Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2022

Table 16.1 summarizes information about our preferred stock including the Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock.

Table 16.1: Preferred Stock


	September 30, 2022					December 31, 2021
(in millions, except shares)	Shares authorized and designated	Shares issued and outstanding	Liquidation preference value		Carrying value	Shares authorized and designated	Shares issued and outstanding	Liquidation preference value		Carrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)	97,000	96,546	$	—	—	97,000	96,546	$	—	—
Series L (1)
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock	4,025,000	3,967,986	3,968		3,200	4,025,000	3,967,995	3,968		3,200
Series Q
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	69,000	69,000	1,725		1,725	69,000	69,000	1,725		1,725
Series R
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	34,500	33,600	840		840	34,500	33,600	840		840
Series S
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	80,000	80,000	2,000		2,000	80,000	80,000	2,000		2,000
Series U
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock	80,000	80,000	2,000		2,000	80,000	80,000	2,000		2,000
Series Y
5.625% Non-Cumulative Perpetual Class A Preferred Stock	27,600	27,600	690		690	27,600	27,600	690		690
Series Z
4.75% Non-Cumulative Perpetual Class A Preferred Stock	80,500	80,500	2,013		2,013	80,500	80,500	2,013		2,013
Series AA
4.70% Non-Cumulative Perpetual Class A Preferred Stock	46,800	46,800	1,170		1,170	46,800	46,800	1,170		1,170
Series BB
3.90% Fixed-Reset Non-Cumulative Perpetual Class A Preferred Stock	140,400	140,400	3,510		3,510	140,400	140,400	3,510		3,510
Series CC
4.375% Non-Cumulative Perpetual Class A Preferred Stock	46,000	42,000	1,050		1,050	46,000	42,000	1,050		1,050
Series DD
4.25% Non-Cumulative Perpetual Class A Preferred Stock	50,000	50,000	1,250		1,250	50,000	50,000	1,250		1,250
ESOP (2)
Cumulative Convertible Preferred Stock	609,434	609,434	609		609	609,434	609,434	609		609
Total	5,386,234	5,323,866	$	20,825	20,057	5,386,234	5,323,875	$	20,825	20,057

(1)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.

(2)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 16.2: ESOP Preferred Stock


	Shares issued and outstanding		Carrying value			Adjustable dividend rate
(in millions, except shares)	Sep 30, 2022	Dec 31, 2021	Sep 30, 2022		Dec 31, 2021	Minimum		Maximum
ESOP Preferred Stock
$1,000 liquidation preference per share
2018	189,225	189,225	$	189	189	7.00	%	8.00	%
2017	135,135	135,135	135		135	7.00		8.00
2016	128,380	128,380	128		128	9.30		10.30
2015	68,106	68,106	68		68	8.90		9.90
2014	62,420	62,420	63		63	8.70		9.70
2013	26,168	26,168	26		26	8.50		9.50
Total ESOP Preferred Stock (1)	609,434	609,434	$	609	609
Unearned ESOP shares (2)			$	(646)	(646)

(1)At both September 30, 2022, and December 31, 2021, additional paid-in capital included $37 million 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.