Common Stock

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Common Stock

Common stock

At December 31, 2022 and 2021, JPMorgan Chase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share.

Common shares issued (reissuances from treasury) by JPMorgan Chase during the years ended December 31, 2022, 2021 and 2020 were as follows.

Year ended December 31, (in millions)	2022	2021	2020
Total issued – balance at January 1	4,104.9	4,104.9	4,104.9
Treasury – balance at January 1	(1,160.8)	(1,055.5)	(1,020.9)
Repurchase	(23.1)	(119.7)	(50.0)
Reissuance:
Employee benefits and compensation plans	12.0	13.5	14.2
Employee stock purchase plans	1.2	0.9	1.2
Total reissuance	13.2	14.4	15.4
Total treasury – balance at December 31	(1,170.7)	(1,160.8)	(1,055.5)
Outstanding at December 31	2,934.2	2,944.1	3,049.4

Effective May 1, 2022, the Firm is authorized to purchase up to $30 billion of common shares under its common share repurchase program, which superseded the previously approved repurchase program under which the Firm was authorized to purchase up to $30 billion of common shares. In the second half of 2022, as a result of the expected increases in regulatory capital requirements, the Firm temporarily suspended share repurchases. In the first quarter of 2023, the Firm resumed repurchasing shares under its common share repurchase program.

The following table sets forth the Firm’s repurchases of common stock for the years ended December 31, 2022, 2021 and 2020.

Year ended December 31, (in millions)	2022		2021(a)		2020(b)
Total number of shares of common stock repurchased	23.1		119.7		50.0
Aggregate purchase price of common stock repurchases	$	3,122	$	18,448	$	6,397

(a)As directed by the Federal Reserve, total net repurchases and common stock dividends in the first and second quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. Effective July 1, 2021, the Firm became subject to the normal capital distribution restrictions provided under the regulatory capital framework.

(b)On March 15, 2020, in response to the economic disruptions caused by the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020.

The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion, and the timing of purchases and the exact amount of common shares that may be repurchased is subject to various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); internal capital generation; and alternative investment opportunities. The $30 billion common share repurchase program approved by the Board does not establish specific price targets or timetables. The repurchase program may be suspended by management at any time; and may be executed through open market purchases or privately negotiated transactions, or utilizing Rule 10b5-1 plans, which are written trading plans that the Firm may enter into from time to time under Rule 10b5-1 of the Securities Exchange Act of 1934 and which allow the Firm to repurchase its common shares during periods when it may otherwise not be repurchasing common shares — for example, during internal trading blackout periods.

As of December 31, 2022, approximately 58.9 million shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, and directors’ compensation plans.