| Schedule of Preferred Stock and Trust Preferred Securities [Table Text Block] |
The table below lists the aggregate liquidation value of each series of preferred stock exchanged.
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Preferred Stock Exchanged |
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Preferred Shares Exchanged |
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Liquidation Value (1, 2)
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(Dollars in millions, actual shares) |
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Non-convertible |
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Series D |
260 |
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$ |
7 |
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Series E |
5,915 |
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148 |
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Series J |
1,058 |
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26 |
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Series K |
4,929 |
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123 |
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Series M |
4,958 |
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124 |
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Series 1 |
1,215 |
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36 |
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Series 2 |
5,436 |
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163 |
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Series 3 |
563 |
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17 |
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Series 4 |
2,203 |
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66 |
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Series 5 |
3,288 |
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99 |
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Series 6 |
5,612 |
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6 |
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Total non-convertible |
35,437 |
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815 |
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Convertible |
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Series L |
269,139 |
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269 |
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Total exchanged |
304,576 |
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$ |
1,084 |
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(1) |
Amounts shown are before third-party issuance costs. |
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(2) |
Carrying value of preferred stock exchanged was $1,083 million
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| Preferred Stock [Text Block] |
The table below presents a summary of perpetual preferred stock previously issued by the Corporation and remaining outstanding at December 31, 2011.
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Preferred Stock Summary |
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(Dollars in millions, except as noted) |
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Series |
Description |
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Initial
Issuance
Date
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Total
Shares
Outstanding
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Liquidation
Preference
per Share
(in dollars)
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Carrying
Value (1)
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Per Annum
Dividend Rate
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Redemption Period |
Series B (2)
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7% Cumulative Redeemable |
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June
1997 |
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7,571 |
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$ |
100 |
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$ |
1 |
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7.00 |
% |
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n/a |
Series D (3, 8)
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6.204% Non-Cumulative |
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September
2006 |
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26,174 |
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25,000 |
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654 |
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6.204 |
% |
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On or after
September 14, 2011 |
Series E (3, 8)
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Floating Rate Non-Cumulative |
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November
2006 |
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13,576 |
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25,000 |
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340 |
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Annual rate equal to the greater of (a) 3-mo. LIBOR + 35 bps and (b) 4.00% |
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On or after
November 15, 2011 |
Series H (3, 8)
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8.20% Non-Cumulative |
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May
2008 |
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114,483 |
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25,000 |
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2,862 |
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8.20 |
% |
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On or after
May 1, 2013 |
Series I (3, 8)
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6.625% Non-Cumulative |
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September
2007 |
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14,584 |
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25,000 |
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365 |
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6.625 |
% |
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On or after
October 1, 2017 |
Series J (3, 8)
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7.25% Non-Cumulative |
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November
2007 |
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38,053 |
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25,000 |
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951 |
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7.25 |
% |
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On or after
November 1, 2012 |
Series K (3, 9)
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Fixed-to-Floating Rate Non-Cumulative |
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January
2008 |
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61,773 |
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25,000 |
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1,544 |
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8.00% through 1/29/18; 3-mo. LIBOR + 363 bps thereafter |
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On or after
January 30, 2018 |
Series L |
7.25% Non-Cumulative Perpetual Convertible |
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January
2008 |
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3,080,182 |
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1,000 |
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3,080 |
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7.25 |
% |
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n/a |
Series M (3, 9)
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Fixed-to-Floating Rate Non-Cumulative |
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April
2008 |
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52,399 |
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25,000 |
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1,310 |
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8.125% through 5/14/18;
3-mo. LIBOR + 364 bps thereafter |
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On or after
May 15, 2018 |
Series T |
6% Cumulative |
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September
2011 |
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50,000 |
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100,000 |
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2,918 |
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6.00 |
% |
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See description in Preferred Stock in this Note |
Series 1 (3, 4)
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Floating Rate Non-Cumulative |
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November
2004 |
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3,646 |
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30,000 |
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109 |
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3-mo. LIBOR + 75 bps (5)
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On or after
November 28, 2009 |
Series 2 (3, 4)
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Floating Rate Non-Cumulative |
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March
2005 |
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12,111 |
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30,000 |
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363 |
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3-mo. LIBOR + 65 bps (5)
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On or after
November 28, 2009 |
Series 3 (3, 4)
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6.375% Non-Cumulative |
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November
2005 |
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21,773 |
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30,000 |
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653 |
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6.375 |
% |
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On or after
November 28, 2010 |
Series 4 (3, 4)
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Floating Rate Non-Cumulative |
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November
2005 |
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10,773 |
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30,000 |
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323 |
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3-mo. LIBOR + 75 bps (6)
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On or after
November 28, 2010 |
Series 5 (3, 4)
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Floating Rate Non-Cumulative |
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March
2007 |
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16,902 |
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30,000 |
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507 |
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3-mo. LIBOR + 50 bps (6)
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On or after
May 21, 2012 |
Series 6 (3, 7)
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6.70% Non-Cumulative Perpetual |
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September
2007 |
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59,388 |
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1,000 |
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60 |
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6.70 |
% |
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On or after
February 3, 2009 |
Series 7 (3, 7)
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6.25% Non-Cumulative Perpetual |
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September
2007 |
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16,596 |
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1,000 |
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17 |
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6.25 |
% |
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On or after
March 18, 2010 |
Series 8 (3, 4)
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8.625% Non-Cumulative |
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April
2008 |
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89,100 |
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30,000 |
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2,673 |
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8.625 |
% |
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On or after
May 28, 2013 |
Total |
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3,689,084 |
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$ |
18,730 |
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(1) |
Amounts shown are before third-party issuance costs and other Merrill Lynch purchase accounting related adjustments of $333 million.
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(2) |
Series B Preferred Stock does not have early redemption/call rights. |
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(3) |
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. |
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(4) |
Ownership is held in the form of depositary shares, each representing a 1/1200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
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(5) |
Subject to 3.00% minimum rate per annum.
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(6) |
Subject to 4.00% minimum rate per annum.
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(7) |
Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
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(8) |
Ownership is held in the form of depositary shares, each representing a 1/1000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
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(9) |
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 redemption date adjusts to a quarterly cash dividend, if and when declared, thereafter. |
n/a = not applicable
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