Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity (Tables)

v3.22.0.1
Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Dividends
Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date Record Date Payment Date Dividend Per Share
February 2, 2022 March 4, 2022 March 25, 2022 $ 0.21 
October 20, 2021 December 3, 2021 December 31, 2021 0.21 
July 21, 2021 September 3, 2021 September 24, 2021 0.21 
April 22, 2021 June 4, 2021 June 25, 2021 0.18 
January 19, 2021 March 5, 2021 March 26, 2021 0.18 
(1)In 2021, and through February 22, 2022.
Schedule of Stockholders Equity
The table below summarizes common stock repurchases during 2021, 2020 and 2019.
Common Stock Repurchase Summary
(in millions) 2021 2020 2019
Total share repurchases, including CCAR capital plan repurchases 615  227  956 
Purchase price of shares repurchased and retired
CCAR capital plan repurchases $ 25,126  $ 7,025  $ 25,644 
Other authorized repurchases   —  2,500 
Total shares repurchased $ 25,126  $ 7,025  $ 28,144 
The table below presents a summary of perpetual preferred stock outstanding at December 31, 2021.
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
Per Annum
Dividend Rate
Dividend per Share
(in dollars)
Annual Dividend
Redemption Period (1)
Series B
7% Cumulative Redeemable
June
1997
7,110  $ 100  $ 7.00  % $ $ —  n/a
Series E (2)
Floating Rate Non-Cumulative November
2006
12,691  25,000  317 
3-mo. LIBOR + 35 bps (3)
1.01  13  On or after
November 15, 2011
Series F Floating Rate Non-Cumulative March
2012
1,409  100,000  141 
3-mo. LIBOR + 40 bps (3)
4,055.55  On or after
March 15, 2012
Series G Adjustable Rate Non-Cumulative March
2012
4,926  100,000  493 
3-mo. LIBOR + 40 bps (3)
4,055.55  20  On or after
March 15, 2012
Series L
7.25% Non-Cumulative Perpetual Convertible
January
2008
3,080,182  1,000  3,080  7.25  % 72.50  223  n/a
Series U (4)
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
52.00  52  On or after
June 1, 2023
Series X (4)
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
62.50  125  On or after
September 5, 2024
Series Z (4)
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
65.00  91  On or after
October 23, 2024
Series AA (4)
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
61.00  116  On or after
March 17, 2025
Series DD (4)
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
63.00  63  On or after
March 10, 2026
Series FF (4)
Fixed-to-Floating Rate Non-Cumulative March
2018
94,000  25,000  2,350 
5.875% to, but excluding, 3/15/28; 3-mo. LIBOR + 293.1 bps thereafter
58.75  138  On or after
March 15, 2028
Series GG (2)
6.000% Non-Cumulative
May
2018
54,000  25,000  1,350  6.000  % 1.50  81  On or after
May 16, 2023
Series HH (2)
5.875% Non-Cumulative
July
2018
34,160  25,000  854  5.875  % 1.47  50  On or after
July 24, 2023
Series JJ (4)
Fixed-to-Floating Rate Non-Cumulative June
2019
40,000  25,000  1,000 
5.125% to, but excluding, 6/20/24; 3-mo. LIBOR + 329.2 bps thereafter
51.25  51  On or after
June 20, 2024
Series KK (2)
5.375% Non-Cumulative
June
2019
55,900  25,000  1,398  5.375  % 1.34  75  On or after
June 25, 2024
Series LL (2)
5.000% Non-Cumulative
September
2019
52,400  25,000  1,310  5.000  % 1.25  66  On or after
September 17, 2024
Series MM (4)
Fixed-to-Floating Rate Non-Cumulative January
2020
44,000  25,000  1,100  4.300  % 43.00  47  On or after
January 28, 2025
Series NN (2)
4.375% Non-Cumulative
October
2020
44,000  25,000  1,100  4.375  % 1.09  48  On or after
November 3, 2025
Series PP (2)
4.125% Non-Cumulative 4.125% January 2021 36,600  25,000  915  4.125  % 1.04  38  On or after
February 2, 2026
Series QQ (2)
4.250% Non-Cumulative 4.250% October 2021 52,000  25,000  1,300  4.250  % —  —  On or after
November 17, 2026
Series 1 (5)
Floating Rate Non-Cumulative November
2004
3,275  30,000  98 
3-mo. LIBOR + 75 bps (6)
0.75  On or after
November 28, 2009
Series 2 (5)
Floating Rate Non-Cumulative March
2005
9,967  30,000  299 
3-mo. LIBOR + 65 bps (6)
0.76  On or after
November 28, 2009
Series 4 (5)
Floating Rate Non-Cumulative November
2005
7,010  30,000  210 
3-mo. LIBOR + 75 bps (3)
1.01  On or after
November 28, 2010
Series 5 (5)
Floating Rate Non-Cumulative March
2007
14,056  30,000  422 
3-mo. LIBOR + 50 bps (3)
1.01  17  On or after
May 21, 2012
Issuance costs and certain adjustments (330)
Total     3,939,686    $ 24,708     
(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.
(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.
(3)Subject to 4.00% minimum rate per annum.
(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.
(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.
(6)Subject to 3.00% minimum rate per annum.
n/a = not applicabl