Summary by Moomoo AI
On March 21, 2024, JPMorgan Chase & Co. announced its plan to redeem several series of its preferred stock. The redemption will take place in two phases, with the first occurring on April 30, 2024, involving all 1,000,000 outstanding depositary shares of Series U Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. The second phase will occur on May 1, 2024, and will include the redemption of all outstanding depositary shares of Series Q, R, and S Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, totaling 1,500,000 shares for Series Q and R, and 2,000,000 shares for Series S. This action is in accordance with the optional redemption provisions outlined in the governing documents for these securities. The press release detailing this announcement was attached as Exhibit 99 to the Form 8-K filed with the SEC.