Preferred Stock

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

Refer to Note 20 of JPMorgan Chase’s 2018 Form 10-K for a further discussion on preferred stock.

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2019 and December 31, 2018, and the quarterly dividend declarations for the three and nine months ended September 30, 2019 and 2018.

	Shares		Carrying value  (in millions)					Contractual rate in effect at September 30, 2019		Earliest redemption date(b)	Floating annualized rate of three-month LIBOR/Term SOFR plus:	Dividend declared per share(c)
	September 30, 2019(a)	December 31, 2018(a)	September 30, 2019		December 31, 2018		Issue date					Three months ended September 30,			Nine months ended September 30,
												2019		2018	2019		2018
Fixed-rate:
Series P	90,000	90,000	$	900	$	900	2/5/2013	5.450	%	3/1/2018	NA	$	136.25	$136.25	$	408.75	$408.75
Series T	—	92,500	—		925		1/30/2014	—		3/1/2019	NA	NA		167.50	167.50		502.50
Series W	—	88,000	—		880		6/23/2014	—		9/1/2019	NA	NA		157.50	472.50		472.50
Series Y	143,000	143,000	1,430		1,430		2/12/2015	6.125		3/1/2020	NA	153.13		153.13	459.39		459.39
Series AA	142,500	142,500	1,425		1,425		6/4/2015	6.100		9/1/2020	NA	152.50		152.50	457.50		457.50
Series BB	115,000	115,000	1,150		1,150		7/29/2015	6.150		9/1/2020	NA	153.75		153.75	461.25		461.25
Series DD	169,625	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	143.75		NA	431.25		NA
Series EE	185,000	—	1,850		—		1/24/2019	6.000		3/1/2024	NA	150.00		NA	361.67		NA
Fixed-to-floating-rate:
Series I	430,375	430,375	$	4,304	$	4,304	4/23/2008	LIBOR + 3.47%		4/30/2018	LIBOR + 3.47%	$	146.58	$148.45	$	455.09	$493.29	(d)
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	LIBOR + 3.25	128.75		128.75	386.25		386.25
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	LIBOR + 3.30	150.00		150.00	450.00		450.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	LIBOR + 3.78	168.75		168.75	506.25		506.25
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	LIBOR + 3.33	153.13		153.13	459.38		459.38
Series V	250,000	250,000	2,500		2,500		6/9/2014	LIBOR + 3.32%		7/1/2019	LIBOR + 3.32	144.11		125.00	394.11		375.00	(e)
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	LIBOR + 3.33	152.50		152.50	457.50		457.50
Series Z	200,000	200,000	2,000		2,000		4/21/2015	5.300		5/1/2020	LIBOR + 3.80	132.50		132.50	397.50		397.50
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	LIBOR + 2.58	115.63		115.63	346.88		346.88
Series FF	225,000	—	2,250		—		7/31/2019	5.000		8/1/2024	SOFR + 3.38	126.39		NA	126.39		NA	(f)
Total preferred stock	2,836,250	2,606,750	$	28,363	$	26,068

(a) Represented by depositary shares.

(b) Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date.

(c) 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.

(d) Prior to April 30, 2018, the dividend rate was fixed at 7.90%.

(e) Prior to July 1, 2019, the dividend rate was fixed at 5%.

(f) Dividends in the amount of $126.39 per share were declared on September 9, 2019 and include dividends from the original issue date of July 31, 2019 through October 31, 2019.

On October 31, 2019, the Firm announced and priced an offering of depositary shares representing $900 million of 4.75% non-cumulative preferred stock, Series GG. This issuance is expected to close on November 7, 2019. On November 1, 2019, the Firm announced that it will redeem all $900 million of its 5.45% non-cumulative preferred stock, Series P on December 1, 2019.

On October 30, 2019, the Firm redeemed $1.37 billion of its Series I fixed-to-floating rate non-cumulative perpetual preferred stock.

On September 1, 2019, the Firm redeemed all $880 million of its 6.3% non-cumulative preferred stock, series W.

On July 31, 2019, the Firm issued $2.25 billion of fixed-to-floating rate non-cumulative preferred stock, Series FF.

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.