Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Preferred Stock

The following table summarizes the terms of the preferred stock issued as part of the Transaction.

Table 2.1: Summary of Preferred Stock Terms

			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share	Total Shares Issued
Series	Description	Issuance Date
Series O	Fixed-to-Floating Rate Non-Cumulative	May 18, 2025	October 30, 2027	5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%	Semi-Annually through 10/30/2027;Quarterly thereafter	100,000	5,700
Series P(1)	6.125% Fixed- Rate Reset Non-Cumulative	May 18, 2025	June 23, 2025	6.125% through 9/22/2025; resets 9/23/2025 and every subsequent 5 year anniversary at 5-Year Treasury Rate +5.783%	Semi-Annually	100,000	5,000

________

(1)Series P was fully redeemed on June 30, 2025. See “Item 7. MD&A—Capital Management” for additional information.

The following table summarizes our preferred stock outstanding as of December 31, 2025 and 2024.

Table 11.1: Preferred Stock Outstanding(1)

			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share		Total Shares Outstanding as of December 31, 2025	Carrying Value (in millions)
Series	Description	Issuance Date							December 31, 2025		December 31, 2024
Series I	5.000% Non-Cumulative	September 11, 2019	December 1, 2024	5.000%	Quarterly	$	1,000	1,500,000	$	1,462	$	1,462
Series J	4.800% Non-Cumulative	January 31,  2020	June 1, 2025	4.800%	Quarterly	1,000		1,250,000	1,209		1,209
Series K	4.625% Non-Cumulative	September 17, 2020	December 1, 2025	4.625%	Quarterly	1,000		125,000	122		122
Series L	4.375% Non-Cumulative	May 4, 2021	September 1, 2026	4.375%	Quarterly	1,000		675,000	652		652
Series M	3.950% Fixed Rate Reset Non-Cumulative	June 10, 2021	September 1, 2026	3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%	Quarterly	1,000		1,000,000	988		988
Series N	4.250% Non-Cumulative	July 29, 2021	September 1, 2026	4.250%	Quarterly	1,000		425,000	412		412
Series O	Fixed-to-Floating Rate Non-Cumulative	May 18, 2025	October 30, 2027	5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%	Semi-Annually through 10/30/2027;Quarterly thereafter	100,000		5,700	562		N/A
Total									$	5,407	$	4,845

__________

(1)For Series I, J, K, L, and N, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of non-cumulative perpetual preferred stock. For Series O, ownership is held in the form of depositary shares, each representing a 1/100th interest in a share of non-cumulative perpetual preferred stock.

Change in AOCI Gain (Loss) by Component (Net of Tax)

The following table presents the changes in AOCI by component for the years ended December 31, 2025, 2024 and 2023.

Table 11.2: AOCI

(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of December 31, 2022	$	(7,676)	$	(2,182)	$	(20)	$	(38)	$	(9,916)
Other comprehensive income (loss) before reclassifications	881		(268)		46		7		666
Amounts reclassified from AOCI into earnings	26		957		0		(1)		982
Other comprehensive income (loss), net of tax	907		689		46		6		1,648
AOCI as of December 31, 2023	(6,769)		(1,493)		26		(32)		(8,268)
Other comprehensive income (loss) before reclassifications	(801)		(1,029)		(23)		7		(1,846)
Amounts reclassified from AOCI into earnings	26		802		0		0		828
Other comprehensive income (loss), net of tax	(775)		(227)		(23)		7		(1,018)
AOCI as of December 31, 2024	$	(7,544)	$	(1,720)	$	3	$	(25)	$	(9,286)
Other comprehensive income (loss) before reclassifications	2,533		396		78		0		3,007
Amounts reclassified from AOCI into earnings	0		783		0		28		811
Other comprehensive income, net of tax	2,533		1,179		78		28		3,818
AOCI as of December 31, 2025	$	(5,011)	$	(541)	$	81	$	3	$	(5,468)

__________

(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.

(2)Includes other comprehensive losses of $226 million, gains of $169 million and losses of $126 million for the years ended December 31, 2025, 2024 and 2023, respectively, from hedging instruments designated as net investment hedges.

Reclassifications from AOCI

The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 .

Table 11.3: Reclassifications from AOCI

(Dollars in millions)		Year Ended December 31,
AOCI Components	Affected Income Statement Line Item	2025		2024		2023
Securities available for sale:
	Non-interest income (expense)	$	0	$	(35)	$	(34)
	Income tax provision (benefit)	0		(9)		(8)
	Net income (loss)	0		(26)		(26)
Hedging relationships:
Interest rate contracts:	Interest income (expense)	(931)		(1,207)		(1,205)
Foreign exchange contracts:	Interest income	13		11		11
	Interest income (expense)	(1)		6		(3)
	Non-interest income (expense)	(121)		129		(66)
	Income (loss) from continuing operations before income taxes	(1,040)		(1,061)		(1,263)
	Income tax provision (benefit)	(257)		(259)		(306)
	Net income (loss)	(783)		(802)		(957)
Other:
	Non-interest income and non-interest expense	(37)		0		1
	Income tax provision (benefit)	(9)		0		0
	Net income (loss)	(28)		0		1
Total reclassifications		$	(811)	$	(828)	$	(982)

Components of Other Comprehensive Income (Loss) and Related Tax Impact

The table below summarizes other comprehensive income (loss) activity and the related tax impact for the years ended December 31, 2025, 2024 and 2023.

Table 11.4: Other Comprehensive Income (Loss)

	Year Ended December 31,
	2025						2024						2023
(Dollars in millions)	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale	$	3,376	$	843	$	2,533	$	(1,036)	$	(261)	$	(775)	$	1,183	$	276	$	907
Net unrealized gains (losses) on hedging relationships	1,561		382		1,179		(303)		(76)		(227)		906		217		689
Foreign currency translation adjustments(1)	7		(71)		78		32		55		(23)		6		(40)		46
Other	37		9		28		9		2		7		8		2		6
Other comprehensive income (loss)	$	4,981	$	1,163	$	3,818	$	(1,298)	$	(280)	$	(1,018)	$	2,103	$	455	$	1,648

__________

(1)Includes the impact of hedging instruments designated as net investment hedges.