How much capital is being returned to investors through this redemption?

The redemption covers 300,000 preferred shares, or 3,000,000 depositary shares, at $10,000 per preferred share ($1,000 per depositary share). This totals approximately $3.0 billion, paid on February 3, 2025.

Will holders receive a final dividend?

Yes. February 1, 2025 is the final dividend payment date for Series HH, with a record date of January 2, 2025. After the redemption, no further dividends will accrue on these shares.

What do holders need to do to receive redemption proceeds?

Holders must present and surrender their depositary receipts to Computershare Inc., as Depositary, at 150 Royall Street, Canton, Massachusetts. Book-entry shares must be surrendered through The Depository Trust Company's procedures.

Why is JPMorgan redeeming this preferred stock?

The filing states only that the redemption is made under the optional redemption provisions of the governing documents. It does not give a reason. Issuers often call preferred stock on its optional redemption date to reduce funding costs or restructure capital, but that rationale is not stated here.

JPMORGAN CHASE & CO 8-K SEC Disclosure

01—Abstract

Summary

Summary of the 8-K filed January 27, 2025. Cited figures are marked; the original filing is the authoritative source.

JPMorgan Chase & Co. (NYSE: JPM) announced on January 27, 2025 that it will redeem all 300,000 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series HH, represented by 3,000,000 depositary shares (each one-tenth of a preferred share, $1,000^a per depositary share).

The redemption is scheduled for February 1, 2025 under the optional redemption provisions of the governing documents, and the total principal being retired is approximately $3.0 billion^b. Payment of the $10,000 per-share redemption price (equivalent to $1,000 per depositary share) will be made on February 3, 2025, upon surrender of depositary receipts to Computershare as Depositary. February 1, 2025 is also the final dividend payment date for the Series HH preferred stock and depositary shares, with a record date of January 2, 2025.

Once redeemed, the Firm will no longer have this series of preferred equity outstanding, eliminating the associated fixed-to-floating dividend obligation going forward. For investors, this is a routine capital-management event rather than a signal of financial stress.

The Firm reported $4.0 trillion^c in assets and $345 billion in stockholders' equity as of December 31, 2024, so the roughly $3.0 billion redemption is small relative to its capital base. Redeeming a preferred series at its first optional call date typically reflects management's decision to refinance or reduce the cost of capital, and the filing does not disclose the replacement funding source, so investors may wish to monitor subsequent capital issuances or changes in the Firm's preferred stock mix.

02—Key points

Key Highlights

JPMorgan will redeem all 3,000,000 depositary shares (300,000 preferred shares) of Series HH Fixed-to-Floating Rate Non-Cumulative Preferred Stock on February 1, 2025.
Redemption price is $10,000 per preferred share, or $1,000 per depositary share, totaling approximately $3.0 billion.
Payment is scheduled for February 3, 2025, the first business day after the redemption date, via Computershare as Depositary.
February 1, 2025 is the final dividend payment date for Series HH; the dividend record date was January 2, 2025.
The redemption is made under the optional redemption provisions of the preferred stock and depositary share documents, indicating a voluntary issuer action.
The amount is small relative to JPM's $345 billion in stockholders' equity and $4.0 trillion in assets as of December 31, 2024.
The filing is an Item 8.01 Other Events disclosure and does not include financial statement changes or a stated replacement funding plan.

03—Questions

Frequently Asked Questions

How much capital is being returned to investors through this redemption?
The redemption covers 300,000 preferred shares, or 3,000,000 depositary shares, at $10,000 per preferred share ($1,000 per depositary share). This totals approximately $3.0 billion, paid on February 3, 2025.
Will holders receive a final dividend?
Yes. February 1, 2025 is the final dividend payment date for Series HH, with a record date of January 2, 2025. After the redemption, no further dividends will accrue on these shares.
What do holders need to do to receive redemption proceeds?
Holders must present and surrender their depositary receipts to Computershare Inc., as Depositary, at 150 Royall Street, Canton, Massachusetts. Book-entry shares must be surrendered through The Depository Trust Company's procedures.
Does this redemption affect JPMorgan's financial health or capital position?
The filing does not indicate any financial stress. The roughly $3.0 billion redemption is small compared with the Firm's $345 billion in stockholders' equity as of December 31, 2024. The filing does not state how the redemption will be funded or whether replacement preferred stock will be issued.
Why is JPMorgan redeeming this preferred stock?
The filing states only that the redemption is made under the optional redemption provisions of the governing documents. It does not give a reason. Issuers often call preferred stock on its optional redemption date to reduce funding costs or restructure capital, but that rationale is not stated here.

04—Continue

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