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Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Preferred Stock
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of December 31, 2023:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedOwnership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment FrequencyCarrying Value as of December 31, 2023
(In millions)
Redemption Date(2)
Series DFebruary 201430,000,0001/4,000th100,000 25 
5.90% to but excluding March 15, 2024, then 9.008%(3)
Quarterly$742 March 15, 2024
Series FMay 2015250,0001/100th100,000 1,000 
Floating rate equal to the three-month CME term SOFR plus 3.859%, or 9.243% effective December 15, 2023
Quarterly247 September 15, 2020
Series GApril 201620,000,0001/4,000th100,000 25 
5.35%(4)
Quarterly493 March 15, 2026
Series HSeptember 2018500,0001/100th100,000 1,000 
Floating rate equal to the three-month CME term SOFR plus 2.801%, or 8.185% effective December 15, 2023
Quarterly494 December 15, 2023
(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(3) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.
(4) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
In January 2024, we issued 1.5 million depositary shares, each representing 1/100th ownership interest in shares of fixed-to-floating rate, non-cumulative perpetual preferred stock, Series I, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $1.5 billion. Dividends on the Series I Preferred Stock will be payable quarterly at an initial rate of 6.700% per annum commencing on June 15, 2024, with the first dividend payable on a pro-rata basis. Our preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times.
In addition, on February 8, 2024, we announced that we will redeem on March 15, 2024 an aggregate $1.0 billion, or all 7,500 outstanding shares, of our non-cumulative perpetual preferred stock, Series D (represented by 30,000,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $25 per depository share), plus all declared and unpaid dividends and all 2,500 of the outstanding shares of our non-cumulative perpetual preferred stock, Series F (represented by 250,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends. Cash dividends on the Series D and F Preferred Stock, of approximately $1,475 and $2,336, respectively, per share, or approximately $0.37 and $23.36, respectively per depository share have been declared for the period from December 15, 2023 up to but not including March 15, 2024 (together, the “March Dividends"). The March Dividends will be paid separately to the holders of record of the Series D Preferred Stock and the Series F Preferred Stock as
of February 29, 2024 in the customary manner. Accordingly, there will not be any declared and unpaid dividends included in the Series D and Series F redemption price.
The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Years Ended December 31,
20232022
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D
$5,900 $1.48 $44 $5,900 $1.48 $44 
Series F
8,935 89.35 23 5,208 52.08 13 
Series G
5,350 1.34 27 5,352 1.32 27 
Series H
5,625 56.25 28 5,625 56.25 28 
Total
$122 $112 
In January 2024, we declared dividends on our series D, F, G, and H preferred stock of approximately $1,475, $2,336, $1,338, and $2,069, respectively, per share, or approximately $0.37, $23.36, $0.33,and $20.69, respectively, per depositary share. These dividends total approximately $11 million, $6 million, $7 million, and $10 million on our series D, F, G, and H preferred stock, respectively, which will be paid in March 2024.
Common Stock
On January 19, 2024, we announced a new common share repurchase program, approved by our Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of our common stock beginning in the first quarter of 2024. This new program has no set expiration date and is not expected to be executed in full during 2024.
In January 2023, our Board approved a common share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023 (the 2023 Program). We repurchased $3.8 billion of our common stock during 2023 under the 2023 Program.
In 2022, we repurchased $1.5 billion of our common stock under the 2021 program authorizing the purchase of up to $3.0 billion of our common stock through the end of 2022.
The table below presents the activity under our common share repurchase program for the period indicated:
Years Ended December 31,
20232022
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2023 Program49.2 $77.22 $3,800 — $— $— 
2021 Program— — — 19.5 76.81 1,500 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20232022
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.64 $837 $2.40 $871 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2020$57 $846 $(178)$(334)$(204)$187 
Other comprehensive income (loss) before reclassifications11 (854)1 (685)272 (1,255)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(70)(42)47 — — (65)
Other comprehensive income (loss)(59)(896)48 (685)272 (1,320)
Balance as of December 31, 2021$(2)$(50)$(130)$(1,019)$68 $(1,133)
Other comprehensive income (loss) before reclassifications(321)(1,937)(1)(732)291 (2,700)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(36)170 (12)— — 122 
Other comprehensive income (loss)(357)(1,767)(13)(732)291 (2,578)
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
Other comprehensive income (loss) before reclassifications75 442 (3)351 (90)775 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income153 428 1 — — 582 
Other comprehensive income (loss)228 870 (2)351 (90)1,357 
Balance as of December 31, 2023$(131)$(947)$(145)$(1,400)$269 $(2,354)
(1) Includes after-tax net unamortized unrealized gains (losses) of ($530) million, ($749) million and $31 million as of December 31, 2023, 2022 and 2021, respectively, related to AFS investment securities previously transferred to HTM.
The following table presents after-tax reclassifications into earnings for the periods indicated:
Years Ended December 31,
202320222021
(In millions)
Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $81, $1 and $(15) respectively
$213 $1 $(42)Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $81, $96 and $0 respectively
215 169 — Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of $55, ($13) and ($25) respectively
153 (36)(70)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil, ($1) and $16 respectively
1 (12)47 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$582 $122 $(65)