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1.0.0.3 false Preferred stock false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Preferred stock [Abstract] 0 jpm_PreferredStockAbstract jpm false na duration string Preferred Stock. false false false false false true false false false 1 false false 0 0 false false Preferred Stock. false 3 Preferred Stock 1 jpm_PreferredStockTextBlock jpm false na duration string Preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with... false false false false false false false false false 1 false false 0 0   <div style="font-family: Helvetica,Arial,sans-serif"> <div style="position: relative"> <div align="left" style="margin-top: 12pt; font-size: 12pt"><b>Note 23 – Preferred stock</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">JPMorgan Chase is authorized to issue 200 million shares of preferred stock, in one or more series, with a par value of $1 per share. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On April 23, 2008, the Firm issued 600,000 shares of Fixed to Floating Rate Noncumulative Preferred Stock, Series I (“Series I”), for total proceeds of $6.0 billion. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On July 15, 2008, each series of Bear Stearns preferred stock then issued and outstanding was exchanged into a series of JPMorgan Chase preferred stock (Cumulative Preferred Stock, Series E, Series F and Series G) having substantially identical terms. As a result of the exchange, these preferred shares rank equally with the other series of the Firm’s preferred stock. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On August 21, 2008, the Firm issued 180,000 shares of 8.625% Noncumulative Preferred Stock, Series J (“Series J”), for total proceeds of $1.8 billion. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On October 28, 2008, pursuant to the U.S. Department of the Treasury’s (the “U.S. Treasury”) Capital Purchase Program (the “Capital Purchase Program”), the Firm issued to the U.S. Treasury, for total proceeds of $25.0 billion, (i) 2.5 million shares of the Firm’s Fixed Rate Cumulative Perpetual Preferred Stock, Series K, par value $1 per share and liquidation preference $10,000 per share (the “Series K Preferred Stock”); and (ii) a warrant to purchase up to 88,401,697 shares of the Firm’s common stock at an exercise price of $42.42 per share (the “Warrant”), subject to certain anti-dilution and other adjustments. The $25.0 billion proceeds were allocated to the Series K Preferred Stock and the Warrant based on the relative fair value of the instruments. The difference between the initial carrying value of $23.7 billion allocated to the Series K Preferred Stock and its redemption value of $25.0 billion was being amortized to retained earnings (with a corresponding increase in the carrying value of the Series K Preferred Stock) over the first five years of the contract as an adjustment to the dividend yield, using the effective-yield method. The Series K Preferred Stock was nonvoting, qualified as Tier 1 capital and ranked equally with the Firm’s other series of preferred stock. On June 17, 2009, the Firm redeemed all of the outstanding shares of Series K Preferred Stock and repaid the full $25.0 billion principal amount together with accrued but unpaid dividends. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a liquidation or dissolution of the Firm, JPMorgan Chase’s preferred stock then outstanding takes precedence over the Firm’s common stock for the payment of dividends and the distribution of assets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Generally, dividends on shares of outstanding series of preferred stock are payable quarterly. Dividends on the shares of Series I preferred stock are payable semiannually at a fixed annual dividend rate of 7.90% through April 2018, and then become payable quarterly at an annual dividend rate of three-month LIBOR plus 3.47%. The Series K Preferred Stock bore cumulative dividends, payable quarterly, at a rate of 5% per year for the first five years and 9% per year thereafter. Dividends could only be paid if, as and when declared by the Firm’s Board of Directors. The effective dividend yield on the Series K Preferred Stock was 6.16%. The Series K Preferred Stock ranked equally with the Firm’s existing 6.15% Cumulative Preferred Stock, Series E; 5.72% Cumulative Preferred Stock, Series F; 5.49% Cumulative Preferred Stock, Series G; Fixed-to-Floating Rate Noncumulative Perpetual Preferred Stock, Series I; and 8.63% Noncumulative Perpetual Preferred Stock, Series J, in terms of dividend payments and upon liquidation of the Firm. </div> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of JPMorgan Chase’s preferred stock outstanding as of December 31, 2009 and 2008. </div> <div align="center"> <table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="23%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b></b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Share value</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Contractual rate </b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">and redemption</td> <td> </td> <td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Shares</td> <td> </td> <td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Amount (in millions)</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">Earliest</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>in effect at </b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left">December 31,</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">price per share<sup style="font-size: 85%; vertical-align: text-top">(b)</sup></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>2009</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">2008</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>2009</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">2008</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3">redemption date</td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>December 31, 2009</b></td> </tr>   <tr style="font-size: 1px"> <td colspan="29" align="left" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cumulative Preferred Stock, Series E<sup style="font-size: 85%; vertical-align: text-top">(a)</sup> </div></td> <td> </td> <td align="right">$</td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>818,113</b></td> <td> </td> <td> </td> <td> </td> <td align="right">818,113</td> <td> </td> <td> </td> <td align="right"><b>$</b></td> <td