v3.25.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 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:
Three Months Ended September 30,
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 G$1,338 $0.33 $7 $1,338 $0.33 $7 
Series H— — — 2,036 20.36 10 
Series I1,675 16.75 25 1,675 16.75 25 
Series J
1,675 16.75 14 — — — 
Series K
1,613 16.13 12 — — — 
Total$58 $42 
Nine Months Ended September 30,
20252024
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D$— $— $— $1,475 $0.37 $11 
Series F— — — 2,336 23.36 6 
Series G4,013 1 20 4,013 1.00 20 
Series H— — — 6,251 62.51 31 
Series I5,025 50.25 75 4,188 41.88 63 
Series J5,025 50.25 43 — — — 
Series K3,924 39.24 29 — — — 
Total$167 $131 
In October 2025, 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 December 2025.
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. This program has no set expiration date and is not expected to be executed in full during 2025. We repurchased $400 million of our common stock in the third quarter of 2025 under our 2024 share repurchase authorization.
The table below presents the activity under our common share repurchase program for the periods indicated:
Three Months Ended September 30,
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
3.6 $110.34 $400 5.4 $84.00 $450 
Nine Months Ended September 30,
20252024
Shares Acquired
(In millions)		Average Cost per ShareTotal Acquired
(In millions)		Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program8.1 $98.45 $800 9.4 $79.73 $750 
The table below presents the dividends declared on common stock for the periods indicated:
Three Months Ended September 30,
20252024
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.84 $237 $0.76 $224 
Nine Months Ended September 30,
20252024
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$2.36 $674 $2.14 $639 
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 Gains (Losses) on Retirement Plans
Foreign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2023
$(131)$(947)$(145)$(1,400)$269 $(2,354)
Other comprehensive income (loss) before reclassifications39 206 6 197 (22)426 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(69)371 1 — — 303 
Other comprehensive income (loss)(30)577 7 197 (22)729 
Balance as of September 30, 2024$(161)$(370)$(138)$(1,203)$247 $(1,625)
Balance as of December 31, 2024
$(132)$(480)$(129)$(2,168)$809 $(2,100)
Other comprehensive income (loss) before reclassifications(2)189 4 1,390 (821)760 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income82 86 — — — 168 
Other comprehensive income (loss)80 275 4 1,390 (821)928 
Balance as of September 30, 2025$(52)$(205)$(125)$(778)$(12)$(1,172)
(1) Includes after-tax net unamortized unrealized gains (losses) of ($287) million and ($374) million as of September 30, 2025 and December 31, 2024, respectively, related to AFS investment securities previously transferred to HTM.
The following tables present after-tax reclassifications into earnings for the periods indicated:
Three Months Ended September 30,
20252024
(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 nil, and $21, respectively
$(1)$59 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $9 and $15, respectively
27 42 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $8 and $13, respectively
26 38 Net interest income
Total amounts reclassified from accumulated other comprehensive income$52 $139 
Nine Months Ended September 30,
20252024
(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 nil and $21, respectively
$(1)$59 Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $39 and $113, respectively
87 312 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $25 and ($25), respectively
82 (69)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of nil and nil, respectively
— 1 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$168 $303