Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Preferred Stock

The following schedule summarizes key aspects of our preferred stock:

(Dollar amounts in millions)	Carrying value at December 31,				Shares at December 31, 2023			Dividends payable	Earliest redemption date
	2023		2022		Authorized	Outstanding	Rate
Series A	$	67	$	67	140,000	66,139	> of 4.0% or 3M Term SOFR + 0.78%	Qtrly Mar, Jun, Sep, Dec	Dec 15, 2011
Series G	138		138		200,000	138,390	annual floating rate = 3M Term SOFR + 4.50%	Qtrly Mar, Jun, Sep, Dec	Mar 15, 2023
Series I	99		99		300,893	98,555	annual floating rate = 3M Term SOFR + 4.06%	Qtrly Mar, Jun, Sep, Dec	Jun 15, 2023
Series J	136		136		195,152	136,368	annual floating rate = 3M Term SOFR + 4.70%	Qtrly Mar, Jun, Sep, Dec	Sep 15, 2023
Total	$	440	$	440

Schedule of Changes in Accumulated Other Comprehensive Income

The following schedule presents the changes in AOCI:

(In millions)	Net unrealized gains (losses) on investment securities		Net unrealized gains (losses) on derivatives and other		Pension and post-retirement		Total
2023
Balance at December 31, 2022	$	(2,800)	$	(311)	$	(1)	$	(3,112)
Other comprehensive income before reclassifications, net of tax	66		22		—		88
Amounts reclassified from AOCI, net of tax	208		124		—		332
Other comprehensive income	274		146		—		420
Balance at December 31, 2023	$	(2,526)	$	(165)	$	(1)	$	(2,692)
Income tax expense included in other comprehensive income	$	90	$	47	$	—	$	137
2022
Balance at December 31, 2021	$	(78)	$	—	$	(2)	$	(80)
Other comprehensive loss before reclassifications, net of tax	(2,762)		(332)		1		(3,093)
Amounts reclassified from AOCI, net of tax	40		21		—		61
Other comprehensive income (loss)	(2,722)		(311)		1		(3,032)
Balance at December 31, 2022	$	(2,800)	$	(311)	$	(1)	$	(3,112)
Income tax benefit included in other comprehensive loss	$	(888)	$	(101)	$	—	$	(989)

Schedule of Reclassification out of Accumulated Other Comprehensive Income

(In millions)	Amounts reclassified from AOCI 1						Affected line item  on statement of income
AOCI components	2023		2022		2021
Net unrealized gains (losses) on investment securities	$	(276)	$	(53)	$	—	Securities gains (losses), net
Less: Income tax expense (benefit)	(68)		(13)		—
	$	(208)	$	(40)	$	—
Net unrealized gains (losses) on derivative instruments	$	(165)	$	(27)	$	61	Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit)	(41)		(6)		15
	$	(124)	$	(21)	$	46

1 Positive reclassification amounts indicate increases to earnings on the statement of income.