Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity (Tables)

v3.8.0.1
Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Schedule of Dividends
 
 
 
 
 
 
 
Declared Quarterly Cash Dividends on Common Stock (1)
 
 
 
 
 
 
 
Declaration Date
 
Record Date
 
Payment Date
 
Dividend Per Share
January 31, 2018
 
March 2, 2018
 
March 30, 2018
 
$
0.12

October 25, 2017
 
December 1, 2017
 
December 29, 2017
 
0.12

July 26, 2017
 
September 1, 2017
 
September 29, 2017
 
0.12

April 26, 2017
 
June 2, 2017
 
June 30, 2017
 
0.075

January 26, 2017
 
March 3, 2017
 
March 31, 2017
 
0.075


(1) 
In 2017 and through February 22, 2018.
Schedule of Stock by Class
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
(1)
 
Per Annum
Dividend Rate
 
Redemption Period (2)
Series B
7% Cumulative Redeemable
 
June
1997
 
7,110

 
$
100

 
$
1

 
7.00
%
 
n/a
Series D (3)
6.204% Non-Cumulative
 
September
2006
 
26,174

 
25,000

 
654

 
6.204
%
 
On or after
September 14, 2011
Series E (3)
Floating Rate Non-Cumulative
 
November
2006
 
12,691

 
25,000

 
317

 
3-mo. LIBOR + 35 bps (4)

 
On or after
November 15, 2011
Series F
Floating Rate Non-Cumulative
 
March
2012
 
1,409

 
100,000

 
141

 
3-mo. LIBOR + 40 bps (4)

 
On or after
March 15, 2012
Series G
Adjustable Rate Non-Cumulative
 
March
2012
 
4,926

 
100,000

 
493

 
3-mo. LIBOR + 40 bps (4)

 
On or after
March 15, 2012
Series I (3)
6.625% Non-Cumulative
 
September
2007
 
14,584

 
25,000

 
365

 
6.625
%
 
On or after
October 1, 2017
Series K (5)
Fixed-to-Floating Rate Non-Cumulative
 
January
2008
 
61,773

 
25,000

 
1,544

 
8.00% to, but excluding, 1/30/18; 3-mo. LIBOR + 363 bps thereafter

 
On or after
January 30, 2018
Series L
7.25% Non-Cumulative Perpetual Convertible
 
January
2008
 
3,080,182

 
1,000

 
3,080

 
7.25
%
 
n/a
Series M (5)
Fixed-to-Floating Rate Non-Cumulative
 
April
2008
 
52,399

 
25,000

 
1,310

 
8.125% to, but excluding, 5/15/18; 3-mo. LIBOR + 364 bps thereafter

 
On or after
May 15, 2018
Series T (6)
6% Non-cumulative
 
September
2011
 
354

 
100,000

 
35

 
6.00
%
 
After May 7, 2019
Series U (5)
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

 
On or after
June 1, 2023
Series V (5)
Fixed-to-Floating Rate Non-Cumulative
 
June
2014
 
60,000

 
25,000

 
1,500

 
5.125% to, but excluding, 6/17/19; 3-mo. LIBOR + 338.7 bps thereafter

 
On or after
June 17, 2019
Series W (3)
6.625% Non-Cumulative
 
September 2014
 
44,000

 
25,000

 
1,100

 
6.625
%
 
On or after
September 9, 2019
Series X (5)
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

 
On or after
September 5, 2024
Series Y (3)
6.500% Non-Cumulative
 
January 2015
 
44,000

 
25,000

 
1,100

 
6.500
%
 
On or after
January 27, 2020
Series Z (5)
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

 
On or after
October 23, 2024
Series AA (5)
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

 
On or after
March 17, 2025
Series CC (3)
6.200% Non-Cumulative
 
January 2016
 
44,000

 
25,000

 
1,100

 
6.200
%
 
On or after
January 29, 2021
Series DD (5)
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

 
On or after
March 10, 2026
Series EE (3)
6.000% Non-Cumulative
 
April 2016
 
36,000

 
25,000

 
900

 
6.000
%
 
On or after
April 25, 2021
Series 1 (7)
Floating Rate Non-Cumulative
 
November
2004
 
3,275

 
30,000

 
98

 
3-mo. LIBOR + 75 bps (8)

 
On or after
November 28, 2009
Series 2 (7)
Floating Rate Non-Cumulative
 
March
2005
 
9,967

 
30,000

 
299

 
3-mo. LIBOR + 65 bps (8)

 
On or after
November 28, 2009
Series 3 (7)
6.375% Non-Cumulative
 
November
2005
 
21,773

 
30,000

 
653

 
6.375
%
 
On or after
November 28, 2010
Series 4 (7)
Floating Rate Non-Cumulative
 
November
2005
 
7,010

 
30,000

 
210

 
3-mo. LIBOR + 75 bps (4)

 
On or after
November 28, 2010
Series 5 (7)
Floating Rate Non-Cumulative
 
March
2007
 
14,056

 
30,000

 
422

 
3-mo. LIBOR + 50 bps (4)

 
On or after
May 21, 2012
Total
 
 
 
 
3,837,683

 
 

 
$
22,622

 
 

 
 
(1) 
Amounts shown are before third-party issuance costs and certain book value adjustments of $299 million.
(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) 
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.
(6) 
Represents shares that were not surrendered when the holders of Series T preferred stock exercised warrants to acquire 700 million shares of common stock in the third quarter of 2017.
(7) 
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.
(8) 
Subject to 3.00% minimum rate per annum.
n/a = not applicable
The following table summarizes common stock repurchases during 2017, 2016 and 2015.
 
 
 
 
Common Stock Repurchase Summary
 
 
 
 
(in millions)
2017
2016
2015
Total share repurchases, including CCAR capital plan repurchases
509

333

140

 
 
 
 
Purchase price of shares repurchased and retired (1)
 
 
 
CCAR capital plan repurchases
$
9,347

$
4,312

$
2,374

Other authorized repurchases
3,467

800


Total shares repurchased
$
12,814

$
5,112

$
2,374

(1) 
Represents reductions to shareholders’ equity due to common stock repurchases.