Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Amount of Common Stock Repurchased by the Firm

The table below presents the amount of common stock repurchased by the firm under the share repurchase program.


	September 2016
in millions, except per share amounts		Three Months Ended	Nine Months Ended
Common share repurchases		7.8	29.0

Average cost per share		$162.83	$157.54

Total cost of common share repurchases		$ 1,275	$ 4,569

Summary of Perpetual Preferred Stock Issued and Outstanding

The tables below present details about the perpetual preferred stock issued and outstanding as of September 2016.


Series	Shares Authorized	Shares Issued	Shares Outstanding	Depositary Shares Per Share
A	50,000	30,000	29,999	1,000

B	50,000	32,000	32,000	1,000

C	25,000	8,000	8,000	1,000

D	60,000	54,000	53,999	1,000

E	17,500	7,667	7,667	N/A

F	5,000	1,615	1,615	N/A

I	34,500	34,000	34,000	1,000

J	46,000	40,000	40,000	1,000

K	32,200	28,000	28,000	1,000

L	52,000	52,000	52,000	25

M	80,000	80,000	80,000	25

N	31,050	27,000	27,000	1,000

O	26,000	26,000	26,000	25
Total	509,250	420,282	420,280

Series			Liquidation Preference	Redemption Value ($ in millions)
A			$ 25,000	$ 750

B			25,000	800

C			25,000	200

D			25,000	1,350

E			100,000	767

F			100,000	161

I			25,000	850

J			25,000	1,000

K			25,000	700

L			25,000	1,300

M			25,000	2,000

N			25,000	675

O			25,000	650
Total				$11,203

In the tables above:

•

Each share of non-cumulative Series A, Series B, Series C and Series D Preferred Stock issued and outstanding is redeemable at the firm’s option.

•

Each share of non-cumulative Series E and Series F Preferred Stock issued and outstanding is redeemable at the firm’s option, subject to certain covenant restrictions governing the firm’s ability to redeem the preferred stock without issuing common stock or other instruments with equity-like characteristics. See Note 16 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock.

•

Each share of non-cumulative Series I Preferred Stock issued and outstanding is redeemable at the firm’s option beginning November 10, 2017.

•

Each share of non-cumulative Series J Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2023.

•

Each share of non-cumulative Series K Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2024.

•

Each share of non-cumulative Series L Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2019.

•

Each share of non-cumulative Series M Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2020.

•

In February 2016, Group Inc. issued 27,000 shares of Series N perpetual 6.30% Non-Cumulative Preferred Stock (Series N Preferred Stock). Each share of non-cumulative Series N Preferred Stock issued and outstanding is redeemable at the firm’s option beginning May 10, 2021.

•

In July 2016, Group Inc. issued 26,000 shares of Series O perpetual 5.30% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series O Preferred Stock). Each share of non-cumulative Series O Preferred Stock issued and outstanding is redeemable at the firm’s option beginning November 10, 2026.

•

All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares.

•

The redemption price per share for Series A through F Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series I through O Preferred Stock is the liquidation preference plus accrued and unpaid dividends.

Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding

The table below presents the dividend rates of the firm’s perpetual preferred stock as of September 2016.


Series		Dividend Rate
A		3 month LIBOR + 0.75%, with floor of 3.75% per annum

B		6.20% per annum

C		3 month LIBOR + 0.75%, with floor of 4.00% per annum

D		3 month LIBOR + 0.67%, with floor of 4.00% per annum

E		3 month LIBOR + 0.77%, with floor of 4.00% per annum

F		3 month LIBOR + 0.77%, with floor of 4.00% per annum

I		5.95% per annum

J		5.50% per annum to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% per annum thereafter

K		6.375% per annum to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% per annum thereafter

L		5.70% per annum to, but excluding, May 10, 2019; 3 month LIBOR + 3.884% per annum thereafter

M		5.375% per annum to, but excluding, May 10, 2020; 3 month LIBOR + 3.922% per annum thereafter

N		6.30% per annum

O		5.30% per annum to, but excluding, November 10, 2026 3 month LIBOR + 3.834% per annum thereafter

Summary of Preferred Dividends Declared on Preferred Stock Issued

The tables below present preferred dividends declared on the firm’s preferred stock.


	Three Months Ended September
	2016			2015
Series		*per share*	*$ in millions*		per share	$ in millions
A		$ 239.58	$ 7		$ 236.98	$ 7

B		387.50	12		387.50	12

C		255.56	2		252.78	2

D		255.56	14		252.78	14

E		1,022.22	12		1,022.22	19

F		1,022.22	3		1,022.22	5

I		371.88	13		371.88	12

J		343.75	14		343.75	14

K		398.44	11		398.44	11

L		—	—		—	—

M		—	—		—	—

N		393.75	11		—	—
Total			$ 99			$ 96
	Nine Months Ended September
	2016			2015
Series		*per share*	*$ in millions*		per share	$ in millions
A		$ 713.54	$ 21		$ 710.94	$ 21

B		1,162.50	37		1,162.50	37

C		761.12	6		758.34	6

D		761.12	41		758.34	41

E		3,055.55	43		3,044.44	54

F		3,055.55	11		3,044.44	15

I		1,115.64	38		1,115.64	38

J		1,031.25	42		1,031.25	42

K		1,195.32	33		1,195.32	33

L		712.50	37		712.50	37

M		671.88	54		—	—

N		730.63	20		—	—
Total			$383			$324

Accumulated Other Comprehensive Income, Net of Tax

The table below presents accumulated other comprehensive loss, net of tax, by type.


$ in millions	Balance, beginning of year		Other comprehensive income/(loss) adjustments, net of tax		Balance, end of period
As of September 2016
Currency translation	$(587	)	$ (58	)	$(645	)

Debt valuation adjustment	305		(75	)	230

Pension and postretirement liabilities	(131	)	(36	)	(167	)
Accumulated other comprehensive loss, net of tax	$(413	)	$(169	)	$(582	)
As of December 2015
Currency translation	$(473	)	$(114	)	$(587	)

Pension and postretirement liabilities	(270	)	139		(131	)
Accumulated other comprehensive income/(loss), net of tax	$(743	)	$ 25		$(718	)