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Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity
NOTE 10—STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes our preferred stock outstanding as of March 31, 2025 and December 31, 2024. We may redeem each series of preferred stock at our option, in whole or in part, on any dividend payment date on or after the date set forth below for such series and subject to regulatory approval, at the liquidation preference per share plus any declared and unpaid dividends. For more information on the terms of our preferred stock, please refer to the relevant certificate of designations filed as exhibits to our 2024 Form 10-K.
Table 10.1: Preferred Stock Outstanding(1)
Redeemable by Issuer BeginningPer Annum Dividend RateDividend FrequencyLiquidation Preference per ShareTotal Shares Outstanding
as of March 31, 2025		Carrying Value
(in millions)
SeriesDescriptionIssuance DateMarch 31, 2025December 31, 2024
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 $4,845 
__________
(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.
Accumulated Other Comprehensive Income
AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments.
The following table presents the changes in AOCI by component for the three months ended March 31, 2025 and 2024.
Table 10.2: AOCI
(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of December 31, 2024$(7,544)$(1,720)$3 $(25)$(9,286)
Other comprehensive income (loss) before reclassifications1,071 394 16 0 1,481 
Amounts reclassified from AOCI into earnings0 276 0 0 276 
Other comprehensive income (loss), net of tax1,071 670 16 0 1,757 
AOCI as of March 31, 2025$(6,473)$(1,050)$19 $(25)$(7,529)

(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of December 31, 2023$(6,769)$(1,493)$26 $(32)$(8,268)
Other comprehensive income (loss) before reclassifications(844)(587)(13)1 (1,443)
Amounts reclassified from AOCI into earnings0 177 0 0 177 
Other comprehensive income (loss), net of tax(844)(410)(13)1 (1,266)
AOCI as of March 31, 2024$(7,613)$(1,903)$13 $(31)$(9,534)
__________
(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 losses of $69 million and gains of $49 million for the three months ended March 31, 2025 and 2024, 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 three months ended March 31, 2025 and 2024.
Table 10.3: Reclassifications from AOCI
(Dollars in millions)Three Months Ended March 31,
AOCI ComponentsAffected Income Statement Line Item20252024
Securities available for sale:
Non-interest income (expense)
$0 $0 
Income tax provision (benefit)0 0 
Net income (loss)0 0 
Hedging relationships:
Interest rate contracts:
Interest income (expense)
(240)(309)
Foreign exchange contracts:
Interest income
2 2 
Interest income (expense)0 (1)
Non-interest income (expense)
(127)74 
Income (loss) from continuing operations before income taxes(365)(234)
Income tax provision (benefit)
(89)(57)
Net income (loss)
(276)(177)
Other:
Non-interest income and non-interest expense0 0 
Income tax provision (benefit)0 0 
Net income (loss)
0 0 
Total reclassifications$(276)$(177)
The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three months ended March 31, 2025 and 2024.
Table 10.4: Other Comprehensive Income (Loss)
 Three Months Ended March 31,
 20252024
(Dollars in millions)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$1,416 $345 $1,071 $(1,115)$(271)$(844)
Net unrealized gains (losses) on hedging relationships886 216 670 (542)(132)(410)
Foreign currency translation adjustments(1)
(5)(21)16 3 16 (13)
Other0 0 0 1 0 1 
Other comprehensive income (loss)$2,297 $540 $1,757 $(1,653)$(387)$(1,266)
__________
(1)Includes the impact of hedging instruments designated as net investment hedges.