JPMorgan Chase to redeem all $2B Series KK preferred stock on June 1, 2026

JPMorgan Chase announced it will redeem all outstanding depositary shares of its 3.65% Series KK Preferred Stock on June 1, 2026. The redemption covers 2 million depositary shares, each representing a one-tenth interest in the underlying preferred stock with a $10,000 liquidation preference per share. This is a voluntary action under the optional redemption provisions governing the securities.

For retail investors, this is a routine capital structure adjustment. Preferred stockholders will receive their redemption proceeds, but the income stream from the 3.65% dividend ends. The move suggests JPMorgan may be optimizing its capital base or refinancing at more favorable terms. Common shareholders are unaffected directly, though the redemption modestly simplifies the company's equity structure. Watch for any follow-on announcements about replacement capital raises or changes to JPMorgan's dividend policy on common stock, which could signal broader capital allocation priorities.