Preferred Stock

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

At March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018.

	Shares		Carrying value  (in millions)				Issue date	Contractual rate in effect at March 31, 2019		Earliest redemption date	Date at which dividend rate becomes floating	Floating annual rate of three-month LIBOR plus:	Dividend declared per share(b)
	March 31, 2019(a)	December 31, 2018(a)	March 31, 2019		December 31, 2018								Three months ended March 31, 2019
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	—		925		1/30/2014	—		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	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	NA	143.75
Series EE	185,000	—	1,850		—		1/24/2019	6.000		3/1/2024	NA	NA	—		(c)
Fixed-to-floating-rate:
Series I	430,375	430,375	$	4,304	$	4,304	4/23/2008	LIBOR + 3.47%		4/30/2018	4/30/2018	LIBOR + 3.47%	155.51
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	5/1/2023	LIBOR + 3.25	128.75
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	8/1/2023	LIBOR + 3.30	150.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	2/1/2024	LIBOR + 3.78	168.75
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	4/30/2024	LIBOR + 3.33	153.13
Series V	250,000	250,000	2,500		2,500		6/9/2014	5.000		7/1/2019	7/1/2019	LIBOR + 3.32	125.00
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	10/1/2024	LIBOR + 3.33	152.50
Series Z	200,000	200,000	2,000		2,000		4/21/2015	5.300		5/1/2020	5/1/2020	LIBOR + 3.80	132.50
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	11/1/2022	LIBOR + 2.58	115.63
Total preferred stock	2,699,250	2,606,750	$	26,993	$	26,068

(a) Represented by depositary shares.

(b) Dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating-rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate.

(c) Dividends in the amount of $211.67 per share were declared on April 12, 2019, payable to stockholders of record on May 2, 2019.

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 March 1, 2019, the Firm redeemed all $925 million of its 6.70% non-cumulative preferred stock, Series T.

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”).