8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 19, 2013

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware	1-5805	13-2624428
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. employer identification no.)

270 Park Avenue, New York, New York	10017
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On November 19, 2013, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) announced that it had reached a $13 billion settlement in principle negotiated by the President’s RMBS Working Group of the Financial Fraud Enforcement Task Force. The settlement resolves actual and potential civil claims by the Department of Justice and other regulators relating to residential mortgage-backed securities (“RMBS”) activities by JPMorgan Chase, Bear Stearns and Washington Mutual. The Firm is fully reserved for this settlement.

As a result of this settlement and the proposed settlement of representation and warranty claims announced on November 15, 2013, the Firm has resolved a significant portion of the RMBS-related civil litigation claims being defended by the Firm, and substantially all of the claims brought by federally insured and federally controlled entities.

JPMorgan Chase continues to cooperate with the ongoing criminal investigation by the Department of Justice.

A copy of the Firm’s press release relating to this settlement is attached as Exhibit 99.1. In addition, on November 19, 2013, the Firm held an investor presentation relating to mortgage-related settlements. Exhibit 99.2 is a copy of slides furnished for, and posted on the Firm’s website in connection with, the presentation. The information set forth in Exhibit 99.2 is being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.2 shall not be deemed to be incorporated by reference into the filings of the Firm under the Securities Act of 1933.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2012, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	JPMorgan Chase & Co. press release dated November 19, 2013
99.2	Investor Presentation — Mortgage-Related Settlements Update dated November 19, 2013

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	JPMorgan Chase & Co.
	(Registrant)
By:	/s/ Neila B. Radin
	Neila B. Radin
	Senior Vice President

Dated: November 19, 2013

3

INDEX TO EXHIBITS

Exhibit No.	Description of Exhibit
99.1	JPMorgan Chase & Co. press release dated November 19, 2013
99.2	Investor Presentation — Mortgage-Related Settlements Update dated November 19, 2013

4

EX-99.1

Exhibit 99.1

JPMorgan Chase & Co.

270 Park Avenue, New York, NY 10017-2070

NYSE symbol: JPM

www.jpmorganchase.com

News release: IMMEDIATE RELEASE

JPMORGAN CHASE REACHES SETTLEMENT WITH THE PRESIDENT’S TASK FORCE ON RESIDENTIAL MORTGAGE-BACKED SECURITIES

Company to host conference call with investors to detail agreement

New York, November 19, 2013 –JPMorgan Chase & Co. announced today that it has reached a $13 billion settlement in principle negotiated by the President’s RMBS Working Group of the Financial Fraud Enforcement Task Force. Today’s settlement resolves actual and potential civil claims by the Department of Justice (DoJ), several State Attorneys General (State AGs), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) relating to residential mortgage-backed securities (RMBS) activities by JPMorgan Chase, Bear Stearns and Washington Mutual.

Under the settlement, JPMorgan Chase will pay a total of $9 billion in cash and provide $4 billion in borrower relief. The cash portion consists of a $2 billion civil monetary penalty and $7 billion in compensatory payments, including a previously announced $4 billion payment to resolve FHFA’s litigation claims. Borrower relief will be in the form of principal reduction, forbearance and other direct benefits from various relief programs. JPMorgan Chase has committed to complete delivery of the promised relief to borrowers before the end of 2017.

JPMorgan Chase is fully reserved for this settlement.

Chairman and CEO Jamie Dimon commented: “We are pleased to have concluded this extensive agreement with the President’s RMBS Working Group and to have resolved the civil claims of the Department of Justice and others. Today’s settlement covers a very significant portion of legacy mortgage-backed securities-related issues for JPMorgan Chase, as well as Bear Stearns and Washington Mutual.”

The settlement concludes and terminates all pending civil enforcement investigations, including those by the Department of Justice and the State AGs from California, Delaware, Illinois, Massachusetts and New York, relating to RMBS activities by JPMorgan Chase, Bear Stearns and Washington Mutual.

The settlement also concludes and terminates all civil litigation claims brought by FDIC, FHFA and NCUA relating to securitizations of residential mortgage loans by JPMorgan Chase, Bear Stearns and Washington Mutual.

As a result of this settlement and the proposed settlement of representation and warranty claims announced on Friday, November 15, the company has resolved a significant portion of the RMBS-related civil litigation claims being defended by the company, and substantially all of the claims brought by federally insured and federally controlled entities.

JPMorgan Chase continues to cooperate with the ongoing criminal investigation by the Department of Justice.

Conference Call Details

The company will host a conference call today, Tuesday, November 19, 2013 at 4:30 p.m. (Eastern) to detail today’s settlement and other recently announced mortgage-related resolutions.

The live audio webcast and presentation slides will be available on www.jpmorganchase.com under Investor Relations, Investor Presentations prior to the call. The general public can also access the conference call by dialing the following numbers: (866) 541-2724 or (866) 786-8836 in the U.S. and Canada; (706) 634-7246 for international callers. Please dial in 10 minutes prior to the start of the call.

