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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Preferred Stock

The following table summarizes the terms of the preferred stock issued as part of the Transaction.

Table 2.1: Summary of Preferred Stock Terms

Redeemable by Issuer Beginning

Per Annum Dividend Rate

Dividend Frequency

Liquidation Preference per Share

Total Shares Issued

Series

Description

Issuance Date

Series O

Fixed-to-Floating Rate Non-Cumulative

May 18, 2025

October 30, 2027

5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%

Semi-Annually through 10/30/2027;Quarterly thereafter

100,000

5,700

Series P(1)

6.125% Fixed- Rate Reset Non-Cumulative

May 18, 2025

June 23, 2025

6.125% through 9/22/2025; resets 9/23/2025 and every subsequent 5 year anniversary at 5-Year Treasury Rate +5.783%

Semi-Annually

100,000

5,000

________

(1)Series P was fully redeemed on June 30, 2025. See “Item 2. MD&A—Capital Management” for additional information.

The following table summarizes our preferred stock outstanding as of June 30, 2025 and December 31, 2024.

Table 10.1: Preferred Stock Outstanding(1)

																		Redeemable by Issuer Beginning						Per Annum Dividend Rate						Dividend Frequency						Liquidation Preference per Share						Total Shares Outstanding as of June 30, 2025						Carrying Value (in millions)
Series						Description						Issuance Date																																				June 30, 2025						December 31, 2024
Series I						5.000% Non-Cumulative						September 11, 2019						December 1, 2024						5.000%						Quarterly						$	1,000					1,500,000						$	1,462					$	1,462
Series J						4.800% Non-Cumulative						January 31,  2020						June 1, 2025						4.800						Quarterly						1,000						1,250,000						1,209						1,209
Series K						4.625% Non-Cumulative						September 17, 2020						December 1, 2025						4.625						Quarterly						1,000						125,000						122						122
Series L						4.375% Non-Cumulative						May 4, 2021						September 1, 2026						4.375						Quarterly						1,000						675,000						652						652
Series M						3.950% 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%						Quarterly						1,000						1,000,000						988						988
Series N						4.250% Non-Cumulative						July 29, 2021						September 1, 2026						4.250%						Quarterly						1,000						425,000						412						412
Series O						Fixed-to-Floating Rate Non-Cumulative						May 18, 2025						October 30, 2027						5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%						Semi-Annually through 10/30/2027;Quarterly thereafter						100,000						5,700						562						N/A
Total																																																$	5,407					$	4,845

__________

(1)For Series I, J, K, L, and N, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of non-cumulative perpetual preferred stock. For Series O, ownership is held in the form of depositary shares, each representing a 1/100th interest in a share of non-cumulative perpetual preferred stock.

Change in AOCI Gain (Loss) by Component (Net of Tax)

The following table presents the changes in AOCI by component for the three and six months ended June 30, 2025 and 2024.

Table 10.2: AOCI

						Three Months Ended June 30, 2025
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of March 31, 2025						$	(6,473)					$	(1,050)					$	19											$	(25)					$	(7,529)
Other comprehensive income before reclassifications						254						203						64												0						521
Amounts reclassified from AOCI into earnings						0						189						0												0						189
Other comprehensive income (loss), net of tax						254						392						64												0						710
AOCI as of June 30, 2025						$	(6,219)					$	(658)					$	83											$	(25)					$	(6,819)

						Six Months Ended June 30, 2025
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of December 31, 2024						$	(7,544)					$	(1,720)					$	3											$	(25)					$	(9,286)
Other comprehensive income (loss) before reclassifications						1,325						597						80												0						2,002
Amounts reclassified from AOCI into earnings						0						465						0												0						465
Other comprehensive income (loss), net of tax						1,325						1,062						80												0						2,467
AOCI as of June 30, 2025						$	(6,219)					$	(658)					$	83											$	(25)					$	(6,819)

