v3.26.1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026:
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 June 30, 2026
(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 began 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.
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 June 30,
20262025
(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$1,367 $0.34 $7 $1,338 $0.33 $6 
Series I1,675 16.75 25 1,675 16.75 25 
Series J
1,675 16.75 14 1,675 16.75 15 
Series K
1,613 16.13 12 2,311 23.11 17 
Total$58 $63 
Six Months Ended June 30,
20262025
(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$2,705 $0.68 $14 $2,675 $0.67 $13 
Series I3,350 33.50 50 3,350 33.50 50 
Series J3,350 33.50 28 3,350 33.50 29 
Series K3,225 32.25 24 2,311 23.11 17 
Total$116 $109 
In July 2026, we declared dividends on our series G, I, J and K preferred stock of approximately $1,367, $1,675, $1,675 and $1,613, respectively, per share, or approximately $0.34, $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 September 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. We repurchased $400 million of our common stock in the second quarter of 2026 and since its inception, we have repurchased an aggregate of $3.3 billion of our common stock under the 2024 Program through June 30, 2026. The program has no set expiration date.
The table below presents the activity under our common share repurchase program for the periods indicated:
Three Months Ended June 30,
20262025
Shares Acquired
(In millions)		Average Cost per ShareTotal Acquired
(In millions)		Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program
2.5 $159.63 $400 3.5 $85.78 $300 
Six Months Ended June 30,
20262025
Shares Acquired
(In millions)		Average Cost per ShareTotal Acquired
(In millions)		Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program5.7 $140.80 $800 4.5 $88.87 $400 
The table below presents the dividends declared on common stock for the periods indicated:
Three Months Ended June 30,
20262025
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.84 $231 $0.76 $217 
Six Months Ended June 30,
20262025
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$1.68 $464 $1.52 $437 
In July 2026, we declared a common stock dividend of $0.92 per share, payable on October 13, 2026, to shareholders of record on October 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 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, 2024
$(132)$(480)$(129)$(2,168)$809 $(2,100)
Other comprehensive income (loss) before reclassifications7 115 3 1,445 (907)663 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income56 60 — — — 116 
Other comprehensive income (loss)63 175 3 1,445 (907)779 
Balance as of June 30, 2025$(69)$(305)$(126)$(723)$(98)$(1,321)
Balance as of December 31, 2025
$(33)$(151)$(92)$(793)$26 $(1,043)
Other comprehensive income (loss) before reclassifications(16)(85)1 (309)219 (190)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income29 26 — — — 55 
Other comprehensive income (loss)13 (59)1 (309)219 (135)
Balance as of June 30, 2026$(20)$(210)$(91)$(1,102)$245 $(1,178)
(1) Includes after-tax net unamortized unrealized gains (losses) of $(240) million and $(267) million as of June 30, 2026 and December 31, 2025, respectively, related to AFS investment securities previously transferred to HTM.
The following table presents after-tax reclassifications into earnings for the periods indicated:
Three Months Ended June 30,
20262025
(In millions)Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $5 and $10, respectively
$13 $33 Net interest income
Cash flow hedges:
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $2 and $9, respectively
9 27 Net interest income
Total amounts reclassified from accumulated other comprehensive income$22 $60 
Six Months Ended June 30,
20262025
(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 nil, respectively
$(1)$— Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $10 and $30, respectively
27 60 Net interest income
Cash flow hedges:
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $8 and $17, respectively
29 56 Net interest income
Total amounts reclassified from accumulated other comprehensive income$55 $116