01—Abstract
Summary
Summary of the 8-K filed May 27, 2026. Cited figures are marked; the original filing is the authoritative source.
JPMorgan Chase & Co. (JPM) filed an 8-K on May 27, 2026 announcing the redemption on June 1, 2026 of all 200,000 outstanding shares of its 3.65%a Fixed-Rate Reset Non-Cumulative Preferred Stock, Series KK, represented by 2,000,000 depositary shares.
The redemption price is $10,000b per preferred share ($1,000 per depositary share), for an aggregate payment of about $2.0 billion. The filing is a routine capital-management event under Item 8.01 (Other Events) and does not include financial statements, earnings, or guidance. For investors, the redemption reduces preferred equity by roughly $2.0 billion, about 0.5% of the Firm's $364 billion in stockholders' equity as of March 31, 2026.
The filing does not state the reason for the call. Because the preferred is a fixed-rate reset security, the redemption is most likely tied to the reset date under the terms of the offering, though the filing does not confirm this. Holders receive the $1,000c per depositary share redemption price plus the final dividend, which is payable on June 1, 2026 to holders of record on May 4, 2026.
Depositary receipts must be surrendered to Computershare, with book-entry shares handled through DTC procedures. The event has limited direct impact on JPM's operating results or share count.
Its significance lies mainly in how it affects the Firm's capital structure and the preferred stock's future. Investors should watch whether JPM replaces the Series KK issuance with new preferred or other capital instruments, which would be the more informative signal about the Firm's capital management.
02—Key points
Key Highlights
- JPMorgan Chase will redeem all 200,000 shares of its 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series KK, on June 1, 2026, under the optional redemption provisions.
- The 2,000,000 depositary shares (CUSIP 48128BAN1) are each a one-tenth interest in a preferred share, so each depositary share is redeemed at $1,000.
- The total redemption amount is approximately $2.0 billion, based on the $10,000 liquidation preference per preferred share.
- June 1, 2026 is also the final dividend payment date for the Series KK Preferred Stock, with a record date of May 4, 2026.
- Redemption payments are made through Computershare as Depositary, requiring surrender of depositary receipts or compliance with DTC book-entry procedures.
- The redemption reduces preferred equity by about 0.5% of the Firm's $364 billion in stockholders' equity as of March 31, 2026, a modest effect on the overall capital base.
- The filing contains no earnings, guidance, or stated rationale for the redemption, so its impact on operations and per-share results is expected to be minimal.
03—Questions
Frequently Asked Questions
What is JPMorgan Chase redeeming and when?
JPMorgan Chase is redeeming all 200,000 outstanding shares of its 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series KK, on June 1, 2026. These shares are represented by 2,000,000 depositary shares, each representing a one-tenth interest in a preferred share.
How much will holders receive per depositary share?
The redemption price is $10,000 per preferred share, which equals $1,000 per depositary share. The total redemption is approximately $2.0 billion. Holders also receive the final dividend, payable on June 1, 2026, to holders of record as of May 4, 2026.
What do holders need to do to receive the redemption payment?
Holders of physical depositary receipts must present and surrender them to Computershare Inc., the Depositary, at 150 Royall Street, Canton, Massachusetts. Book-entry holders must surrender their shares according to Depository Trust Company procedures.
Does this redemption affect JPMorgan Chase's financial health or earnings?
The redemption has a limited effect on the Firm's overall financial position. It reduces preferred equity by about $2.0 billion, roughly 0.5% of the $364 billion in stockholders' equity reported as of March 31, 2026. The filing contains no earnings or guidance information.
Why is JPMorgan Chase redeeming the preferred stock?
The filing says the redemption is made under the optional redemption provisions of the governing documents but does not state a specific reason. It may relate to the reset date of the fixed-rate reset security, but this is not confirmed in the filing. Investors should watch for any replacement preferred issuance as a signal of the Firm's capital plans.
04—Continue