Preferred Stock

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

At December 31, 2018 and 2017, 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 with respect to 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, 2018 and 2017.

	Shares at December 31,(a)		Carrying value  (in millions) at December 31,				Issue date	Contractual rate in effect at December 31, 2018		Earliest redemption date	Date at which dividend rate becomes floating	Floating annual rate of three-month LIBOR plus:	Dividend declared per share(b)
	2018	2017	2018		2017
Fixed-rate:
Series P	90,000	90,000	$	900	$	900	2/5/2013	5.450	%	3/1/2018	NA	NA	$136.25
Series T	92,500	92,500	925		925		1/30/2014	6.700		3/1/2019	NA	NA	167.50
Series W	88,000	88,000	880		880		6/23/2014	6.300		9/1/2019	NA	NA	157.50
Series Y	143,000	143,000	1,430		1,430		2/12/2015	6.125		3/1/2020	NA	NA	153.13
Series AA	142,500	142,500	1,425		1,425		6/4/2015	6.100		9/1/2020	NA	NA	152.50
Series BB	115,000	115,000	1,150		1,150		7/29/2015	6.150		9/1/2020	NA	NA	153.75
Series DD	169,625	—	1,696		—		9/21/2018	5.750		12/1/2023	NA	NA	111.81	(c)
Fixed-to-floating-rate:
Series I	430,375	600,000	4,304		6,000		4/23/2008	LIBOR + 3.47%		4/30/2018	4/30/2018	LIBOR + 3.47%	$395.00	(d)
													147.34	(d)
													148.45	(d)
													153.09	(d)
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	5/1/2023	LIBOR + 3.25	257.50
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	8/1/2023	LIBOR + 3.30	300.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	2/1/2024	LIBOR + 3.78	337.50
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	4/30/2024	LIBOR + 3.33	306.25
Series V	250,000	250,000	2,500		2,500		6/9/2014	5.000		7/1/2019	7/1/2019	LIBOR + 3.32	250.00
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	10/1/2024	LIBOR + 3.33	305.00
Series Z	200,000	200,000	2,000		2,000		4/21/2015	5.300		5/1/2020	5/1/2020	LIBOR + 3.80	265.00
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	11/1/2022	LIBOR + 2.58	231.25	(c)
Total preferred stock	2,606,750	2,606,750	$	26,068	$	26,068

(a) Represented by depositary shares.

(b) 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 payable quarterly after converting to a floating rate.

(c) Dividend per share is prorated based on the number of days outstanding for the period.

(d) The dividend rate for Series I preferred stock became floating and payable quarterly starting on April 30, 2018; prior to which the dividend rate was fixed at 7.90% or $395.00 per share payable semi annually. The Firm declared a dividend of $147.34, $148.45 and $153.09 per share on outstanding Series I preferred stock on June 15, 2018, September 14, 2018 and December 14, 2018, respectively.

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

On January 24, 2019, the Firm issued $1.85 billion of 6.00% non-cumulative preferred stock, Series EE, and on January 30, 2019, the Firm announced that it will redeem all $925 million of its outstanding 6.70% non-cumulative preferred stock, Series T, on March 1, 2019. On September 21, 2018, the Firm issued $1.7 billion of 5.75% non-cumulative preferred stock, Series DD. On October 30, 2018, the Firm redeemed $1.7 billion of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series I.

On October 20, 2017, the Firm issued $1.3 billion of fixed-to-floating rate non-cumulative preferred stock, Series CC, with an initial dividend rate of 4.625%. On December 1,

2017, the Firm redeemed all $1.3 billion of its outstanding 5.50% non-cumulative preferred stock, Series O. Quarterly dividend per share for Series O was $137.50 for the years ended December 31, 2017 and 2016.

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”).