						Three Months Ended June 30, 2024
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of March 31, 2024						$	(7,613)					$	(1,903)					$	13											$	(31)					$	(9,534)
Other comprehensive income (loss) before reclassifications						(184)						(225)						(1)												0						(410)
Amounts reclassified from AOCI into earnings						0						243						0												0						243
Other comprehensive income (loss), net of tax						(184)						18						(1)												0						(167)
AOCI as of June 30, 2024						$	(7,797)					$	(1,885)					$	12											$	(31)					$	(9,701)

						Six Months Ended June 30, 2024
(Dollars in millions)						Securities Available for Sale						Hedging Relationships(1)						Foreign Currency Translation Adjustments(2)												Other						Total
AOCI as of December 31, 2023						$	(6,769)					$	(1,493)					$	26											$	(32)					$	(8,268)
Other comprehensive income (loss) before reclassifications						(1,028)						(812)						(14)												1						(1,853)
Amounts reclassified from AOCI into earnings						0						420						0												0						420
Other comprehensive income (loss), net of tax						(1,028)						(392)						(14)												1						(1,433)
AOCI as of June 30, 2024						$	(7,797)					$	(1,885)					$	12											$	(31)					$	(9,701)

__________

(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 $229 million and $298 million for the three and six months ended June 30, 2025, respectively, and other comprehensive gains of $13 million and $62 million for the three and six months ended June 30, 2024, respectively, from hedging instruments designated as net investment hedges.

Reclassifications from AOCI

The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2025 and 2024.

Table 10.3: Reclassifications from AOCI

(Dollars in millions)												Three Months Ended June 30,												Six Months Ended June 30,
AOCI Components						Affected Income Statement Line Item						2025						2024						2025						2024
Securities available for sale:
						Non-interest income (expense)						$	0					$	0					$	0					$	0
						Income tax provision (benefit)						0						0						0						0
						Net income (loss)						0						0						0						0
Hedging relationships:
Interest rate contracts:						Interest income (expense)						(238)						(313)						(478)						(622)
Foreign exchange contracts:						Interest income						3						3						5						5
						Interest income (expense)						(1)						8						(1)						7
						Non-interest income (expense)						(18)						(19)						(145)						55
						Income (loss) from continuing operations before income taxes						(254)						(321)						(619)						(555)
						Income tax provision (benefit)						(65)						(78)						(154)						(135)
						Net income (loss)						(189)						(243)						(465)						(420)
Other:
						Non-interest income and non-interest expense						0						0						0						0
						Income tax provision (benefit)						0						0						0						0
						Net income (loss)						0						0						0						0
Total reclassifications												$	(189)					$	(243)					$	(465)					$	(420)

Components of Other Comprehensive Income (Loss) and Related Tax Impact

The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and six months ended June 30, 2025 and 2024.

Table 10.4: Other Comprehensive Income (Loss)

						Three Months Ended June 30,
						2025																		2024
(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						$	337					$	83					$	254					$	(244)					$	(60)					$	(184)
Net unrealized gains on hedging relationships						518						126						392						24						6						18
Foreign currency translation adjustments(1)						(10)						(74)						64						3						4						(1)
Other						0						0						0						0						0						0
Other comprehensive income (loss)						$	845					$	135					$	710					$	(217)					$	(50)					$	(167)

						Six Months Ended June 30,
						2025																		2024
(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						$	1,753					$	428					$	1,325					$	(1,359)					$	(331)					$	(1,028)
Net unrealized gains (losses) on hedging relationships						1,404						342						1,062						(518)						(126)						(392)
Foreign currency translation adjustments(1)						(15)						(95)						80						6						20						(14)
Other						0						0						0						1						0						1
Other comprehensive income (loss)						$	3,142					$	675					$	2,467					$	(1,870)					$	(437)					$	(1,433)

__________

(1)Includes the impact of hedging instruments designated as net investment hedges.

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