JPMorgan Chase completes 300,000-share Series PP preferred stock issuance
On May 7, 2026, JPMorgan Chase issued 300,000 shares of its 6.100% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series PP, against depositary receipts for 3,000,000 depositary shares, under an April 30, 2026 underwriting agreement. The Series PP terms restrict common stock dividends, buybacks and certain other payments if preferred dividends are not declared for the most recent period, or if liquidation payments of $10,000 per share are not made to preferred holders.
Key points
- 300,000 Series PP preferred shares issued May 7, 2026; each depositary share represents one-tenth of a share
- Each preferred share has a liquidation preference of $10,000 plus any declared and unpaid dividends
- Common dividends, buybacks and payments on junior or parity preferred stock are restricted if Series PP dividends are not declared
- Certificate of Designations filed with Delaware on May 6, 2026; underwriter is J.P. Morgan Securities LLC
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 07, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.