JPMorgan Chase & Co. 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated April 17, 2002, reports the announcement of first-quarter 2002 financial results for JPMorgan Chase & Co. The filing references the implementation of SFAS 142, which impacted the comparability of 2001 results regarding goodwill amortization.
Key Financial Metrics
| Metric | Q1 2002 | Q4 2001 | Q1 2001 |
|---|---|---|---|
| Operating Earnings (Total) | $1,150 million | $356 million | $1,527 million |
| Operating Earnings Per Share | $0.57 | $0.17 | $0.74 |
| Reported Net Income | $982 million | Loss of $332 million | $1,199 million |
| Reported Net Income Per Share | $0.48 | Loss of $0.18 | $0.58 |
The filing does not provide specific values for revenue, cash flow, margins, debt, or liquidity in the text provided.
Material Changes
- Sequential Improvement: Operating earnings increased significantly from $356 million in Q4 2001 to $1,150 million in Q1 2002. Reported net income swung from a loss of $332 million in Q4 2001 to a profit of $982 million in Q1 2002.
- Year-Over-Year Decline: Operating earnings decreased from $1,527 million in Q1 2001 to $1,150 million in Q1 2002. Reported net income per share declined from $0.58 to $0.48.
- Accounting Adjustments: 2001 operating earnings figures were adjusted to add back goodwill amortization to ensure comparability with 2002 results under SFAS 142.
Outlook, Risks, and Unusual Items
Reported net income includes special items such as merger and restructuring costs, which caused a divergence between operating earnings and reported net income. The filing includes forward-looking statements based on management's current beliefs, subject to significant risks and uncertainties described in the 2001 Annual Report on Form 10-K. These risks could cause actual results to differ materially from expectations.
Investor Verification Checklist
- Verify the specific impact of merger and restructuring costs on the $982 million reported net income.
- Review the attached Press Release (Exhibit 99.1) and Financial Supplement (Exhibit 99.2) for detailed revenue and liquidity data not present in this summary text.
- Consult the 2001 Form 10-K for a comprehensive list of risks referenced in the forward-looking statements.
- Confirm the exact nature of the SFAS 142 adjustments applied to 2001 comparative figures.