JPMorgan restates Q1 results, citing trader marks

JPMorgan Chase & Co said it had made $459 million less in the first quarter than it previously reckoned, because traders in its Chief Investment Office had misstated the value of their positions.

The company said the mis-statements reflected material weaknesses in its internal control over financial reporting in the first quarter.

The restatement will reduce the company's first-quarter earnings, but will also reduce the CIO's trading losses in the second quarter.