Summary
JPMorgan Chase & Co. (JPM) filed an 8-K on December 4, 2012, to disclose a reorganization of its business segments, effective in the fourth quarter of 2012. This filing provides supplemental financial information to help investors understand how past results would have been presented under the new structure. The primary changes involve the combination of Retail Financial Services and Card Services & Auto into a new Consumer & Community Banking (CCB) segment, and the merger of the Investment Bank and Treasury & Securities Services into a new Corporate & Investment Bank (CIB) segment. The company emphasizes that this reorganization does not represent a restatement of previously issued financial statements and does not impact reported net income, earnings per share, total assets, stockholders' equity, or regulatory capital for any prior periods. A presentation containing the revised supplemental financial information for seven quarters through 3Q12, as well as full years 2011 and 2010, is attached as an exhibit.
Key Highlights
- 1JPMorgan Chase has reorganized its business segments, effective Q4 2012.
- 2Retail Financial Services (RFS) and Card Services & Auto (Card) are now combined into Consumer & Community Banking (CCB).
- 3Investment Bank (IB) and Treasury & Securities Services (TSS) are now combined into Corporate & Investment Bank (CIB).
- 4Commercial Banking (CB) and Asset Management (AM) segments remain unchanged.
- 5A technology function for online/mobile banking was moved from Corp/PE to CCB, with no material impact.
- 6This filing is for supplemental disclosure and does not restate prior financial statements.
- 7The reorganization does not affect previously reported net income, EPS, assets, equity, or regulatory capital.