Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stock by class

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2024 and December 31, 2023, and the quarterly dividend declarations for the three and nine months ended September 30, 2024 and 2023.

	Shares(a)		Carrying value  (in millions)					Contractual rate in effect at September 30, 2024		Earliest redemption date(b)	Floating annualized rate(c)	Dividend declared per share
	September 30, 2024	December 31, 2023	September 30, 2024		December 31, 2023		Issue date					Three months ended September 30,				Nine months ended September 30,
												2024		2023		2024	2023
Fixed-rate:
Series DD	169,625	169,625	$	1,696	$	1,696	9/21/2018	5.750	%	12/1/2023	NA	$	143.75	$	143.75	$431.25	$431.25
Series EE	185,000	185,000	1,850		1,850		1/24/2019	6.000		3/1/2024	NA	150.00		150.00		450.00	450.00
Series GG	90,000	90,000	900		900		11/7/2019	4.750		12/1/2024	NA	118.75		118.75		356.25	356.25
Series JJ	150,000	150,000	1,500		1,500		3/17/2021	4.550		6/1/2026	NA	113.75		113.75		341.25	341.25
Series LL	185,000	185,000	1,850		1,850		5/20/2021	4.625		6/1/2026	NA	115.63		115.63		346.89	346.89
Series MM	200,000	200,000	2,000		2,000		7/29/2021	4.200		9/1/2026	NA	105.00		105.00		315.00	315.00
Fixed-to-floating rate:
Series Q	—	150,000	—		1,500		4/23/2013	—		5/1/2023	SOFR + 3.25	—		227.02		220.45	574.25	(d)
Series R	—	150,000	—		1,500		7/29/2013	—		8/1/2023	SOFR + 3.30	—		228.30		221.70	528.30	(e)
Series S	—	200,000	—		2,000		1/22/2014	—		2/1/2024	SOFR + 3.78	—		168.75		233.70	506.25	(f)
Series U	—	100,000	—		1,000		3/10/2014	—		4/30/2024	SOFR + 3.33	—		153.13		153.13	459.38
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	SOFR + 3.33	152.50		152.50		457.50	457.50
Series CC	125,750	125,750	1,258		1,258		10/20/2017	SOFR + 2.58		11/1/2022	SOFR + 2.58	206.73		209.90		619.18	594.05
Series FF	—	225,000	—		2,250		7/31/2019	—		8/1/2024	SOFR + 3.38	—		125.00		250.00	375.00
Series HH	300,000	300,000	3,000		3,000		1/23/2020	4.600		2/1/2025	SOFR + 3.125	115.00		115.00		345.00	345.00
Series II	150,000	150,000	1,500		1,500		2/24/2020	4.000		4/1/2025	SOFR + 2.745	100.00		100.00		300.00	300.00
Series KK	200,000	200,000	2,000		2,000		5/12/2021	3.650		6/1/2026	CMT + 2.85	91.25		91.25		273.75	273.75
Series NN	250,000	NA	2,496		NA		3/12/2024	6.875		6/1/2029	CMT + 2.737	171.88		NA		322.75	NA	(g)
Total preferred stock	2,165,375	2,740,375	$	21,650	$	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)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.