Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
NOTE 12 – Shareholders' Equity
 
Common Stock

The table below presents the declared quarterly cash dividends on common stock during 2013 and through October 30, 2013.

Declaration Date
Record Date
Payment Date
Dividend Per Share
October 24, 2013
December 6, 2013
December 27, 2013
 
$
0.01

 
July 24, 2013
September 6, 2013
September 27, 2013
 
0.01

 
April 30, 2013
June 7, 2013
June 28, 2013
 
0.01

 
January 23, 2013
March 1, 2013
March 22, 2013
 
0.01

 


On March 14, 2013, the Corporation announced that its Board of Directors authorized the repurchase of up to $5.0 billion of common stock. The timing and amount of common stock repurchases have been and will continue to be consistent with the Corporation's 2013 capital plan and will be subject to various factors, including the Corporation's capital position, liquidity, applicable legal considerations, financial performance and alternative uses of capital, stock trading price, and general market conditions, and may be suspended at any time. The remaining common stock repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934.

During the three and nine months ended September 30, 2013, the Corporation repurchased and retired 60.0 million and 139.6 million shares of common stock, which reduced shareholders' equity by $866 million and $1.9 billion.

During the nine months ended September 30, 2013, in connection with employee stock plans, the Corporation issued approximately 73 million shares and repurchased approximately 28 million shares of its common stock to satisfy tax withholding obligations. At September 30, 2013, the Corporation had reserved 1.8 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock.

Preferred Stock

During the three months ended March 31, 2013, June 30, 2013 and September 30, 2013, the cash dividends declared on preferred stock were $373 million, $365 million and $255 million for a total of $993 million for the nine months ended September 30, 2013.

During the nine months ended September 30, 2013, the Corporation redeemed for $6.6 billion its Non-Cumulative Preferred Stock, Series H, J, 6, 7 and 8. The $100 million difference between the carrying value of $6.5 billion and the redemption price of the preferred stock was recorded as a preferred stock dividend. In addition, the Corporation issued $1.0 billion of its Fixed-to-Floating Rate Semi-annual Non-Cumulative Preferred Stock, Series U.