August 9, 2012 / 12:07 PM / 6 years ago

JPMorgan files formal first-quarter restatement

JPMorgan Chase & Co's international headquarters are seen on Park Avenue in New York July 13, 2012. REUTERS/Andrew Burton

(Reuters) - JPMorgan Chase & Co (JPM.N) filed a formal restatement of its first-quarter results on Thursday to reflect its conclusion that the values of derivatives positions on a London trading desk were originally overstated.

The filing took the form of an amended form 10-Q submitted to the U.S. Securities and Exchange Commission. The filing, like the company’s July 13 announcement, said first-quarter net income was $4.92 billion, or $459 million less than originally reported.

The reduction reflected a pre-tax loss of nearly $6 billion this year that JPMorgan has disclosed from so-called “London Whale” trades in the company’s Chief Investment Office.

Reporting by David Henry in New York; Editing by Gerald E. McCormick

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