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Total Equity (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Preferred Stock, Issuance Description and Dividends

Preferred Stock


	Shares Outstanding			Carrying Value
$ in millions, except per share data	At December 31, 2021	Liquidation Preference per Share		At December 31, 2021		At December 31, 2020
Series
A	44,000	$	25,000	$	1,100	$	1,100
C1	519,882	1,000		408		408
E	34,500	25,000		862		862
F	34,000	25,000		850		850
H2	—	—		—		1,300
I	40,000	25,000		1,000		1,000
J3	—	—		—		1,500
K	40,000	25,000		1,000		1,000
L	20,000	25,000		500		500
M	400,000	1,000		430		430
N	3,000	100,000		300		300
O4	52,000	25,000		1,300		—
Total				$	7,750	$	9,250
Shares authorized						30,000,000

1.Series C preferred stock is held by MUFG.

2.On November 19, 2021, the Firm announced the redemption in whole of its outstanding Series H preferred stock. On notice of redemption, the amount due to holders of Series H Preferred Stock was reclassified to Borrowings, and on January 18, 2022, the redemption settled at the carrying value of $1.3 billion.

3.On March 15, 2021, the Firm announced the redemption in whole of its outstanding Series J preferred stock. On notice of redemption, the amount due to holders of Series J Preferred Stock was reclassified to Borrowings, and on April 15, 2021, the redemption settled at the carrying value of $1.5 billion.

4.The Firm issued Series O Preferred Stock on October 25, 2021.

Preferred Stock as of December 31, 2021


		Depositary Shares per Share	Redemption
Series1, 2	Shares Issued		Price per Share3		Date4
A	44,000	1,000	$	25,000	Currently redeemable
C5	1,160,791	N/A	1,100		Currently redeemable
E	34,500	1,000	25,000		October 15, 2023
F	34,000	1,000	25,000		January 15, 2024
I	40,000	1,000	25,000		October 15, 2024
K	40,000	1,000	25,000		April 15, 2027
L6	20,000	1,000	25,000		January 15, 2025
M7	400,000	N/A	1,000		September 15, 2026
N7	3,000	100	100,000		October 2, 2025
O	52,000	1,000	25,000		January 15, 2027

1.All shares issued are non-cumulative. Each share has a par value of $0.01, except Series C.

2.Dividends on Series A are based on a floating rate, and dividends on Series C, L and O are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate.

3.Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption.

4.Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. All other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series).

5.Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share.

6.Series L Preferred Stock was issued on November 25, 2019.

7.Series M and N Preferred Stock were issued on October 2, 2020 as part of the acquisition of E*TRADE.

Dividends


$ in millions, except per share data	2021				2020				2019
	Per Share1		Total		Per Share1		Total		Per Share1		Total
Preferred Stock Series
A	$	1,022	$	44	$	1,017	$	44	$	1,014	$	44
C	100		52		100		52		100		52
E	1,781		60		1,781		60		1,781		60
F	1,719		60		1,719		60		1,719		60
G2	—		—		—		—		1,242		24
H3	719		38		1,143		60		1,418		74
I	1,594		64		1,594		64		1,594		64
J4	253		15		1,213		74		1,388		84
K	1,463		59		1,463		59		1,463		59
L	1,219		24		1,219		23		169		3
M5	59		24		—		—		—		—
N6	5,300		16		—		—		—		—
O7	236		12		—		—		—		—
Total Preferred stock			$	468			$	496			$	524
Common stock	$	2.10	$	3,818	$	1.40	$	2,295	$	1.30	$	2,161

1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.

2.Series G preferred stock was redeemed during the first quarter of 2020. Dividends declared on Series G following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2019 amounts.

3.A notice of redemption was issued for Series H preferred stock on November 19, 2021. Dividends declared on Series H following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2021 amounts.

4.Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption.

5.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.

6.Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly.

7.Series O is payable semiannually until January 15, 2027 and thereafter will be payable quarterly.

Schedule of Rollforward of Common Stock Outstanding

Rollforward of Common Stock Outstanding


in millions	2021	2020
Shares outstanding at beginning of period	1,810	1,594
Treasury stock purchases1	(134)	(39)
Issuance for the acquisition of Eaton Vance	69	—
Issuance for the acquisition of E*TRADE	—	233
Other2	27	22
Shares outstanding at end of period	1,772	1,810

1.The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding.

2.Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions.

Schedule of Share Repurchases

Share Repurchases


$ in millions	2021		2020
Repurchases of common stock under the Firm’s Share Repurchase Program	$	11,464	$	1,347

Schedule of Reconciliation of Common Shares Outstanding for Basic and Diluted EPS

Common Shares Outstanding for Basic and Diluted EPS


in millions	2021	2020	2019
Weighted average common shares outstanding, basic	1,785	1,603	1,617
Effective of dilutive RSUs and PSUs	29	21	23
Weighted average common shares outstanding and common stock equivalents, diluted	1,814	1,624	1,640
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)	—	5	2

Schedule of Common Stock Dividends Per Share

Dividends


$ in millions, except per share data	2021				2020				2019
	Per Share1		Total		Per Share1		Total		Per Share1		Total
Preferred Stock Series
A	$	1,022	$	44	$	1,017	$	44	$	1,014	$	44
C	100		52		100		52		100		52
E	1,781		60		1,781		60		1,781		60
F	1,719		60		1,719		60		1,719		60
G2	—		—		—		—		1,242		24
H3	719		38		1,143		60		1,418		74
I	1,594		64		1,594		64		1,594		64
J4	253		15		1,213		74		1,388		84
K	1,463		59		1,463		59		1,463		59
L	1,219		24		1,219		23		169		3
M5	59		24		—		—		—		—
N6	5,300		16		—		—		—		—
O7	236		12		—		—		—		—
Total Preferred stock			$	468			$	496			$	524
Common stock	$	2.10	$	3,818	$	1.40	$	2,295	$	1.30	$	2,161

1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.

