JPMorgan just gave itself an $8 billion boost [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Yahoo! Finance
It disclosed late Monday that an exchange of shares in credit card giant Visa ( V ) would result in an unrealized gain of $8 billion. That will be recorded as a pre-tax boost to earnings during the second quarter. What JPMorgan did was tender 37.2 million shares of Class B-1 common stock in Visa in exchange for some Class B-2 stock and Class C common stock. The fair-value accounting gain of $8 billion, the bank said, was related to the Class C stock. JPMorgan said it planned to donate about $1 billion of Class C common stock to the JPMorgan Chase Foundation, recording it as a non-compensation expense. JPMorgan's stock was flat Tuesday. Year to date, the stock is up more than 11%. The shares held by JPMorgan were a remnant of a time when Visa was a bank-owned cooperative. When Visa went public in 2008 those firms with ownership were given specific equity shares with different values and restrictions than those that traded in the open market. JPMorgan is one of the few bank
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- 5/17/24 - Form 424B2
- JPM's page on the SEC website