Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Preferred Shares

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 Date	Depositary Shares Issued	Ownership Interest Per Depositary Share	Liquidation Preference Per Share	Liquidation Preference Per Depositary Share	Per Annum Dividend Rate	Dividend Payment Frequency	Carrying Value as of December 31, 2023 (In millions)		Redemption Date(2)
Series D	February 2014	30,000,000	1/4,000th	100,000	25	5.90% to but excluding March 15, 2024, then 9.008%(3)	Quarterly	$	742	March 15, 2024
Series F	May 2015	250,000	1/100th	100,000	1,000	Floating rate equal to the three-month CME term SOFR plus 3.859%, or 9.243% effective December 15, 2023	Quarterly	247		September 15, 2020
Series G	April 2016	20,000,000	1/4,000th	100,000	25	5.35%(4)	Quarterly	493		March 15, 2026
Series H	September 2018	500,000	1/100th	100,000	1,000	Floating rate equal to the three-month CME term SOFR plus 2.801%, or 8.185% effective December 15, 2023	Quarterly	494		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.

Dividends Declared

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,
	2023						2022
(Dollars in millions, except per share amounts)	Dividends Declared per Share		Dividends Declared per Depositary Share		Total		Dividends Declared per Share		Dividends Declared per Depositary Share		Total
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

The table below presents the dividends declared on common stock for the periods indicated:

	Years Ended December 31,
	2023				2022
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	2.64	$	837	$	2.40	$	871

Stock Repurchase Program

The table below presents the activity under our common share repurchase program for the period indicated:

	Years Ended December 31,
	2023					2022
	Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)
2023 Program	49.2	$	77.22	$	3,800	—	$	—	$	—
2021 Program	—	—		—		19.5	76.81		1,500

Schedule of 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 Plans		Foreign Currency Translation		Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries		Total
Balance as of December 31, 2020	$	57	$	846	$	(178)	$	(334)	$	(204)	$	187
Other comprehensive income (loss) before reclassifications	11		(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 reclassifications	75		442		(3)		351		(90)		775
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	153		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.

Schedule of Reclassifications Out of AOCI

The following table presents after-tax reclassifications into earnings for the periods indicated:

	Years Ended December 31,
	2023		2022		2021
(In millions)	Amounts Reclassified into Earnings						Affected 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)