Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Dividends

Declared Quarterly Cash Dividends on Common Stock (1)

Declaration Date

Record Date

Payment Date

Dividend Per Share

January 31, 2024

March 1, 2024

March 29, 2024

0.24

October 18, 2023

December 1, 2023

December 29, 2023

0.24

July 19, 2023

September 1, 2023

September 29, 2023

0.24

April 26, 2023

June 2, 2023

June 30, 2023

0.22

February 1, 2023

March 3, 2023

March 31, 2023

0.22

(1) In 2023, and through February 20, 2024.

Schedule of Shareholders' Equity

The table below summarizes common stock repurchases during 2023, 2022 and 2021.



Common Stock Repurchase Summary

(in millions)	2023		2022		2021

Total share repurchases, including CCAR capital plan repurchases	147		126		615

Purchase price of shares repurchased and retired (1)	$	4,576	$	5,073	$	25,126

(1) Consists of repurchases pursuant to the Corporation’s CCAR capital plans.

The table below presents a summary of perpetual preferred stock outstanding at December 31, 2023.



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)(1)		Annual Dividend		Redemption Period (2)
Series B	7.000% Cumulative Redeemable	June 1997	7,076	$	100	$	1	7.00	%	$	7	$	—	n/a
Series E (3)	Floating Rate Non-Cumulative	November 2006	12,317	25,000		308		3-mo. CME Term SOFR + 61.161 bps (4)(5)		1.38		17		On or after November 15, 2011
Series F	Floating Rate Non-Cumulative	March 2012	1,409	100,000		141		3-mo. CME Term SOFR + 66.161 bps (4)(5)		5,693.77		8		On or after March 15, 2012
Series G	Adjustable Rate Non-Cumulative	March 2012	4,925	100,000		492		3-mo. CME Term SOFR + 66.161 bps (4)(5)		5,693.77		28		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 U (7)	Fixed-to-Floating Rate Non-Cumulative	May 2013	40,000	25,000		1,000		5.2% to, but excluding, 6/1/23;3-mo. CME Term SOFR + 339.661 bps thereafter (5)(6)		70.32		70		On or after June 1, 2023
Series X (7)	Fixed-to-Floating Rate Non-Cumulative	September 2014	80,000	25,000		2,000		6.250% to, but excluding, 9/5/24; 3-mo. CME Term SOFR + 396.661 bps thereafter (5)		62.50		125		On or after September 5, 2024
Series Z (7)	Fixed-to-Floating Rate Non-Cumulative	October 2014	56,000	25,000		1,400		6.500% to, but excluding, 10/23/24; 3-mo. CME Term SOFR + 443.561 bps thereafter (5)		65.00		91		On or after October 23, 2024
Series AA (7)	Fixed-to-Floating Rate Non-Cumulative	March 2015	76,000	25,000		1,900		6.100% to, but excluding, 3/17/25; 3-mo. CME Term SOFR + 415.961 bps thereafter (5)		61.00		116		On or after March 17, 2025

Series DD (7)	Fixed-to-Floating Rate Non-Cumulative	March 2016	40,000	25,000		1,000		6.300% to, but excluding, 3/10/26; 3-mo. CME Term SOFR + 481.461 bps thereafter (5)		63.00		63		On or after March 10, 2026

Series FF (7)	Fixed-to-Floating Rate Non-Cumulative	March 2018	90,833	25,000		2,271		5.875% to, but excluding, 3/15/28; 3-mo. CME Term SOFR + 319.261 bps thereafter (5)		58.75		133		On or after March 15, 2028
Series GG (3)	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 (3)	5.875% Non-Cumulative	July 2018	34,049	25,000		851		5.875	%	1.47		50		On or after July 24, 2023
Series JJ (7)	Fixed-to-Floating Rate Non-Cumulative	June 2019	34,171	25,000		854		5.125% to, but excluding, 6/20/24; 3-mo. CME Term SOFR + 355.361 bps thereafter (5)		51.25		44		On or after June 20, 2024
Series KK (3)	5.375% Non-Cumulative	June 2019	55,273	25,000		1,382		5.375	%	1.34		74		On or after June 25, 2024
Series LL (3)	5.000% Non-Cumulative	September 2019	52,045	25,000		1,301		5.000	%	1.25		65		On or after September 17, 2024
Series MM (7)	Fixed-to-Floating Rate Non-Cumulative	January 2020	30,753	25,000		769		4.300% to, but excluding, 1/28/25; 3-mo. CME Term SOFR + 292.561 bps thereafter (5)		43.00		33		On or after January 28, 2025
Series NN (3)	4.375% Non-Cumulative	October 2020	42,993	25,000		1,075		4.375	%	1.09		47		On or after November 3, 2025
Series PP (3)	4.125% Non-Cumulative	January 2021	36,500	25,000		912		4.125	%	1.03		38		On or after February 2, 2026
Series QQ (3)	4.250% Non-Cumulative	October 2021	51,879	25,000		1,297		4.250	%	1.06		55		On or after November 17, 2026
Series RR (8)	4.375% Fixed-Rate Reset Non-Cumulative	January 2022	66,738	25,000		1,668		4.375% to, but excluding 1/27/27; 5-yr U.S. Treasury Rate + 276 bps thereafter		43.75		73		On or after January 27, 2027
Series SS (3)	4.750% Non-Cumulative	January 2022	27,463	25,000		687		4.750	%	1.19		33		On or after February 17, 2027
Series TT (8)	6.125% Fixed-Rate Reset Non-Cumulative	April 2022	80,000	25,000		2,000		6.125% to, but excluding, 4/27/27; 5-yr U.S. Treasury Rate + 323.1 bps thereafter		61.25		122		On or after April 27, 2027
Series 1 (9)	Floating Rate Non-Cumulative	November 2004	3,185	30,000		96		3-mo. CME Term SOFR + 101.161 bps (5)(10)		1.49		6		On or after November 28, 2009
Series 2 (9)	Floating Rate Non-Cumulative	March 2005	9,967	30,000		299		3-mo. CME Term SOFR + 91.161 bps (5)(10)		1.48		18		On or after November 28, 2009
Series 4 (9)	Floating Rate Non-Cumulative	November 2005	7,010	30,000		210		3-mo. CME Term SOFR + 101.161 bps (4)(5)		1.51		13		On or after November 28, 2010
Series 5 (9)	Floating Rate Non-Cumulative	March 2007	13,331	30,000		400		3-mo. CME Term SOFR + 76.161 bps (4)(5)		1.43		23		On or after May 21, 2012
Issuance costs and certain adjustments						(347)
Total			4,088,099			$	28,397

(1)For all series of preferred stock other than Series B, Series F, Series G and Series L, “Dividend per Share” means the amount of dividends per depositary share of such series.

(2)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.

(3)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.

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

(5)The number of basis points to be added to 3-mo. Term SOFR is equal to the original basis point spread applicable to floating rate periods when the preferred stock was originally issued, plus a tenor spread adjustment of 26.161 bps relating to the transition from 3-mo. LIBOR to 3-mo. Term SOFR.

(6)Solely for the dividend period commencing 6/1/23, the per annum dividend rate for the Series U Preferred Stock was determined by reference to 3-mo. LIBOR + 313.5 bps.

(7)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.

(8)Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

(9)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.

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

n/a = not applicable