JPMorgan Chase London Whale F: Required Securities Disclosures

Yale Program on Financial Stability Case Study 2014-2F-V1

15 Pages Posted: 18 Mar 2015

See all articles by Arwin G Zeissler

Arwin G Zeissler

Yale University - Yale Program on Financial Stability

Giulio Girardi

Securities and Exchange Commission

Andrew Metrick

Yale School of Management; National Bureau of Economic Research (NBER); Yale University - Yale Program on Financial Stability

Date Written: December 1, 2014

Abstract

On April 13, 2012, JPMorgan Chase (JPM) Chief Financial Officer Douglas Braunstein took part in a conference call to discuss the bank’s first quarter 2012 earnings. Coming just a week after media reports first questioned the risks taken by JPM derivatives trader Bruno Iksil, Braunstein made a series of assertions about the trades. On May 10, JPM finalized its first quarter financial results, which included some disclosures regarding Iksil’s trading that were substantially different from Braunstein’s statements of April 13. At issue is whether the regulatory filings on April 13 and May 10, as well as verbal comments by Braunstein and Chief Executive Officer Jamie Dimon on those dates, were potentially misleading to investors and thus violated relevant securities laws enforced by the Securities and Exchange Commission. 

Keywords: Systemic Risk, Financial Crises, Financial Regulation

JEL Classification: G01, G28

Suggested Citation

Zeissler, Arwin G and Girardi, Giulio and Metrick, Andrew, JPMorgan Chase London Whale F: Required Securities Disclosures (December 1, 2014). Yale Program on Financial Stability Case Study 2014-2F-V1. Available at SSRN: https://ssrn.com/abstract=2577860 or http://dx.doi.org/10.2139/ssrn.2577860

Arwin G Zeissler

Yale University - Yale Program on Financial Stability ( email )

165 Whitney Avenue
P.O. Box 208200
New Haven, CT 06520-8200
United States

Giulio Girardi

Securities and Exchange Commission ( email )

Washington, DC
United States

Andrew Metrick (Contact Author)

Yale School of Management ( email )

165 Whitney Avenue
New Haven, CT 06511
United States
(203)-432-3069 (Phone)

HOME PAGE: http://faculty.som.yale.edu/andrewmetrick/

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Yale University - Yale Program on Financial Stability

165 Whitney Avenue
P.O. Box 208200
New Haven, CT 06520-8200
United States

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