Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Dividends

Declared Quarterly Cash Dividends on Common Stock (1)

Declaration Date

Record Date

Payment Date

Dividend Per Share

January 19, 2021

March 5, 2021

March 26, 2021

0.18

October 21, 2020

December 4, 2020

December 24, 2020

0.18

July 22, 2020

September 4, 2020

September 25, 2020

0.18

April 22, 2020

June 5, 2020

June 26, 2020

0.18

January 29, 2020

March 6, 2020

March 27, 2020

0.18

(1)In 2020, and through February 24, 2021.

Schedule of Stockholders Equity

The following table summarizes common stock repurchases during 2020, 2019 and 2018.



Common Stock Repurchase Summary

(in millions)	2020		2019		2018

Total share repurchases, including CCAR capital plan repurchases	227		956		676

Purchase price of shares repurchased and retired
CCAR capital plan repurchases	$	7,025	$	25,644	$	16,754
Other authorized repurchases	—		2,500		3,340
Total shares repurchased	$	7,025	$	28,144	$	20,094

The table below presents a summary of perpetual preferred stock outstanding at December 31, 2020.



Preferred Stock Summary

(Dollars in millions, except as noted)
Series	Description	Initial Issuance Date	Total Shares Outstanding	Liquidation Preference per Share (in dollars)		Carrying Value		Per Annum Dividend Rate		Dividend per Share (in dollars)		Annual Dividend		Redemption Period (1)
Series B	7% Cumulative Redeemable	June 1997	7,110	$	100	$	1	7.00	%	$	7	$	—	n/a
Series E (2)	Floating Rate Non-Cumulative	November 2006	12,691	25,000		317		3-mo. LIBOR + 35 bps (3)		1.02		13		On or after November 15, 2011
Series F	Floating Rate Non-Cumulative	March 2012	1,409	100,000		141		3-mo. LIBOR + 40 bps (3)		4,066.67		6		On or after March 15, 2012
Series G	Adjustable Rate Non-Cumulative	March 2012	4,926	100,000		493		3-mo. LIBOR + 40 bps (3)		4,066.67		20		On or after March 15, 2012
Series L	7.25% Non-Cumulative Perpetual Convertible	January 2008	3,080,182	1,000		3,080		7.25	%	72.50		223		n/a
Series T	6% Non-cumulative	September 2011	354	100,000		35		6.00	%	6,000.00		2		After May 7, 2019
Series U (4)	Fixed-to-Floating Rate Non-Cumulative	May 2013	40,000	25,000		1,000		5.2% to, but excluding, 6/1/23; 3-mo. LIBOR + 313.5 bps thereafter		52.00		52		On or after June 1, 2023
Series X (4)	Fixed-to-Floating Rate Non-Cumulative	September 2014	80,000	25,000		2,000		6.250% to, but excluding, 9/5/24; 3-mo. LIBOR + 370.5 bps thereafter		62.50		125		On or after September 5, 2024
Series Z (4)	Fixed-to-Floating Rate Non-Cumulative	October 2014	56,000	25,000		1,400		6.500% to, but excluding, 10/23/24; 3-mo. LIBOR + 417.4 bps thereafter		65.00		91		On or after October 23, 2024
Series AA (4)	Fixed-to-Floating Rate Non-Cumulative	March 2015	76,000	25,000		1,900		6.100% to, but excluding, 3/17/25; 3-mo. LIBOR + 389.8 bps thereafter		61.00		116		On or after March 17, 2025
Series CC (2)	6.200% Non-Cumulative	January 2016	44,000	25,000		1,100		6.200	%	1.55		68		On or after January 29, 2021
Series DD (4)	Fixed-to-Floating Rate Non-Cumulative	March 2016	40,000	25,000		1,000		6.300% to, but excluding, 3/10/26; 3-mo. LIBOR + 455.3 bps thereafter		63.00		63		On or after March 10, 2026
Series EE (2)	6.000% Non-Cumulative	April 2016	36,000	25,000		900		6.000	%	1.50		54		On or after April 25, 2021
Series FF (4)	Fixed-to-Floating Rate Non-Cumulative	March 2018	94,000	25,000		2,350		5.875% to, but excluding, 3/15/28; 3-mo. LIBOR + 293.1 bps thereafter		58.75		138		On or after March 15, 2028
Series GG (2)	6.000% Non-Cumulative	May 2018	54,000	25,000		1,350		6.000	%	1.50		81		On or after May 16, 2023
Series HH (2)	5.875% Non-Cumulative	July 2018	34,160	25,000		854		5.875	%	1.47		50		On or after July 24, 2023
Series JJ (4)	Fixed-to-Floating Rate Non-Cumulative	June 2019	40,000	25,000		1,000		5.125% to, but excluding, 6/20/24; 3-mo. LIBOR + 329.2 bps thereafter		51.25		51		On or after June 20, 2024
Series KK (2)	5.375% Non-Cumulative	June 2019	55,900	25,000		1,398		5.375	%	1.34		75		On or after June 25, 2024
Series LL (2)	5.000% Non-Cumulative	September 2019	52,400	25,000		1,310		5.000	%	1.25		66		On or after September 17, 2024
Series MM (4)	Fixed-to-Floating Rate Non-Cumulative	January 2020	44,000	25,000		1,100		4.300	%	43.48		48		On or after January 28, 2025
Series NN (2)	4.375% Non-Cumulative	October 2020	44,000	25,000		1,100		4.375	%	0.29		13		On or after November 3, 2025
Series 1 (5)	Floating Rate Non-Cumulative	November 2004	3,275	30,000		98		3-mo. LIBOR + 75 bps (6)		0.75		3		On or after November 28, 2009
Series 2 (5)	Floating Rate Non-Cumulative	March 2005	9,967	30,000		299		3-mo. LIBOR + 65 bps (6)		0.76		10		On or after November 28, 2009
Series 4 (5)	Floating Rate Non-Cumulative	November 2005	7,010	30,000		210		3-mo. LIBOR + 75 bps (3)		1.02		9		On or after November 28, 2010
Series 5 (5)	Floating Rate Non-Cumulative	March 2007	14,056	30,000		422		3-mo. LIBOR + 50 bps (3)		1.02		17		On or after May 21, 2012
Issuance costs and certain adjustments						(348)
Total			3,931,440			$	24,510

(1)The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights.

(2)Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

(3)Subject to 4.00% minimum rate per annum.

(4)Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter.

(5)Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

(6)Subject to 3.00% minimum rate per annum.

n/a = not applicable