Preferred stock

At December 31, 2015 and 2014, JPMorgan Chase was authorized to issue 200 million shares of preferred stock, in one or more series, with a par value of $1 per share.

In the event of a liquidation or dissolution of the Firm, JPMorgan Chase’s preferred stock then outstanding takes precedence over the Firm’s common stock for the payment of dividends and the distribution of assets.

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of December 31, 2015 and 2014.



	Shares at December 31,^(a)		Carrying value (in millions) at December 31,				Issue date	Contractual rate in effect at December 31, 2015		Earliest redemption date	Date at which dividend rate becomes floating	Floating annual rate of three-month LIBOR plus:


	2015	2014	2015		2014
Fixed-rate:
Series O	125,750	125,750	$	1,258	$	1,258	8/27/2012	5.500	%	9/1/2017	NA	NA
Series P	90,000	90,000	900		900		2/5/2013	5.450		3/1/2018	NA	NA
Series T	92,500	92,500	925		925		1/30/2014	6.700		3/1/2019	NA	NA
Series W	88,000	88,000	880		880		6/23/2014	6.300		9/1/2019	NA	NA
Series Y	143,000	—	1,430		—		2/12/2015	6.125		3/1/2020	NA	NA
Series AA	142,500	—	1,425		—		6/4/2015	6.100		9/1/2020	NA	NA
Series BB	115,000	—	1,150		—		7/29/2015	6.150		9/1/2020	NA	NA

Fixed-to-floating-rate:
Series I	600,000	600,000	6,000		6,000		4/23/2008	7.900	%	4/30/2018	4/30/2018	LIBOR + 3.47	%
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	5/1/2023	LIBOR + 3.25
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	8/1/2023	LIBOR + 3.30
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	2/1/2024	LIBOR + 3.78
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	4/30/2024	LIBOR + 3.33
Series V	250,000	250,000	2,500		2,500		6/9/2014	5.000		7/1/2019	7/1/2019	LIBOR + 3.32
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	10/1/2024	LIBOR + 3.33
Series Z	200,000	—	2,000		—		4/21/2015	5.300		5/1/2020	5/1/2020	LIBOR + 3.80
Total preferred stock	2,606,750	2,006,250	$	26,068	$	20,063


(a)	Represented by depositary shares.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus any accrued but unpaid dividends.

Dividends on fixed-rate preferred stock are payable quarterly. Dividends on fixed-to-floating-rate preferred stock are payable semiannually while at a fixed rate, and will become payable quarterly after converting to a floating rate.

On September 1, 2013, the Firm redeemed all of the outstanding shares of its 8.625% Non-Cumulative Preferred Stock, Series J at their stated redemption value.

Redemption rights

Each series of the Firm’s preferred stock may be redeemed on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series except Series I may also be redeemed following a “capital treatment event”, as described in the terms of each series. Any redemption of the Firm’s preferred stock is subject to non-objection from the Board of Governors of the Federal Reserve System (the “Federal Reserve”).