JPMorgan Restates Q1 Results

Bank review says employees tried to hide trading losses.

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.

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