Preferred Stock

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

At December 31, 2022 and 2021, 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, 2022 and 2021, and the quarterly dividend declarations for the years ended December 31, 2022, 2021 and 2020.

	Shares(a)		Carrying value  (in millions)				Issue date	Contractual rate in effect at December 31, 2022		Earliest redemption date(b)	Floating annualized rate(c)	Dividend declared per share(d)
	December 31,		December 31,									Year ended December 31,
	2022	2021	2022		2021							2022		2021		2020
Fixed-rate:
Series Y	—	—	$	—	$	—	2/12/2015	—	%	3/1/2020	NA	$	—	$	—	$	153.13
Series AA	—	—	—		—		6/4/2015	—		9/1/2020	NA	—		305.00		610.00
Series BB	—	—	—		—		7/29/2015	—		9/1/2020	NA	—		307.50		615.00
Series DD	169,625	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	575.00		575.00		575.00
Series EE	185,000	185,000	1,850		1,850		1/24/2019	6.000		3/1/2024	NA	600.00		600.00		600.00
Series GG	90,000	90,000	900		900		11/7/2019	4.750		12/1/2024	NA	475.00		475.00		506.67		(e)
Series JJ	150,000	150,000	1,500		1,500		3/17/2021	4.550		6/1/2026	NA	455.00		321.03		NA		(e)
Series LL	185,000	185,000	1,850		1,850		5/20/2021	4.625		6/1/2026	NA	462.52		245.39		NA		(e)
Series MM	200,000	200,000	2,000		2,000		7/29/2021	4.200		9/1/2026	NA	420.00		142.33		NA		(e)
Fixed-to-floating-rate:
Series I	—	293,375	$	—	$	2,934	4/23/2008	—		4/30/2018	LIBOR + 3.47%	$	375.03	$	370.38	$	428.03
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	LIBOR + 3.25	515.00		515.00		515.00
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	LIBOR + 3.30	600.00		600.00		600.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	LIBOR + 3.78	675.00		675.00		675.00
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	LIBOR + 3.33	612.50		612.50		612.50
Series V	—	250,000	—		2,500		6/9/2014	—		7/1/2019	LIBOR + 3.32	340.91		353.65		436.85
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	LIBOR + 3.33	610.00		610.00		610.00
Series Z	—	200,000	—		2,000		4/21/2015	—		5/1/2020	LIBOR + 3.80	—		401.44		453.52
Series CC	125,750	125,750	1,258		1,258		10/20/2017	LIBOR + 2.58		11/1/2022	LIBOR + 2.58	526.27		462.50		462.50		(f)
Series FF	225,000	225,000	2,250		2,250		7/31/2019	5.000		8/1/2024	SOFR + 3.38	500.00		500.00		500.00
Series HH	300,000	300,000	3,000		3,000		1/23/2020	4.600		2/1/2025	SOFR + 3.125	460.00		460.00		470.22		(e)
Series II	150,000	150,000	1,500		1,500		2/24/2020	4.000		4/1/2025	SOFR + 2.745	400.00		400.00		341.11		(e)
Series KK	200,000	200,000	2,000		2,000		5/12/2021	3.650		6/1/2026	CMT + 2.85	365.00		201.76		NA		(e)
Total preferred stock	2,740,375	3,483,750	$	27,404	$	34,838

(a)Represented by depositary shares.

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

(c)Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above.

(d)Dividends on preferred stock are discretionary and non-cumulative. When declared, 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.

(e)The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.

(f)The dividend rate for Series CC preferred stock became floating and payable quarterly starting on November 1, 2022; prior to which the dividend rate was fixed at 4.625% or $231.25 per share payable semiannually.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $27.7 billion at December 31, 2022.

Redemptions

On October 31, 2022, the Firm redeemed all $2.93 billion of its fixed to floating rate non-cumulative perpetual preferred stock, Series I.

On October 3, 2022, the Firm redeemed all $2.5 billion of its fixed-to-floating rate non-cumulative preferred stock, Series V.

On February 1, 2022, the Firm redeemed all $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z.

On June 1, 2021, the Firm redeemed all $1.43 billion of its 6.10% non-cumulative preferred stock, Series AA and all $1.15 billion of its 6.15% non-cumulative preferred stock, Series BB.

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 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”).