JPMorgan to redeem $2 billion fixed-to-floating series Z preferreds

By Wendy Van Sickle

Columbus, Ohio, Dec. 31 – JPMorgan Chase & Co. will redeem on Feb. 1 all $2 billion of its fixed-to-floating rate non-cumulative preferred stock, series Z (Cusip: 46625HKK5), according to a press release.

The shares of series Z preferred stock are represented by 2 million depositary shares.

Each depositary share represents a 1/10th interest in a share of series Z preferred stock.

The redemption price per share for the series Z preferred stock will be $10,000, equivalent to $1,000 per depositary share.

Feb. 1 is also the final dividend payment date for the series Z preferred stock and the depositary shares. The record date for that dividend is Jan. 3.

The financial services firm is based in New York.

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