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Preferred Stock
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
Refer to Note 21 of JPMorgan Chase’s 2023 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 March 31, 2024 and December 31, 2023, and the quarterly dividend declarations for the three months ended March 31, 2024 and 2023.
Shares(a)
Carrying value
 (in millions)
Contractual rate in effect at March 31, 2024
Earliest redemption date(b)
Floating annualized rate(c)
Dividend declared
per share
March 31, 2024December 31, 2023March 31, 2024December 31, 2023Issue dateThree months ended March 31,
20242023
Fixed-rate:
Series DD
169,625 169,625 $1,696 $1,696 9/21/20185.750 %12/1/2023NA$143.75 $143.75 
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00 150.00 
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75 118.75 
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA113.75 113.75 
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA115.63 115.63 
Series MM
200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA105.00 105.00 
Fixed-to-floating rate:
Series Q
150,000 150,000 1,500 1,500 4/23/2013
 SOFR + 3.25
5/1/2023
SOFR + 3.25
220.45 128.75 
(d)
Series R
150,000 150,000 1,500 1,500 7/29/2013
SOFR + 3.30
8/1/2023
SOFR + 3.30
221.70 150.00 
(e)
Series S
200,000 200,000 2,000 2,000 1/22/2014
SOFR + 3.78
2/1/2024
SOFR + 3.78
233.70 168.75 
(f)
Series U
100,000 100,000 1,000 1,000 3/10/20146.125 4/30/2024
SOFR + 3.33
153.13 153.13 
Series X
160,000 160,000 1,600 1,600 9/23/20146.100 10/1/2024
SOFR + 3.33
152.50 152.50 
Series CC
125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
203.70 182.79 
Series FF
225,000 225,000 2,250 2,250 7/31/20195.000 8/1/2024
SOFR + 3.38
125.00 125.00 
Series HH
300,000 300,000 3,000 3,000 1/23/20204.600 2/1/2025
SOFR + 3.125
115.00 115.00 
Series II
150,000 150,000 1,500 1,500 2/24/20204.000 4/1/2025
SOFR + 2.745
100.00 100.00 
Series KK200,000 200,000 2,000 2,000 5/12/20213.650 6/1/2026
CMT + 2.85
91.25 91.25 
Series NN
250,000 NA2,496 NA3/12/20246.875 6/1/2029
CMT + 2.737
— NA
(g)
Total preferred stock2,990,375 2,740,375 $29,900 $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)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%.
(e)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%.
(f)The dividend rate for Series S preferred stock became floating and payable quarterly starting on February 1, 2024; prior to which the dividend rate was fixed at 6.75% or $337.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on February 1, 2024 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.78%.
(g)As of March 31, 2024, no dividends had been declared on the Series NN preferred stock since the original issue date of March 12, 2024.
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 $30.2 billion at March 31, 2024.
On March 12, 2024, the Firm issued $2.5 billion of fixed-rate reset non-cumulative preferred stock, Series NN.
Redemptions
On May 1, 2024, the Firm redeemed all $5.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Q, Series R and Series S.
On April 30, 2024, the Firm redeemed all $1.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series U.