align="right"><b>164</b></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">164</td> <td> </td> <td> </td> <td colspan="3" align="center">Any time</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right"><b>6.15</b></td> <td nowrap="nowrap"><b>%</b></td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cumulative Preferred Stock, Series F<sup style="font-size: 85%; vertical-align: text-top">(a)</sup> </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>428,825</b></td> <td> </td> <td> </td> <td> </td> <td align="right">428,825</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>86</b></td> <td> </td> <td> </td> <td> </td> <td align="right">86</td> <td> </td> <td> </td> <td colspan="3" align="center">Any time</td> <td> </td> <td> </td> <td align="right"><b>5.72</b></td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cumulative Preferred Stock, Series G<sup style="font-size: 85%; vertical-align: text-top">(a)</sup> </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>511,169</b></td> <td> </td> <td> </td> <td> </td> <td align="right">511,169</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>102</b></td> <td> </td> <td> </td> <td> </td> <td align="right">102</td> <td> </td> <td> </td> <td colspan="3" align="center">Any time</td> <td> </td> <td> </td> <td align="right"><b>5.49</b></td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Fixed to Floating Rate Noncumulative Perpetual Preferred Stock, Series I<sup style="font-size: 85%; vertical-align: text-top">(a)</sup> </div></td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>600,000</b></td> <td> </td> <td> </td> <td> </td> <td align="right">600,000</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>6,000</b></td> <td> </td> <td> </td> <td> </td> <td align="right">6,000</td> <td> </td> <td> </td> <td> </td> <td align="right">4/30/2018</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>7.90</b></td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Noncumulative Perpetual Preferred Stock, Series J<sup style="font-size: 85%; vertical-align: text-top">(a)</sup> </div></td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>180,000</b></td> <td> </td> <td> </td> <td> </td> <td align="right">180,000</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>1,800</b></td> <td> </td> <td> </td> <td> </td> <td align="right">1,800</td> <td> </td> <td> </td> <td> </td> <td align="right">9/1/2013</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>8.63</b></td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Fixed Rate Cumulative Perpetual Preferred Stock, Series K </div></td> <td> </td> <td> </td> <td align="right">10,000</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>—</b></td> <td> </td> <td> </td> <td> </td> <td align="right">2,500,000</td> <td> </td> <td> </td> <td> </td> <td align="right"><b>—</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">23,787</td> <td nowrap="nowrap"><sup style="font-size: 85%; vertical-align: text-top">(c)</sup></td> <td> </td> <td> </td> <td align="center">—</td> <td> </td> <td> </td> <td colspan="3" align="center"><b>NA</b></td> </tr> <tr style="font-size: 1px"> <td colspan="29" align="left" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total preferred stock </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right"><b>2,538,107</b></td> <td> </td> <td> </td> <td> </td> <td align="right">5,038,107</td> <td> </td> <td> </td> <td align="right"><b>$</b></td> <td align="right"><b>8,152</b></td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">31,939</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td colspan="29" align="left" style="border-top: 2px solid #000000"> </td> </tr>  </table> </div> <div style="margin-top: 3pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(a)</td> <td> </td> <td>Represented by depositary shares.</td> </tr> <tr style="font-size: 0pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(b)</td> <td> </td> <td>Redemption price includes amount shown in the table plus any accrued but unpaid dividends.</td> </tr> <tr style="font-size: 0pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(c)</td> <td> </td> <td>Represents the carrying value as of December 31, 2008. The redemption value was $25.0 billion.</td> </tr> </table> </div> <div align="center"> <table style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="47%"></td> <td width="5%"></td> <td width="47%"></td> </tr>   <tr valign="bottom" style="line-height: 12pt">  <td align="left" valign="top"></td> <td></td> <td align="right" valign="top"></td> </tr> <tr valign="bottom"> <td align="left" valign="top"></td> <td></td> <td align="right" valign="top"></td> </tr>  </table> </div>   </div>  <div style="font-family: Helvetica,Arial,sans-serif"> <div style="position: relative"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Dividend restrictions</i> </div> <div align="left" style="font-size: 10pt; margin-top: 0pt">Prior to the redemption of the Series K Preferred Stock, any accrued and unpaid dividends on the Series K Preferred Stock were required to be fully paid before dividends could be declared or paid on stock ranking junior or equally with the Series K Preferred Stock. In addition, the U.S. Treasury’s consent was required for any increase in dividends on common stock from the $0.38 per share quarterly dividend paid on October 31, 2008. As a result of the redemption of the Series K Preferred Stock, JPMorgan Chase is no longer subject to any of these restrictions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Stock repurchase restrictions<br /></i> Prior to the redemption of the Series K Preferred Stock, the Firm could not repurchase or redeem any common stock or other equity securities of the Firm, or any trust preferred capital debt securities issued by the Firm or any of its affiliates, without the prior consent of the U.S. Treasury (other than (i) repurchases of the Series K Preferred Stock, and (ii) repurchases of junior preferred shares or common stock in connection with any employee benefit plan in the ordinary course of business consistent with past practice). As a result of the redemption of the Series K Preferred Stock, JPMorgan Chase is no longer subject to any of these restrictions. </div> </div> </div>  <!-- Begin Block Tagged Note false false Preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemplion is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued and outstanding. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true