JPMorgan Chase's much anticipated second quarter earnings report is turning out to be even more interesting than anyone anticipated.

Shortly before reporting its second quarter earnings, JPMorgan Chase filed a statement with the Securities and Exchange Commission saying to it was restating its first-quarter earnings because of concerns that traders it its Chief Investment Office had misstated the value of credit derivatives positions in an effort to avoid showing the full amount of losses the unit had taken. The CIO is the group that housed Bruno Iksil, the so-called London Whale.

The restatement reduces JPMorgan’s first quarter net income by $459 million.

JP Morgan reported a second quarter profit of $5 billion, down 9 percent.

We'll be liveblogging the conference call right here (you can listen to it on JP Morgan's page here ). Refresh this page for update.

LIVE BLOG

9:33 a.m.: The call is done. We'll have more analysis at NetNet once we've refreshed our supply of coffee. Plenty of more coverage on the CNBC.com mainpage and, of course, on your cable network viewing devices.

I'll likely be on Power Lunch today, beginning at 1:00 p.m.