4.Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption.

5.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.

6.Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly.

7.Series O is payable semiannually until January 15, 2027 and thereafter will be payable quarterly.

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)1


$ in millions	CTA		AFS Securities		Pensions and Other		DVA		Total
December 31, 2018	$	(889)	$	(930)	$	(578)	$	105	$	(2,292)
OCI during the period	(8)		1,137		(66)		(1,559)		(496)
December 31, 2019	(897)		207		(644)		(1,454)		(2,788)
OCI during the period	102		1,580		146		(1,002)		826
December 31, 2020	(795)		1,787		(498)		(2,456)		(1,962)
OCI during the period	(207)		(1,542)		(53)		662		(1,140)
December 31, 2021	$	(1,002)	$	245	$	(551)	$	(1,794)	$	(3,102)

CTA—Cumulative foreign currency translation adjustments

1.Amounts are net of tax and noncontrolling interests.

Schedule of Components of Period Changes in OCI

Components of Period Changes in OCI


	2021
$ in millions	Pre-tax Gain (Loss)		Income Tax Benefit (Provision)		After-tax Gain (Loss)		Non- controlling Interests		Net
CTA
OCI activity	$	(140)	$	(191)	$	(331)	$	(124)	$	(207)
Reclassified to earnings	—		—		—		—		—
Net OCI	$	(140)	$	(191)	$	(331)	$	(124)	$	(207)
Change in net unrealized gains (losses) on AFS securities
OCI activity	$	(1,803)	$	422	$	(1,381)	$	—	$	(1,381)
Reclassified to earnings	(210)		49		(161)		—		(161)
Net OCI	$	(2,013)	$	471	$	(1,542)	$	—	$	(1,542)
Pension and other
OCI activity	$	(101)	$	26	$	(75)	$	—	$	(75)
Reclassified to earnings	31		(9)		22		—		22
Net OCI	$	(70)	$	17	$	(53)	$	—	$	(53)
Change in net DVA
OCI activity	$	882	$	(213)	$	669	$	34	$	635
Reclassified to earnings	36		(9)		27		—		27
Net OCI	$	918	$	(222)	$	696	$	34	$	662


	2020
$ in millions	Pre-tax Gain (Loss)		Income Tax Benefit (Provision)		After-tax Gain (Loss)		Non- controlling Interests		Net
CTA
OCI activity	$	74	$	99	$	173	$	68	$	105
Reclassified to earnings	(3)		—		(3)		—		(3)
Net OCI	$	71	$	99	$	170	$	68	$	102
Change in net unrealized gains (losses) on AFS securities
OCI activity	$	2,194	$	(508)	$	1,686	$	—	$	1,686
Reclassified to earnings	(137)		31		(106)		—		(106)
Net OCI	$	2,057	$	(477)	$	1,580	$	—	$	1,580
Pension and other
OCI activity	$	162	$	(34)	$	128	$	—	$	128
Reclassified to earnings	23		(5)		18		—		18
Net OCI	$	185	$	(39)	$	146	$	—	$	146
Change in net DVA
OCI activity	$	(1,385)	$	337	$	(1,048)	$	(26)	$	(1,022)
Reclassified to earnings	26		(6)		20		—		20
Net OCI	$	(1,359)	$	331	$	(1,028)	$	(26)	$	(1,002)


	2019
$ in millions	Pre-tax Gain (Loss)		Income Tax Benefit (Provision)		After-tax Gain (Loss)		Non- controlling Interests		Net
CTA
OCI activity	$	6	$	(3)	$	3	$	11	$	(8)
Reclassified to earnings	—		—		—		—		—
Net OCI	$	6	$	(3)	$	3	$	11	$	(8)
Change in net unrealized gains (losses) on AFS securities
OCI activity	$	1,588	$	(373)	$	1,215	$	—	$	1,215
Reclassified to earnings	(103)		25		(78)		—		(78)
Net OCI	$	1,485	$	(348)	$	1,137	$	—	$	1,137
Pension and other
OCI activity	$	(98)	$	25	$	(73)	$	—	$	(73)
Reclassified to earnings	12		(5)		7		—		7
Net OCI	$	(86)	$	20	$	(66)	$	—	$	(66)
Change in net DVA
OCI activity	$	(2,181)	$	533	$	(1,648)	$	(80)	$	(1,568)
Reclassified to earnings	11		(2)		9		—		9
Net OCI	$	(2,170)	$	531	$	(1,639)	$	(80)	$	(1,559)

Schedule of Cumulative Foreign Currency Translation Adjustments

Cumulative Foreign Currency Translation Adjustments


$ in millions	At December 31, 2021		At December 31, 2020
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency	$	(2,277)	$	(1,406)
Hedges, net of tax	1,275		611
Total	$	(1,002)	$	(795)
Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges	$	15,605	$	15,746