The replay will be available via webcast on www.jpmorganchase.com under Investor Relations, Investor Presentations. A replay of the conference call will also be available beginning at approximately 8:00 p.m. on November 19 through midnight, December 3 by telephone at (855) 859-2056 or (800) 585-8367 (U.S. and Canada); (404) 537-3406 (International); use Conference ID # 14559117.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking; financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Investor Contact:	Sarah Youngwood	Media Contact:	Brian Marchiony
	(212) 270-7325		212-270-7433

EX-99.2

November 19, 2013

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Exhibit 99.2

Executive Summary –

Mortgage-Related Settlements

Today, the Firm has reached a $13B global resolution with governmental parties regarding residential mortgage-

backed securities (“RMBS”) matters

The global settlement amount includes:

$4B previously announced settlement with FHFA

$4B in credit related to borrower programs

Separately, the Firm also announced:

On November 15

th

–

$4.5B settlement with investors represented by Gibbs & Bruns, which if fully approved,

releases the Firm from all representations and warranties and servicing claims related to all JPMorgan, Chase

and Bear Stearns private label RMBS trusts issued from 2005 to 2008

On October 25

th

–

$1.1B settlement with the GSEs to resolve their repurchase claims associated with whole

loan purchases from 2000 to 2008

The Firm is appropriately reserved for all of these matters

These comprehensive settlements materially reduce our mortgage-related exposure

1

Terms of Global Residential Mortgage-Backed Securities Settlement

The Firm has reached a global settlement with certain Federal entities and certain members of the President’s RMBS

Working Group to resolve all pending civil enforcement investigations and a significant amount of civil litigation claims

relating to RMBS issued or underwritten by JPMorgan Chase, Bear Stearns and Washington Mutual:

Department of Justice (“DOJ”)

States Attorneys General from New York, California, Illinois, Massachusetts and Delaware

Federal

Housing

Finance

Agency

(“FHFA”)

¹

Federal

Deposit

Insurance

Corporation

(“FDIC”)

¹

National

Credit

Union

Administration

(“NCUA”)

¹

Settlement of $13B:

$9B in cash, which includes:

–

$2B in civil monetary penalty

–

$4B in compensatory payment to FHFA for alleged losses relating to private label RMBS

–

Settlement announced October 25, 2013

–

$3B in other compensatory payments to the FDIC, NCUA and State AGs

$4B in credit related to borrower programs:

–

Principally

relief

in

the

form

of

modifications,

as

well

as

targeted

origination

programs

–

to

be

completed

by the

end of 2017

The Firm has agreed to waive indemnity rights against the FDIC and the WaMu Receivership for any amount from the

global settlement, including the prior FHFA settlement, but has retained all other contractual rights protecting it from

losses relating to conduct at WaMu before its failure

The Firm did not admit to any violations of the law; as part of the global settlement, the Firm has acknowledged the

Statement of Facts

¹

Civil actions brought by the FHFA, FDIC and NCUA involving $33.8B, $2.4B and $6.3B of securities, respectively

2

Gibbs & Bruns –

Terms of RMBS Trustee Settlement

3

The

Firm

has

reached

an

agreement

to

resolve

all

representations

and

warranties

and

servicing

claims

for

all

JPMorgan, Chase and Bear Stearns private label RMBS trusts issued from 2005 to 2008:

JPM has concluded negotiations with a group of institutional investors, represented by Gibbs & Bruns, with

a substantial footprint in those trusts

The

$4.5B

settlement,

if

fully

approved,

will

resolve

representations

and

warranties

and

servicing

claims

for

all

JPMorgan, Chase and Bear Stearns 2005 to 2008 trusts

This settlement does not resolve representations and warranties and servicing claims related to

Washington

Mutual

trusts;

JPM

is

pursuing

its

rights

against

the

FDIC

The servicing component includes the mandatory transfer of most delinquent loans to sub-servicers and other

changes

Institutional

investors

and

JPM

are

seeking

the

trustees’

acceptance

of

the

agreement:

The settlement agreement is subject to review and approval by the trustees for these trusts

Trustees

may

seek

court

approval

of

their

decision

to

accept

the

settlement

agreement

-

Remaining Mortgage-Related Risks

Criminal

investigation

by

the

DOJ

–

ongoing

and

the

Firm

is

cooperating

A narrower set of civil mortgage-related risks remains, including:

Actions by monoline insurance companies

Some additional class action and individual direct purchaser litigation

Mortgage claims relating to disputed insurance on FHA loans

4

Forward-looking statements

5

This presentation contains forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and

expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and

uncertainties. Actual results may differ from those set forth in the forward-looking statements.

Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those

described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual

Report on Form 10-K for the year ended December 31, 2012, and Quarterly Reports on

Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013,

which have been filed with the Securities and Exchange Commission and are available on

JPMorgan Chase & Co.’s website (http://investor.shareholder.com/jpmorganchase), and on the

Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does

not undertake to update the forward-looking statements to reflect the impact of circumstances or

events that may arise after the date of the forward-looking statements.