Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2020

Preferred Stock [Abstract]

Preferred Stock Shares

Table 18.1: Preferred Stock Shares

	December 31, 2020			December 31, 2019
	Liquidation preference per share		Shares authorized and designated	Liquidation preference per share		Shares authorized and designated
DEP Shares
Dividend Equalization Preferred Shares (DEP)	$	10	97,000	$	10	97,000
Series I
Floating Class A Preferred Stock (1)	100,000		25,010	100,000		25,010
Series K
Floating Non-Cumulative Perpetual Class A Preferred Stock (2)	—		—	1,000		3,500,000
Series L
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock (3)	1,000		4,025,000	1,000		4,025,000
Series N
5.20% Non-Cumulative Perpetual Class A Preferred Stock	25,000		30,000	25,000		30,000
Series O
5.125% Non-Cumulative Perpetual Class A Preferred Stock	25,000		27,600	25,000		27,600
Series P
5.25% Non-Cumulative Perpetual Class A Preferred Stock	25,000		26,400	25,000		26,400
Series Q
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	25,000		69,000	25,000		69,000
Series R
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	25,000		34,500	25,000		34,500
Series S
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	25,000		80,000	25,000		80,000
Series T
6.00% Non-Cumulative Perpetual Class A Preferred Stock (4)	—		—	25,000		32,200
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	25,000		80,000	25,000		80,000
Series V
6.00% Non-Cumulative Perpetual Class A Preferred Stock (5)	—		—	25,000		40,000
Series W
5.70% Non-Cumulative Perpetual Class A Preferred Stock	25,000		40,000	25,000		40,000
Series X
5.50% Non-Cumulative Perpetual Class A Preferred Stock	25,000		46,000	25,000		46,000
Series Y
5.625% Non-Cumulative Perpetual Class A Preferred Stock	25,000		27,600	25,000		27,600
Series Z
4.75% Non-Cumulative Perpetual Class A Preferred Stock	25,000		80,500	—		—
Series AA
4.70% Non-Cumulative Perpetual Class A Preferred Stock	25,000		46,800	—		—
ESOP
Cumulative Convertible Preferred Stock (6)	—		822,242	—		1,071,418
Total			5,557,652			9,251,728

(1)Series I preferred stock issuance relates to trust preferred securities. See Note 8 (Securitizations and Variable Interest Entities) for additional information. This issuance has a floating interest rate that is the greater of three-month LIBOR plus 0.93% and 5.56975%.

(2)Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed.

(3)Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments.

(4)In first quarter 2020 and fourth quarter 2020, $669 million and $131 million, respectively, of Preferred Stock, Series T, was redeemed.

(5)In fourth quarter 2020, $1.0 billion of Preferred Stock, Series V, was redeemed.

(6)See the “ESOP Cumulative Convertible Preferred Stock” section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock.

Table 18.2: Preferred Stock – Shares Issued and Carrying Value

	December 31, 2020					December 31, 2019
(in millions, except shares)	Shares issued and outstanding	Liquidation preference value		Carrying value	Discount	Shares issued and outstanding	Liquidation preference value		Carrying value	Discount
DEP Shares
Dividend Equalization Preferred Shares (DEP)	96,546	$	—	—	—	96,546	$	—	—	—
Series I (1)
Floating Class A Preferred Stock	25,010	2,501		2,501	—	25,010	2,501		2,501	—
Series K (2)
Floating Non-Cumulative Perpetual Class A Preferred Stock	—	—		—	—	1,802,000	1,802		1,546	256
Series L (3)
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock	3,967,995	3,968		3,200	768	3,967,995	3,968		3,200	768
Series N
5.20% Non-Cumulative Perpetual Class A Preferred Stock	30,000	750		750	—	30,000	750		750	—
Series O
5.125% Non-Cumulative Perpetual Class A Preferred Stock	26,000	650		650	—	26,000	650		650	—
Series P
5.25% Non-Cumulative Perpetual Class A Preferred Stock	25,000	625		625	—	25,000	625		625	—
Series Q
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	69,000	1,725		1,725	—	69,000	1,725		1,725	—
Series R
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	33,600	840		840	—	33,600	840		840	—
Series S
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	80,000	2,000		2,000	—	80,000	2,000		2,000	—
Series T (4)
6.00% Non-Cumulative Perpetual Class A Preferred Stock	—	—		—	—	32,000	800		800	—
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	80,000	2,000		2,000	—	80,000	2,000		2,000	—
Series V (5)
6.00% Non-Cumulative Perpetual Class A Preferred Stock	—	—		—	—	40,000	1,000		1,000	—
Series W
5.70% Non-Cumulative Perpetual Class A Preferred Stock	40,000	1,000		1,000	—	40,000	1,000		1,000	—
Series X
5.50% Non-Cumulative Perpetual Class A Preferred Stock	46,000	1,150		1,150	—	46,000	1,150		1,150	—
Series Y
5.625% Non-Cumulative Perpetual Class A Preferred Stock	27,600	690		690	—	27,600	690		690	—
Series Z
4.750% Non-Cumulative Perpetual Class A Preferred Stock	80,500	2,013		2,013	—	—	—		—	—
Series AA
4.70% Non-Cumulative Perpetual Class A Preferred Stock	46,800	1,170		1,170	—	—	—		—	—
ESOP
Cumulative Convertible Preferred Stock (6)	822,242	822		822	—	1,071,418	1,072		1,072	—
Total	5,496,293	$	21,904	21,136	768	7,492,169	$	22,573	21,549	1,024

(1)Floating rate for Preferred Stock, Series I, is the greater of three-month LIBOR plus 0.93% and 5.56975%

(2)Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed.

(3)Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments.

(4)In first quarter 2020 and fourth quarter 2020, $669 million and $131 million respectively, of Preferred Stock, Series T, was redeemed.

(5)In fourth quarter 2020, $1.0 billion of Preferred Stock, Series V, was redeemed.

(6)See the “ESOP Cumulative Convertible Preferred Stock” section in this Note for additional information about the liquidation preference for the ESOP Cumulative Convertible Preferred Stock.

ESOP Preferred Stock

Table 18.3: ESOP Preferred Stock

	Shares issued and outstanding		Carrying value			Adjustable dividend rate
(in millions, except shares)	Dec 31, 2020	Dec 31, 2019	Dec 31, 2020		Dec 31, 2019	Minimum		Maximum
ESOP Preferred Stock
$1,000 liquidation preference per share
2018	221,945	254,945	$	222	255	7.00	%	8.00	%
2017	163,210	192,210	163		192	7.00		8.00
2016	162,450	197,450	162		198	9.30		10.30
2015	92,904	116,784	93		117	8.90		9.90
2014	99,151	136,151	99		136	8.70		9.70
2013	61,948	97,948	62		98	8.50		9.50
2012	20,634	49,134	21		49	10.00		11.00
2011	—	26,796	—		27	9.00		10.00
Total ESOP Preferred Stock (1)	822,242	1,071,418	$	822	1,072
Unearned ESOP shares (2)			$	(875)	(1,143)

(1)At December 31, 2020 and 2019, additional paid-in capital included $53 million and $71 million, respectively, related to ESOP preferred stock.

(2)We recorded a corresponding charge to unearned ESOP shares in connection with the issuance of the ESOP Preferred Stock. The unearned ESOP shares are reduced as shares of the ESOP Preferred Stock are committed to be released.