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J.P. Morgan Restated 1Q Cites 'Material Weakness'

J.P.Morgan Chase & Co. (JPM) on Thursday admitted to a "material weakness" in the bank's internal controls in filing its restated first-quarter results, which included the loss resulting from ill-placed investment hedges. The company's restated first-quarter profit of $4.92 billion, down $459 million from the original report, matched what the company announced last month. In a filing with the Securities and Exchange Commission, J.P.Morgan said it "determined that a material weakness existed in the firm's internal control over financial reporting as of March 31, 2012." The bank reiterated that remedies had been taken but that "management's internal review" of the matter is ongoing. The nation's largest bank by assets had to restate its first-quarter report because losses from its synthetic credit portfolio disclosed earlier this year had unexpectedly impacted results in the quarter. When it reported second-quarter earnings last month, J.P.Morgan Chase had said the losses tied to trades known as the London Whale had amounted to $5.8 billion as of July, but that not all the losses were booked in the second-quarter. J.P.Morgan's second-quarter profit was $4.96 billion. The bank reiterated Thursday that it detected some employees had tried to hide the losses in the first-quarter, and that it therefore had to restate results. Write to Matthias Rieker at matthias.rieker@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Jp Morgan Chase (JPM)
DateTimeHeadline
06/24/201618:10:00Bank Shares Plummet Around the World, but Europe Fares Worst
06/24/201616:50:48Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201616:40:00Brexit' Vote Leads to Frantic Day for Trading Desks, With Chill...
06/24/201616:26:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201616:17:57Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201616:10:31Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201616:09:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201615:16:20Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201614:50:00European Banks Take Beating After 'Brexit' Vote -- Update
06/24/201612:49:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201612:30:00J.P. Morgan Says 'Brexit' Hasn't Led to Trading or Liquidity...
06/24/201611:48:06Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201611:44:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201611:40:51Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201609:09:00European Banks Take Beating After 'Brexit' Vote -- 2nd Update
06/24/201606:03:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201606:03:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201606:03:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201606:03:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/24/201606:02:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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