Preferred Stock

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

At December 31, 2024 and 2023, JPMorganChase 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, JPMorganChase’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 JPMorganChase’s non-cumulative preferred stock outstanding as of December 31, 2024 and 2023, and the quarterly dividend declarations for the years ended December 31, 2024, 2023 and 2022.

	Shares(a)		Carrying value  (in millions)				Issue date	Contractual rate in effect at December 31, 2024		Earliest redemption date(b)	Floating annualized rate(c)		Dividend declared per share(d)
	December 31,		December 31,										Year ended December 31,
	2024	2023	2024		2023								2024			2023			2022
Fixed-rate:
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			475.00
Series JJ	150,000	150,000	1,500		1,500		3/17/2021	4.550		6/1/2026	NA		455.00			455.00			455.00
Series LL	185,000	185,000	1,850		1,850		5/20/2021	4.625		6/1/2026	NA		462.52			462.52			462.52
Series MM	200,000	200,000	2,000		2,000		7/29/2021	4.200		9/1/2026	NA		420.00			420.00			420.00
Fixed-to-floating rate:
Series I	—	—	$	—	$	—	4/23/2008	—	%	4/30/2018	—	%	$	—		$	—		$	375.03
Series Q	—	150,000	—		1,500		4/23/2013	—		5/1/2023	SOFR + 3.25		220.45			801.41		(g)	515.00
Series R	—	150,000	—		1,500		7/29/2013	—		8/1/2023	SOFR + 3.30		221.70			756.73		(h)	600.00
Series S	—	200,000	—		2,000		1/22/2014	—		2/1/2024	SOFR + 3.78		233.70		(e)	675.00			675.00
Series U	—	100,000	—		1,000		3/10/2014	—		4/30/2024	SOFR + 3.33		153.13			612.50			612.50
Series V	—	—	—		—		6/9/2014	—		7/1/2019	—		—			—			340.91
Series X	—	160,000	—		1,600		9/23/2014	—		10/1/2024	SOFR + 3.33		457.50			610.00			610.00
Series CC	125,750	125,750	1,258		1,258		10/20/2017	SOFR + 2.58		11/1/2022	SOFR + 2.58		812.73			804.08			526.27		(i)
Series FF	—	225,000	—		2,250		7/31/2019	—		8/1/2024	SOFR + 3.38		250.00			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			460.00
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			400.00
Series KK	200,000	200,000	2,000		2,000		5/12/2021	3.650		6/1/2026	CMT + 2.85		365.00			365.00			365.00
Series NN	250,000	NA	2,496		NA		3/12/2024	6.875		6/1/2029	CMT + 2.737		494.63		(f)	NA			NA
Total preferred stock	2,005,375	2,740,375	$	20,050	$	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. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads 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 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 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.78%.

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

(g)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 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%.

(h)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 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30%.

(i)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 was 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 $20.2 billion at December 31, 2024.

Issuances

On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.

On March 12, 2024, the Firm issued $2.5 billion of fixed-rate reset non-cumulative preferred stock, Series NN.

Redemptions

On February 1, 2025, the Firm redeemed all $3.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.

On October 1, 2024, the Firm redeemed all $1.6 billion of its fixed-to-floating rate non-cumulative preferred stock, Series X.

On August 1, 2024, the Firm redeemed all $2.3 billion of its fixed-to-floating rate non-cumulative preferred stock, Series FF.

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.

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”).