| Schedule of Stock by Class |
The following table summarizes common stock repurchases during 2018, 2017 and 2016.
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Common Stock Repurchase Summary |
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(in millions) |
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2018 |
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2017 |
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2016 |
Total share repurchases, including CCAR capital plan repurchases |
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676 |
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509 |
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333 |
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Purchase price of shares repurchased and retired (1)
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CCAR capital plan repurchases |
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$ |
16,754 |
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$ |
9,347 |
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$ |
4,312 |
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Other authorized repurchases |
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3,340 |
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3,467 |
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800 |
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Total shares repurchased |
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$ |
20,094 |
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$ |
12,814 |
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$ |
5,112 |
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(1) Represents reductions to shareholders’ equity due to common stock repurchases.The table on the following page presents a summary of perpetual preferred stock outstanding at December 31, 2018.
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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 |
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Per Annum
Dividend Rate |
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Dividend per Share
(in dollars)
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Annual Dividend |
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Redemption Period (1)
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Series B |
7% Cumulative Redeemable |
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June
1997 |
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7,110 |
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$ |
100 |
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$ |
1 |
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7.00 |
% |
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$ |
7.00 |
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$ |
— |
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n/a |
Series E (2)
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Floating Rate Non-Cumulative |
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November
2006 |
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12,691 |
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25,000 |
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317 |
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3-mo. LIBOR + 35 bps (3)
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1.01 |
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13 |
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On or after
November 15, 2011 |
Series F |
Floating Rate Non-Cumulative |
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March
2012 |
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1,409 |
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100,000 |
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141 |
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3-mo. LIBOR + 40 bps (3)
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4,055.56 |
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6 |
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On or after
March 15, 2012 |
Series G |
Adjustable Rate Non-Cumulative |
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March
2012 |
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4,926 |
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100,000 |
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493 |
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3-mo. LIBOR + 40 bps (3)
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4,055.56 |
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20 |
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On or after
March 15, 2012 |
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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72.50 |
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223 |
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n/a |
Series T |
6% Non-cumulative |
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September
2011 |
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354 |
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100,000 |
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35 |
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6.00 |
% |
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6,000.00 |
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2 |
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After May 7, 2019 |
Series U (4)
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Fixed-to-Floating Rate Non-Cumulative |
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May
2013 |
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40,000 |
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25,000 |
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1,000 |
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5.2% to, but excluding, 6/1/23; 3-mo. LIBOR + 313.5 bps thereafter |
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52.00 |
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52 |
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On or after
June 1, 2023 |
Series V (4)
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Fixed-to-Floating Rate Non-Cumulative |
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June
2014 |
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60,000 |
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25,000 |
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1,500 |
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5.125% to, but excluding, 6/17/19; 3-mo. LIBOR + 338.7 bps thereafter |
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51.25 |
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77 |
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On or after
June 17, 2019 |
Series W (2)
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6.625% Non-Cumulative |
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September 2014 |
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44,000 |
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25,000 |
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1,100 |
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6.625 |
% |
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1.66 |
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73 |
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On or after
September 9, 2019 |
Series X (4)
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Fixed-to-Floating Rate Non-Cumulative |
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September 2014 |
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80,000 |
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25,000 |
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2,000 |
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6.250% to, but excluding, 9/5/24; 3-mo. LIBOR + 370.5 bps thereafter |
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62.50 |
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125 |
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On or after
September 5, 2024 |
Series Y (2)
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6.500% Non-Cumulative |
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January 2015 |
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44,000 |
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25,000 |
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1,100 |
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6.500 |
% |
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1.63 |
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72 |
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On or after
January 27, 2020 |
Series Z (4)
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Fixed-to-Floating Rate Non-Cumulative |
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October 2014 |
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56,000 |
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25,000 |
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1,400 |
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6.500% to, but excluding, 10/23/24; 3-mo. LIBOR + 417.4 bps thereafter |
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65.00 |
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91 |
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On or after
October 23, 2024 |
Series AA (4)
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Fixed-to-Floating Rate Non-Cumulative |
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March 2015 |
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76,000 |
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25,000 |
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1,900 |
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6.100% to, but excluding, 3/17/25; 3-mo. LIBOR + 389.8 bps thereafter |
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61.00 |
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116 |
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On or after
March 17, 2025 |
Series CC (2)
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6.200% Non-Cumulative |
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January 2016 |
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44,000 |
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25,000 |
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1,100 |
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6.200 |
% |
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1.55 |
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68 |
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On or after
January 29, 2021 |
Series DD (4)
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Fixed-to-Floating Rate Non-Cumulative |
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March 2016 |
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40,000 |
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25,000 |
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1,000 |
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6.300% to, but excluding, 3/10/26; 3-mo. LIBOR + 455.3 bps thereafter |
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63.00 |
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63 |
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On or after
March 10, 2026 |
Series EE (2)
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6.000% Non-Cumulative |
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April 2016 |
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36,000 |
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25,000 |
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900 |
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6.000 |
% |
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1.50 |
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54 |
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On or after
April 25, 2021 |
Series FF (4)
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Fixed-to-Floating Rate Non-Cumulative |
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March 2018 |
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94,000 |
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25,000 |
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2,350 |
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5.875% to, but excluding, 3/15/28; 3-mo. LIBOR + 293.1 bps thereafter |
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29.38 |
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69 |
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On or after
March 15, 2028 |
Series GG (2)
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6.000% Non-Cumulative |
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May
2018 |
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54,000 |
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25,000 |
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1,350 |
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6.000 |
% |
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0.75 |
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41 |
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On or after
May 16, 2023 |
Series HH (2)
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5.875% Non-Cumulative |
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July
2018 |
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34,160 |
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25,000 |
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854 |
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5.875 |
% |
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0.73 |
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25 |
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On or after
July 24, 2023 |
Series 1 (5)
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Floating Rate Non-Cumulative |
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November
2004 |
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3,275 |
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30,000 |
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98 |
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3-mo. LIBOR + 75 bps (6)
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0.76 |
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3 |
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On or after
November 28, 2009 |
Series 2 (5)
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Floating Rate Non-Cumulative |
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March
2005 |
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9,967 |
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30,000 |
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299 |
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3-mo. LIBOR + 65 bps (6)
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0.76 |
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9 |
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On or after
November 28, 2009 |
Series 4 (5)
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Floating Rate Non-Cumulative |
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November
2005 |
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7,010 |
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30,000 |
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210 |
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3-mo. LIBOR + 75 bps (3)
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1.01 |
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9 |
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On or after
November 28, 2010 |
Series 5 (5)
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Floating Rate Non-Cumulative |
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March
2007 |
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14,056 |
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30,000 |
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422 |
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3-mo. LIBOR + 50 bps (3)
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1.01 |
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17 |
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On or after
May 21, 2012 |
Issuance costs and certain adjustments |
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(324 |
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Total |
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3,843,140 |
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$ |
22,326 |
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(1) |
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. |
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(2) |
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. |
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(3) |
Subject to 4.00% minimum rate per annum.
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(4) |
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. |
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(5) |
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. |
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(6) |
Subject to 3.00% minimum rate per annum.
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n/a = not applicable
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