Bank of America, meanwhile, recorded a $2.2 billion fair-value option gain on structured notes it inherited from Merrill Lynch, and Chief Financial Officer Joe Price disclosed on the company's first-quarter conference call that it had another $1.5 billion or so in other CVA gains across its global markets businesses. And at JPMorgan Chase & Co., revaluations of structured notes and derivatives based on changes in the company's own credit spread had a first-quarter earnings impact of more than $1 billion.