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Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
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, 2025:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedAmount outstanding (In millions)Ownership Interest Per Depositary ShareLiquidation Preference Per ShareLiquidation Preference Per Depositary SharePer Annum Dividend RateDividend Payment FrequencyCarrying Value as of December 31, 2025
(In millions)
Redemption Date(2)
Series GApril 201620,000,000 $500 1/4,000th100,000 25 
5.35%(3)
Quarterly$493 March 15, 2026
Series IJanuary 20241,500,000 1,500 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 2024850,000 850 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
Series KFebruary 2025750,000 750 1/100th100,000 1,000 
6.450% through September 14, 2030; resets September 15, 2030 and every subsequent five year anniversary at the five- year U.S. Treasury rate plus 2.135%
Quarterly743 September 15, 2030
(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 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 $743 million.
The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Years Ended December 31,
20252024
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D$— $— $— $1,475 $0.37 $11 
Series F— — — 2,336 23.36 6 
Series G5,350 1.34 27 5,350 1.34 27 
Series H— — — 6,251 62.51 31 
Series I6,700 67.00 100 5,863 58.63 88 
Series J
6,700 67.00 57 2,643 26.43 22 
Series K
5,536 55.36 42 — — — 
Total$226 $185 
In February 2026, we declared dividends on our series G, I, J and K preferred stock of approximately $1,338, $1,675, $1,675 and $1,613, respectively, per share, or approximately $0.33, $16.75, $16.75 and $16.13, respectively, per depositary share. These dividends total approximately $7 million, $25 million, $14 million and $12 million on our Series G, I, J and K preferred stock, respectively, which will be paid in March 2026.
Common Stock
On January 19, 2024, we announced a common share repurchase program, approved by the 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. During 2025, we repurchased $1.2 billion of our common stock and since its inception we have repurchased an aggregate of $2.5 billion of our common stock under the 2024 Program through December 31, 2025. The program has no set expiration date.
The table below presents the activity under our common share repurchase program for the periods indicated:
Years Ended December 31,
20252024
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program
11.5 $104.05 $1,200 15.1 $85.89 $1,300 
The table below presents the dividends declared on common stock for the periods indicated:
Years Ended December 31,
20252024
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$3.20 $909 $2.90 $859 
In February 2026, we declared a common stock dividend of $0.84 per share, payable on April 13, 2026, to shareholders of record on April 1, 2026.
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
Other comprehensive income (loss) before reclassifications75 442 (3)351 (90)775 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income153 428 1 — — 582 
Other comprehensive income (loss)228 870 (2)351 (90)1,357 
Balance as of December 31, 2023(131)(947)(145)(1,400)269 (2,354)
Other comprehensive income (loss) before reclassifications39 15 14 (768)540 (160)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(40)452 2 — — 414 
Other comprehensive income (loss)(1)467 16 (768)540 254 
Balance as of December 31, 2024(132)(480)(129)(2,168)809 (2,100)
Other comprehensive income (loss) before reclassifications(5)224 36 1,375 (783)847 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income104 105 1 — — 210 
Other comprehensive income (loss)99 329 37 1,375 (783)1,057 
Balance as of December 31, 2025$(33)$(151)$(92)$(793)$26 $(1,043)
(1) Includes after-tax net unamortized unrealized gains (losses) of $(267) million, $(374) million and $(530) million as of December 31, 2025, 2024 and 2023, 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,
202520242023
(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 $(2), $21 and $81 respectively
$(2)$59 $213 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $47, $137 and $81 respectively
107 393 215 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $31, $(14) and $55 respectively
104 (40)153 Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil, nil and nil respectively
1 2 1 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$210 $414 $582