Shareholders' Equity |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity |
Shareholders’ Equity Common Stock
On June 27, 2019, following the Federal Reserve's non-objection to the Corporation's 2019 Comprehensive Capital Analysis and Review (CCAR) capital plan, the Board of Directors (the Board) authorized the repurchase of approximately $30.9 billion in common stock from July 1, 2019 through June 30, 2020, including approximately $900 million to offset the effect of equity-based compensation plans during the same period. As part of the capital plan, on July 25, 2019, the Board declared a quarterly common stock dividend of $0.18 per share.
During the three and six months ended June 30, 2019, the Corporation repurchased and retired 226 million and 446 million shares of common stock in connection with the 2018 CCAR capital plan and additional repurchase authorizations, which reduced shareholders’ equity by $6.5 billion and $12.8 billion.
During the six months ended June 30, 2019, in connection with employee stock plans, the Corporation issued 83 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 32 million shares of its common stock. At June 30, 2019, the Corporation had reserved 593 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.
Preferred Stock
During the three months ended March 31, 2019 and June 30, 2019, the Corporation declared $442 million and $239 million of cash dividends on preferred stock, or a total of $681 million for the six months ended June 30, 2019. On June 20, 2019, the Corporation issued 40,000 shares of 5.125% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ for $1.0 billion. Dividends are paid semi-annually during the fixed-rate period commencing on December 20, 2019, then quarterly during the floating-rate period commencing September 20, 2024. The Series JJ preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. On June 25, 2019, the Corporation issued 55,900 shares of 5.375% Non-Cumulative Preferred Stock, Series KK for $1.4 billion. Dividends are paid quarterly commencing on September 25, 2019. The Series KK preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event that the Corporation fails to declare and pay full dividends. There were no redemptions of preferred stock during the three and six months ended June 30, 2019. For more information on the Corporation's preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
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