revisions do not impact reported net income, earnings per share, total assets, stockholders' equity, or regulatory capital for any previously reported periods.
- 7The filing also includes revised financial statements and management's discussion and analysis for the March 31, 2011 quarter in Exhibit 99.