JPMorgan revises 1Q profit down amid trading probe
NEW YORK (AP) -- JPMorgan Chase & Co. is revising its first-quarter financial results to show a lower profit, after deciding that the value of certain derivatives held by its main investment arm was overstated.
The reduction followed the bank's internal investigation into the nearly $6 billion in trading losses revealed in recent months.
In a regulatory filing, the New York bank said the probe found information that "suggested that certain individuals may have been seeking to avoid showing the full amount of the losses being incurred."
The bank now says that it earned $4.92 billion for the quarter ended March 31. That's $459 million less than the $5.38 billion originally reported.
On a per share basis, the results came to $1.19, versus the $1.31 originally reported.
(Copyright 2012 by The Associated Press. All Rights Reserved.)