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Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
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, 2024:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedOwnership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment Frequency
Carrying Value as of December 31, 2024
(In millions)
Redemption Date(2)
Series GApril 201620,000,0001/4,000th100,000 25 
5.35%(3)
Quarterly$493 March 15, 2026
Series IJanuary 20241,500,000 1/100th100,000 1,000 
6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.613%
Quarterly1,481 March 15, 2029
Series JJuly 2024850,000 1/100th100,000 1,000 
6.700% through September 14, 2029; resets September 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.628%
Quarterly842 September 15, 2029
(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 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.
On January 31, 2024, we issued 1.5 million depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, 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.
On March 15, 2024, we redeemed 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 noncumulative 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.
On July 24, 2024, we issued 850,000 depositary shares, each representing 1/100th ownership interest in shares of fixed rate reset, non-cumulative perpetual preferred stock, Series J, 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 $842 million.
On September 16, 2024, we redeemed an aggregate $500 million, or all 5,000 outstanding shares, of our non-cumulative perpetual preferred stock, Series H (represented by 500,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per depository share), plus all declared and unpaid dividends.
On February 6, 2025, we issued 750,000 depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series K, 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 $743 million. Dividends on the Series K Preferred Stock will be payable quarterly at an initial rate of 6.450% per annum commencing on June 15, 2025, 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.
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,
20242023
(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$1,475 $0.37 $11 $5,900 $1.48 $44 
Series F2,336 23.36 6 8,935 89.35 23 
Series G5,350 1.34 27 5,350 1.34 27 
Series H6,251 62.51 31 5,625 56.25 28 
Series I
5,863 58.63 88 — — — 
Series J
2,643 26.43 22 — — — 
Total$185 $122 
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 with no set expiration date the “2024 Program”). During 2024, we repurchased $1.3 billion of our common stock under the 2024 Program and expect common share repurchases to continue under this program during 2025.
In 2023, we repurchased $3.8 billion of our common stock under the previously approved common share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023 (the “2023 Program”).
The tables below present the activity under our common share repurchase program for the period indicated:
Years Ended December 31,
20242023
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program
15.1 $85.89 $1,300 — $— $— 
2023 Program— — — 49.2 77.22 3,800 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20242023
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.90 $859 $2.64 $837 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2021$(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 $(2,354)
Other comprehensive income (loss) before reclassifications39 15 14 (768)540 (160)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(40)452 2 — — 414 
Other comprehensive income (loss)(1)467 16 (768)540 254 
Balance as of December 31, 2024$(132)$(480)$(129)$(2,168)$809 $(2,100)
(1) Includes after-tax net unamortized unrealized gains (losses) of ($374) million, ($530) million and ($749) million as of December 31, 2024, 2023 and 2022, 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,
202420232022
(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 $21, $81 and $1 respectively
$59 $213 $1 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $137, $81 and $96 respectively
393 215 169 Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of ($14), $55 and ($13) respectively
(40)153 (36)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil, nil and $(1) respectively
2 1 (12)Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$414 $582 $122