XML 59 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Preferred Stock
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
At December 31, 2023 and 2022, 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, 2023 and 2022, and the quarterly dividend declarations for the years ended December 31, 2023, 2022 and 2021.
Shares(a)
Carrying value
 (in millions)		Issue date
Contractual rate
in effect at
December 31, 2023
Earliest redemption date(b)
Floating annualized
rate(c)
Dividend declared per share(d)
December 31,December 31,Year ended December 31,
2023202220232022202320222021
Fixed-rate:
Series AA
— — $— $— 6/4/2015— %9/1/2020NA$— $— $305.00 
Series BB
— — — — 7/29/2015— 9/1/2020NA— — 307.50 
Series DD
169,625 169,625 1,696 1,696 9/21/20185.750 12/1/2023NA575.00 575.00 575.00 
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA600.00 600.00 600.00 
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA475.00 475.00 475.00 
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA455.00 455.00 321.03 
(e)
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA462.52 462.52 245.39 
(e)
Series MM200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA420.00 420.00 142.33 
(e)
Fixed-to-floating rate:
Series I
— — $— $— 4/23/2008— %4/30/2018— %$— $375.03 $370.38 
Series Q
150,000 150,000 1,500 1,500 4/23/2013
SOFR + 3.25
5/1/2023
SOFR + 3.25
801.41 515.00 515.00 
(f)
Series R
150,000 150,000 1,500 1,500 7/29/2013
SOFR + 3.30
8/1/2023
SOFR + 3.30
756.73 600.00 600.00 
(g)
Series S200,000 200,000 2,000 2,000 1/22/20146.750 2/1/2024
SOFR + 3.78
675.00 675.00 675.00 
Series U
100,000 100,000 1,000 1,000 3/10/20146.125 4/30/2024
SOFR + 3.33
612.50 612.50 612.50 
Series V— — — — 6/9/2014— 7/1/2019— — 340.91 353.65 
Series X
160,000 160,000 1,600 1,600 9/23/20146.100 10/1/2024
SOFR + 3.33
610.00 610.00 610.00 
Series Z
— — — — 4/21/2015— 5/1/2020— — — 401.44 

Series CC
125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
804.08 526.27 462.50 
(h)
Series FF
225,000 225,000 2,250 2,250 7/31/20195.000 8/1/2024
SOFR + 3.38
500.00 500.00 500.00 
Series HH300,000 300,000 3,000 3,000 1/23/20204.600 2/1/2025
SOFR + 3.125
460.00 460.00 460.00 
Series II150,000 150,000 1,500 1,500 2/24/20204.000 4/1/2025
SOFR + 2.745
400.00 400.00 400.00 
Series KK200,000 200,000 2,000 2,000 5/12/20213.650 6/1/2026
CMT + 2.85
365.00 365.00 201.76 
(e)
Total preferred stock2,740,375 2,740,375 $27,404 $27,404 
(a)Represented by depositary shares.
(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)Effective June 30, 2023, CME Term SOFR became the replacement reference rate for fixed-to-floating rate preferred stock issued by the Firm that formerly referenced U.S. dollar LIBOR. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted.
(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 Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%.
(g)The dividend rate for Series R preferred stock became floating and payable quarterly starting on August 1, 2023; prior to which the dividend rate was fixed at 6.00% or $300.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30%.
(h)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. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 2.58%.
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, 2023.
Redemptions
On October 31, 2022, the Firm redeemed all $2.9 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.
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”).