News Summary: JPMorgan restates 1Q profit

AP News
Posted: Aug 09, 2012 2:27 PM

FORMAL RESTATEMENT: JPMorgan Chase & Co. revised its first-quarter financial results to show a lower profit, after deciding that traders at its main investment arm had overstated the value of certain derivatives.

THE DETAILS: On a per share basis, the results came to $1.19, versus the $1.31 originally reported.

REGULATORS FORCE MORE: JPMorgan's regulators, the Federal Reserve and the Office of the Comptroller of the Currency, told the bank to restate a measure of financial strength for the first and second quarters. The bank revised those lower to reflect the higher level of risk at the firm.