Summary by Moomoo AI
JPMorgan Chase announced on July 24, 2024, its decision to redeem all 2,250,000 outstanding depositary shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF. The redemption will take place on August 1, 2024, exercising the optional redemption provisions outlined in the governing documents.Each depositary share represents a one-tenth interest in a share of Series FF Preferred Stock, which has a par value of $1.00 per share and a liquidation preference of $10,000. The redemption aligns with the company's ongoing capital management strategy.
