JPMorgan Chase Restates Earnings

    Pedestrians pass in front of the JP Morgan Chase & Co. headquarters in New York, U.S., on Friday, July 6, 2012. JP Morgan Chase & Co. is scheduled to release earnings data on July 13. Photographer: Scott Eells/Bloomberg via Getty Images

    Scott Eells / Bloomberg via Getty Images

    JPMorgan Chase has restated its first quarter results after it was discovered that the bank’s employees may have covered up losses. The new results announcement caused stock futures to rise Friday morning, just 90 minutes before the stock market opened. “Recently discovered information raises questions about the integrity of the trader makers, and suggests that certain individuals may have been seeking to avoid showing the full amount of losses being incurred in the portfolio during the first quarter,” the bank said. JPMorgan Chase’s original first quarter report claimed the bank had netted $5.38 billion. The restated results show closer to $4.92 billion was earned.

    Read it at Bloomberg