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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity
NOTE 11—STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes our preferred stock outstanding as of December 31, 2024 and 2023.
Table 11.1: Preferred Stock Outstanding(1)
Redeemable by Issuer BeginningPer Annum Dividend RateDividend FrequencyLiquidation Preference per ShareTotal Shares Outstanding
as of December 31, 2024		Carrying Value
(in millions)
SeriesDescriptionIssuance DateDecember 31, 2024December 31, 2023
Series I5.000%
Non-Cumulative		September 11,
2019		December 1, 20245.000%Quarterly$1,000 1,500,000 $1,462 $1,462 
Series J4.800%
Non-Cumulative		January 31,
 2020		June 1, 20254.800Quarterly1,000 1,250,000 1,209 1,209 
Series K4.625%
Non-Cumulative		September 17,
2020		December 1, 20254.625Quarterly1,000 125,000 122 122 
Series L4.375%
Non-Cumulative		May 4,
2021		September 1, 20264.375Quarterly1,000 675,000 652 652 
Series M3.950% Fixed Rate Reset
Non-Cumulative		June 10,
2021		September 1, 2026
3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%
Quarterly1,000 1,000,000 988 988 
Series N4.250%
Non-Cumulative		July 29,
2021		September 1, 20264.250%Quarterly1,000 425,000 412 412 
Total$4,845 $4,845 
__________
(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.
Accumulated Other Comprehensive Income
AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments.
The following table presents the changes in AOCI by component for the years ended December 31, 2024, 2023 and 2022.
Table 11.2: AOCI
(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of December 31, 2021$297 $118 $(21)$(20)$374 
Other comprehensive income (loss) before reclassifications(7,980)(2,404)1 (17)(10,400)
Amounts reclassified from AOCI into earnings7 104 0 (1)110 
Other comprehensive income (loss), net of tax(7,973)(2,300)1 (18)(10,290)
AOCI as of December 31, 2022(7,676)(2,182)(20)(38)(9,916)
Other comprehensive income (loss) before reclassifications881 (268)46 7 666 
Amounts reclassified from AOCI into earnings26 957 0 (1)982 
Other comprehensive income, net of tax907 689 46 6 1,648 
AOCI as of December 31, 2023(6,769)(1,493)26 (32)(8,268)
Other comprehensive income (loss) before reclassifications(801)(1,029)(23)7 (1,846)
Amounts reclassified from AOCI into earnings26 802 0 0 828 
Other comprehensive income (loss), net of tax(775)(227)(23)7 (1,018)
AOCI as of December 31, 2024$(7,544)$(1,720)$3 $(25)$(9,286)
__________
(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.
(2)Includes other comprehensive gains of $169 million, losses of $126 million and gains of $305 million for the years ended December 31, 2024, 2023 and 2022, respectively, from hedging instruments designated as net investment hedges.
The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the years ended December 31, 2024, 2023 and 2022.
Table 11.3: Reclassifications from AOCI
(Dollars in millions)Year Ended December 31,
AOCI ComponentsAffected Income Statement Line Item202420232022
Securities available for sale:
Non-interest income (expense)
$(35)$(34)$(9)
Income tax provision (benefit)(9)(8)(2)
Net income (loss)(26)(26)(7)
Hedging relationships:
Interest rate contracts:
Interest income (expense)
(1,207)(1,205)(121)
Foreign exchange contracts:
Interest income
11 11 3 
Interest income (expense)6 (3)(3)
Non-interest income (expense)
129 (66)(17)
Income (loss) from continuing operations before income taxes(1,061)(1,263)(138)
Income tax provision (benefit)
(259)(306)(34)
Net income (loss)
(802)(957)(104)
Other:
Non-interest income and non-interest expense0 1 1 
Income tax provision (benefit)0 0 0 
Net income (loss)
0 1 1 
Total reclassifications$(828)$(982)$(110)
The table below summarizes other comprehensive income (loss) activity and the related tax impact for the years ended December 31, 2024, 2023 and 2022.
Table 11.4: Other Comprehensive Income (Loss)
 Year Ended December 31,
 202420232022
(Dollars in millions)Before
Tax		Provision
(Benefit)		After
Tax		Before
Tax		Provision
(Benefit)		After
Tax		Before
Tax		Provision
(Benefit)		After
Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale$(1,036)$(261)$(775)$1,183 $276 $907 $(10,516)$(2,543)$(7,973)
Net unrealized gains (losses) on hedging relationships(303)(76)(227)906 217 689 (3,032)(732)(2,300)
Foreign currency translation adjustments(1)
32 55 (23)6 (40)46 98 97 1 
Other9 2 7 8 2 6 (24)(6)(18)
Other comprehensive income (loss)$(1,298)$(280)$(1,018)$2,103 $455 $1,648 $(13,474)$(3,184)$(10,290)
__________
(1)Includes the impact of hedging instruments designated as net investment hedges.