NEW YORK (AFX) - JPMorgan Chase & Co. on Thursday filed forms with the Securities and Exchange Commission restating cash flow figures to reflect a change in the way it is accounting for some mortgages.
The New York-based bank, the nation's third largest, restated 'consolidated statements of cash flows' for the first quarter of this year and several earlier years.
'The restatements result solely from the misclassification of cash flows related to certain residential mortgages and other loans that had been originated or purchased with the intent to sell,' JPMorgan Chase said in a statement.
The changes, it said, would not affect income statements or balance sheets or net income or earnings per share.
According to the company's 8-K filing with the SEC, the bank had classified the cash flow of residential mortgages it intended to sell as 'investing activities;' with the restatement, it was changing this to 'operating activities.'
The value of the mortgages was not given.
JPMorgan Chase has assets of $1.3 trillion and operates in more than 50 countries.
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