8-KRegulation FDExhibits & Filings

JPMORGAN CHASE & CO 8-K Report, Regulation FD Disclosure (Mar 20, 2014)

Filed March 20, 2014For Securities:JPMJPM-PCJPM-PDJPM-PKJPM-PLJPM-PMJPM-PJAMJBVYLD

Summary

JPMorgan Chase & Co. (JPM) filed an 8-K on March 20, 2014, to disclose the results of its company-run 2014 Dodd-Frank Act Stress Test (DFAST). These results are based on the Federal Reserve Board's "severely adverse scenario" assumptions released in November 2013. The filing includes a press release and the detailed stress test disclosure, furnished under Regulation FD, meaning they are not officially "filed" for Section 18 liability purposes. Investors should note that these company-run results do not represent the Federal Reserve's final judgment on JPM's capital plan and proposed capital actions. The Federal Reserve will make its own determination based on both quantitative and qualitative factors, with public disclosure of its decision expected on March 26, 2014. This 8-K serves primarily to provide transparency regarding JPM's internal assessment of its resilience under stressed economic conditions.

Key Highlights

  • 1JPM released results of its 2014 company-run Dodd-Frank Act Stress Test (DFAST).
  • 2The stress test results are based on the Federal Reserve's supervisory "severely adverse scenario" from November 1, 2013.
  • 3The disclosure includes a press release (Exhibit 99.1) and the full 2014 Annual Stress Test Disclosure (Exhibit 99.2).
  • 4Information is furnished under Regulation FD and not deemed "filed" under Section 18 of the Securities Exchange Act.
  • 5These company-run results do not pre-judge the Federal Reserve's evaluation of JPM's capital plan.
  • 6The Federal Reserve's decision on JPM's capital plan and actions is expected publicly on March 26, 2014.
  • 7Investors are cautioned against drawing conclusions about the Fed's judgment solely from these company-run test results.

Frequently Asked Questions

The primary purpose of this 8-K is to publicly disclose the results of JPM's company-run 2014 Dodd-Frank Act Stress Test (DFAST), providing transparency to investors about how the firm performed under hypothetical severe economic conditions.

No, these are "company-run" results. While they are based on the Federal Reserve's scenario, they do not represent the Fed's official judgment on JPM's capital plan or proposed capital actions. The Fed will make its own determination based on multiple factors.

The Federal Reserve Board is expected to publicly disclose its decision regarding JPM's capital plan and proposed capital actions on March 26, 2014.

The detailed results are available in Exhibit 99.2 of this 8-K filing, titled '2014 Annual Stress Test Disclosure'. A press release summarizing the information is also attached as Exhibit 99.1.