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Preferred Stock
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Preferred Stock Preferred stock
At December 31, 2020 and 2019, 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, 2020 and 2019.
Shares(a)
Carrying value
(in millions)		Issue dateContractual rate
in effect at
December 31, 2020
Earliest redemption date(b)
Floating annualized
rate of
three-month LIBOR/Term SOFR plus:
Dividend declared per share(c)
December 31,December 31,Year ended December 31,
2020201920202019202020192018
Fixed-rate:
Series P
— — $— $— 2/5/2013— %3/1/2018NA$—$545.00$545.00
Series T
— — — — 1/30/2014— 3/1/2019NA—167.50670.00
Series W
— — — — 6/23/2014— 9/1/2019NA—472.50630.00
Series Y— 143,000 — 1,430 2/12/2015— 3/1/2020NA153.13612.52612.52
Series AA
142,500 142,500 1,425 1,425 6/4/20156.100 9/1/2020NA610.00610.00610.00
Series BB
115,000 115,000 1,150 1,150 7/29/20156.150 9/1/2020NA615.00615.00615.00
Series DD
169,625 169,625 1,696 1,696 9/21/20185.750 12/1/2023NA575.00575.00111.81
(d)
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA600.00511.67NA
(e)
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA506.67NANA
(f)
Fixed-to-floating-rate:
Series I
293,375 293,375 $2,934 $2,934 4/23/2008
LIBOR + 3.47%
4/30/2018
LIBOR + 3.47%
$428.03$593.23$646.38
(g)
Series Q
150,000 150,000 1,500 1,500 4/23/20135.150 5/1/2023
LIBOR + 3.25
515.00515.00515.00
Series R
150,000 150,000 1,500 1,500 7/29/20136.000 8/1/2023
LIBOR + 3.30
600.00600.00600.00
Series S200,000 200,000 2,000 2,000 1/22/20146.750 2/1/2024
LIBOR + 3.78
675.00675.00675.00
Series U
100,000 100,000 1,000 1,000 3/10/20146.125 4/30/2024
LIBOR + 3.33
612.50612.50612.50
Series V250,000 250,000 2,500 2,500 6/9/2014
LIBOR + 3.32%
7/1/2019
LIBOR + 3.32
436.85534.09500.00
(h)
Series X
160,000 160,000 1,600 1,600 9/23/20146.100 10/1/2024
LIBOR + 3.33
610.00610.00610.00
Series Z
200,000 200,000 2,000 2,000 4/21/2015
LIBOR + 3.80%
5/1/2020
LIBOR + 3.80
453.52530.00530.00
(i)
Series CC
125,750 125,750 1,258 1,258 10/20/20174.625 11/1/2022
LIBOR + 2.58
462.50462.50462.50
Series FF
225,000 225,000 2,250 2,250 7/31/20195.000 8/1/2024
SOFR + 3.38
500.00251.39NA
(j)
Series HH300,000 — 3,000 — 1/23/20204.600 2/1/2025
SOFR + 3.125
470.22NANA
(k)
Series II150,000 — 1,500 — 2/24/20204.000 4/1/2025
SOFR + 2.745
341.11NANA
(l)
Total preferred stock3,006,250 2,699,250 $30,063 $26,993 
(a)Represented by depositary shares.
(b)Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date.
(c)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.
(d)Dividends in the amount of $111.81 per share were declared on December 1, 2018 and include dividends from the original issue date of September 21, 2018 through November 30, 2018.
(e)Dividends in the amount of $211.67 per share were declared on April 12,2019 and include dividends from the original issue date of January 24, 2019 through May 31, 2019. Dividends in the amount of $150.00 per share were declared thereafter on July 10, 2019 and October 9, 2019.
(f)No dividends were declared for Series GG from the original issue date of November 7, 2019 through December 31, 2019.
(g)The dividend rate for Series I preferred stock became floating and payable quarterly starting on April 30, 2018; prior to which the dividend rate was fixed at 7.90% or $395.00 per share payable semi annually.
(h)The dividend rate for Series V preferred stock became floating and payable quarterly starting on July 1, 2019; prior to which the dividend rate was fixed at 5% or $250.00 per share payable semi annually. The Firm declared a dividend of $144.11 and $139.98 per share on outstanding Series V preferred stock on August 15, 2019 and November 15, 2019, respectively.
(i)Prior to May 1, 2020, the dividend rate was fixed at 5.3%.
(j)Dividends in the amount of $126.39 per share were declared on September 9, 2019 and include dividends from the original issue date of July 31, 2019 through October 31, 2019. Dividends in the amount of $125.00 per share were declared thereafter on December 10, 2019.
(k)Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020. Dividends in the amount of $115.00 per share were declared quarterly thereafter.
(l)Dividends in the amount of $141.11 per share were declared on May 15, 2020 and include dividends from the original issue date of February 24, 2020 through June 30, 2020. Dividends in the amount of $100.00 per share were declared quarterly thereafter.
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 $30.5 billion at December 31, 2020.
On March 1, 2020, the Firm redeemed all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y.
On December 1, 2019, the Firm redeemed all $900 million of its 5.45% non-cumulative preferred stock, Series P.
On October 30, 2019, the Firm redeemed $1.37 billion of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series I.
On September 1, 2019, the Firm redeemed all $880 million of its 6.30% non-cumulative preferred stock, Series W.
On March 1, 2019, the Firm redeemed all $925 million of its 6.70% non-cumulative preferred stock, Series T.
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 except Series I 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”).