JPMorgan raises $3B via new 6.100% preferred stock with common dividend restrictions

Filed May 7, 2026 · Period ending May 6, 2026 · ~1 min read

Key Changes

• high

  JPMorgan issued 300,000 shares of new Series PP Preferred Stock at $10,000 per share (3M depositary shares), raising $3 billion in preferred equity capital with a 6.100% fixed dividend rate that resets over time.

  Item 3.03 — Material Modification to Rights of Security Holders verify on EDGAR →
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  If JPMorgan skips dividends on Series PP preferred stock, the company cannot pay common stock dividends or dividends on junior preferred until it catches up—creating a payment hierarchy that subordinates common shareholders during financial stress.

  Item 3.03 — Material Modification to Rights of Security Holders verify on EDGAR →
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  The company filed a Certificate of Designations with Delaware on May 6, 2026, formally establishing the rights and terms of the new Series PP Preferred Stock class.

  Item 5.03 — Amendments to Articles of Incorporation or Bylaws verify on EDGAR →