Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

JPMorgan Restates Results as Bank Suggests Workers Hid Loss

JPMorgan’s ‘London Whale,’ Two Bosses Leave Bank, WSJ Reports
A pedestrian walks past the offices of JPMorgan Chase & Co. in the business and financial district of Canary Wharf in London, U.K. Photographer: Simon Dawson/Bloomberg

JPMorgan Chase & Co., the largest U.S. bank by assets, restated first-quarter results to reduce net income by $459 million after a review of the firm’s chief investment office found that employees may have hid losses.

Net income was $4.92 billion, rather than the $5.38 billion previously reported, the New York-based bank said today in a regulatory filing. The CIO was responsible for trading losses that the bank estimated at $2 billion in May.

“Recently discovered information raises questions about the integrity of the trader marks, and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses being incurred in the portfolio during the first quarter,” the bank said.

Chief Executive Officer Jamie Dimon is seeking to restore confidence in the bank after initially calling reports on the CIO’s trades a “complete tempest in a teapot” as the bank released first-quarter earnings in April. The bank today said it found a material weakness in internal controls for that period.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.