Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 3 Months Ended
Mar. 31, 2012
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
NOTE 11 – Shareholders’ Equity
 
Common Stock

In April 2012, the Board of Directors (the Board) declared a second quarter cash dividend of $0.01 to be paid on June 22, 2012 to common shareholders of record on June 1, 2012. In January 2012, the Board declared the first quarter cash dividend of $0.01 per common share which was paid on March 23, 2012 to common shareholders of record on March 2, 2012.

During the three months ended March 31, 2012, the Corporation entered into various agreements with certain preferred and trust preferred security holders pursuant to which the Corporation and the security holders, in aggregate, agreed to exchange shares of various series of non-convertible preferred stock, with a carrying value of $296 million and trust preferred securities with a carrying value of $760 million for approximately 50 million shares of the Corporation's common stock, with a fair value of $412 million and $398 million in cash. The $246 million difference between the carrying value of the preferred and trust preferred securities retired and the fair value of consideration issued was recorded in retained earnings as a $44 million reduction to preferred stock dividends and a $202 million gain in noninterest income.

During the three months ended March 31, 2012, in connection with employee stock plans, the Corporation issued approximately 293 million shares and repurchased approximately 103 million shares to satisfy tax withholding obligations. At March 31, 2012, the Corporation had reserved 1.9 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock.

Preferred Stock

During the three months ended March 31, 2012, the dividends declared on preferred stock were $369 million.