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Shareholders' Equity
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 11—SHAREHOLDERS' EQUITY
Preferred Stock
The following table presents the preferred stock outstanding (in millions except total shares outstanding and per share data):
Carrying Value at
DescriptionIssuance DatePer Annum
Dividend Rate		Total Shares OutstandingLiquidation Preference per ShareJune 30, 2020December 31, 2019
Series A
Fixed-to-Floating Rate Non-Cumulative8/25/20165.875% to, but excluding, 9/15/2026; 3-mo LIBOR + 4.435% thereafter400,000  $1,000  $394  $394  
Series B
Fixed-to-Floating Rate Non-Cumulative12/6/20175.30% to, but excluding, 3/15/2023; 3-mo LIBOR + 3.16% thereafter3,000  $100,000  295  295  
Total403,000  $689  $689  
Dividend on Preferred Stock
The following table presents the cash dividends paid on preferred stock (in millions except per share data):
Six Months Ended June 30, 2020
Declaration DateRecord DatePayment DateDividend per ShareDividend Paid
Series A (1)
2/6/20203/2/20203/16/2020$29.38  $12  
Series B (1)
2/6/20203/2/20203/16/2020$2,650.00  8  
Total$20  
Six Months Ended June 30, 2019
Declaration DateRecord DatePayment DateDividend per ShareDividend Paid
Series A (1)
2/7/20192/28/20193/15/2019$29.38  $12  
Series B (1)
2/7/20192/28/20193/15/2019$2,650.00  8  
Total$20  
(1)Dividends are non-cumulative and payable semi-annually, if declared.
On July 23, 2020, the Company's board of directors declared a dividend of $2,650.00 per share (equivalent to $26.50 per depositary share, each representing 1/100th ownership interest in a share), or $8 million in the aggregate, to holders of record of the Series B preferred stock and a dividend of $29.38 per share, or $12 million in the aggregate, to holders of record of the Series A preferred stock as of August 31, 2020. The dividends will be paid on September 15, 2020.
Common Stock
Dividend on Common Stock
The following table presents the cash dividends paid on common stock (in millions except per share data):
Six Months Ended June 30, 2020
Declaration DateRecord DatePayment DateDividend per ShareDividend Paid
1/22/20202/25/20203/2/2020$0.14  $31  
4/22/20205/13/20205/19/2020$0.14  31  
Total$62  
Six Months Ended June 30, 2019
Declaration DateRecord DatePayment DateDividend per ShareDividend Paid
1/23/20192/1/20192/15/2019$0.14  $35  
4/16/20195/13/20195/20/2019$0.14  34  
Total$69  
On July 22, 2020, the Company declared a cash dividend for the third quarter of $0.14 per share on its outstanding shares of common stock. The dividend will be payable on August 25, 2020 to shareholders of record as of the close of business on August 19, 2020.
Share Repurchases
In July 2019, the Company announced that its board of directors authorized a $1.5 billion share repurchase program. During February 2020, the Company repurchased 2.1 million shares of common stock for a total of $95 million prior to suspending share repurchases in connection with the proposed merger with Morgan Stanley. See Note 2—Acquisitions and Restructuring for further details. The Company accounts for share repurchases retired after repurchase by allocating the excess repurchase price over par to additional paid-in-capital.
Other Common Stock Activity
Other common stock activity includes shares withheld to pay taxes for share-based compensation, employee stock purchase plan and other activity. The Company discontinued its employee stock purchase plan in April 2020 and refunded all amounts withheld to employees.
Accumulated Other Comprehensive Loss
The following table presents after-tax changes in each component of accumulated other comprehensive loss (dollars in millions):
20202019
Accumulated other comprehensive loss, beginning of period(1)
$(28) $(275) 
Other comprehensive (loss) income before reclassifications(126) 112  
Amounts reclassified from accumulated other comprehensive loss(14) (7) 
Net change(140) 105  
Balance, March 31,$(168) $(170) 
Other comprehensive income before reclassifications142  64  
Amounts reclassified from accumulated other comprehensive loss(16) 48  
Net change126  112  
Accumulated other comprehensive loss, end of period(1)
$(42) $(58) 
(1)The accumulated other comprehensive loss balances and activities were related to available-for-sale securities in both periods.
The following table presents other comprehensive income (loss) activity and the related tax effect (dollars in millions):
Three Months Ended June 30,
20202019
Before TaxTax EffectAfter TaxBefore TaxTax EffectAfter Tax
Other comprehensive income
Available-for-sale securities:
Unrealized gains, net$193  $(51) $142  $86  $(22) $64  
Reclassification into earnings, net(22) 6  (16) 65  (17) 48  
Net change from available-for-sale securities171  (45) 126  151  (39) 112  
Other comprehensive income$171  $(45) $126  $151  $(39) $112  
Six Months Ended June 30,
 20202019
Before TaxTax EffectAfter TaxBefore TaxTax EffectAfter Tax
Other comprehensive (loss) income
Available-for-sale securities:
Unrealized gains, net$21  $(5) $16  $236  $(60) $176  
Reclassification into earnings, net(41) 11  (30) 55  (14) 41  
Net change from available-for-sale securities(20) 6  (14) 291  (74) 217  
Other comprehensive (loss) income $(20) $6  $(14) $291  $(74) $217  
The following table presents the consolidated statements of income line items impacted by reclassifications out of accumulated other comprehensive loss (dollars in millions):
Accumulated Other Comprehensive Loss ComponentsAmounts Reclassified from Accumulated Other Comprehensive LossAffected Line Items in the Consolidated Statements of Income
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Available-for-sale securities:$22  $(65) $42  $(54) Gains (losses) on securities and other, net
—  —  (1) (1) Interest income
22  (65) 41  (55) Reclassification into earnings, before tax
(6) 17  (11) 14  Income tax (expense) benefit
$16  $(48) $30  $(41) Reclassification into earnings, net