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Preferred stock | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
Preferred stock | Preferred stock The Parent has 100 million authorized shares of preferred stock with a par value of $0.01 per share. The following table summarizes the Parent’s preferred stock issued and outstanding at Sept. 30, 2025 and Dec. 31, 2024.
Preferred stock summary (a) | Total shares issued and outstanding |  | Carrying value (b)
|  | (in millions)
|  | Sept. 30, 2025 | Dec. 31, 2024 | Sept. 30, 2025 | Dec. 31, 2024
| Per annum dividend rate (c)
Series A | Greater of (i) SOFR plus 0.565% and (ii) 4.000% | 5,001 |  | 5,001 |  |  | $ | 500 |  | $ | 500 |
Series F | 4.625% to but excluding Sept. 20, 2026, then SOFR plus 3.131% | 10,000 |  | 10,000 |  |  | 990 |  | 990 |
Series G | 4.700% to but excluding Sept. 20, 2025, then a floating rate equal to the five-year treasury rate plus 4.358% | — |  | 10,000 |  |  | — |  | 990 |
Series H | 3.700% to but excluding March 20, 2026, then a floating rate equal to the five-year treasury rate plus 3.352% | 5,825 |  | 5,825 |  |  | 576 |  | 576 |
Series I | 3.750% to but excluding Dec. 20, 2026, then a floating rate equal to the five-year treasury rate plus 2.630% | 13,000 |  | 13,000 |  |  | 1,287 |  | 1,287 |
Series J | 6.300% to but excluding March 20, 2030, then a floating rate equal to the five-year treasury rate plus 2.297% | 5,000 |  | — |  |  | 494 |  | — |
Series K | 6.150% to but excluding March 20, 2030, then a floating rate equal to the five-year treasury rate plus 2.161% | 5,000 |  | — |  |  | 494 |  | — |
Series L | 5.950% to but excluding Dec. 20, 2030, then a floating rate equal to the five-year treasury rate plus 2.271% | 5,000 |  | — |  |  | 495 |  | — |
Total | 48,826 |  | 43,826 |  |  | $ | 4,836 |  | $ | 4,343 |
(a) All outstanding preferred stock is noncumulative perpetual preferred stock with a liquidation preference of $100,000 per share. (b) The carrying value of the Series F, Series G, Series H, Series I, Series J, Series K and Series L preferred stock is recorded net of issuance costs. (c) References to SOFR are to a floating rate equal to the three-month CME Term SOFR (plus a spread adjustment of 0.26161% per annum). The table below presents the Parent’s preferred dividends.
Preferred dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in millions, except per share amounts) | Depositary shares per share |  | 3Q25 |  | 2Q25 |  |  | 3Q24 |  | YTD25 |  | YTD24
| Per share | Total dividend |  |  | Per share | Total dividend |  |  | Per share | Total dividend |  | Per share | Total dividend |  | Per share | Total dividend
Series A |  | 100 |  | (a) |  | $ | 1,344.80 |  | $ | 7 |  |  |  | $ | 1,311.33 |  | $ | 7 |  |  |  | $ | 1,577.81 |  | $ | 8 |  |  | $ | 3,951.30 |  | $ | 21 |  |  | $ | 4,718.27 |  | $ | 24 |
Series F |  | 100 |  |  |  | 2,312.50 |  | 23 |  |  |  | — |  | — |  |  |  | 2,312.50 |  | 23 |  |  | 4,625.00 |  | 46 |  |  | 4,625.00 |  | 46 |
Series G |  | 100 |  |  |  | 2,350.00 |  | 34 |  | (b) |  | — |  | — |  |  |  | 2,350.00 |  | 23 |  |  | 4,700.00 |  | 58 |  |  | 4,700.00 |  | 47 |
Series H |  | 100 |  |  |  | 925.00 |  | 6 |  |  |  | 925.00 |  | 5 |  |  |  | 925.00 |  | 6 |  |  | 2,775.00 |  | 16 |  |  | 2,775.00 |  | 16 |
Series I |  | 100 |  |  |  | 937.50 |  | 12 |  |  |  | 937.50 |  | 12 |  |  |  | 937.50 |  | 12 |  |  | 2,812.50 |  | 36 |  |  | 2,812.50 |  | 36 |
Series J |  | 100 |  |  |  | 3,325.00 |  | 16 |  |  |  | — |  | — |  |  |  | N/A | N/A |  | 3,325.00 |  | 16 |  |  | N/A | N/A
Series K |  | 4,000 |  |  |  | 1,537.50 |  | 8 |  |  |  | 1,640.00 |  | 8 |  |  |  | N/A | N/A |  | 3,177.50 |  | 16 |  |  | N/A | N/A
Total |  |  |  |  | $ | 106 |  |  |  |  | $ | 32 |  |  |  |  | $ | 72 |  |  |  | $ | 209 |  |  |  | $ | 169 |
(a) Represents Normal Preferred Capital Securities. (b) Includes deferred fees of approximately $10 million related to the redemption of the Series G preferred stock. N/A - Not applicable. In September 2025, the Parent redeemed all outstanding shares of its Series G preferred stock, $100,000 liquidation preference per share. Deferred fees of approximately $10 million were realized as preferred stock dividends upon redemption. In September 2025, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series L Noncumulative Perpetual Preferred Stock. Holders of the Series L preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on June 20 and December 20 of each year, commencing Dec. 20, 2025. In March 2025, the Parent issued 500,000 depositary shares, each representing a 1/100th interest in a share of the Parent’s Series J Noncumulative Perpetual Preferred Stock. Holders of the Series J preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20 and September 20 of each year, commencing Sept. 20, 2025. The Parent also issued 20,000,000 depositary shares, each representing a 1/4,000th interest in a share of the Parent’s Series K Noncumulative Perpetual Preferred Stock. Holders of the Series K preferred stock are entitled to receive dividends, if declared by the Parent’s Board of Directors, on March 20, June 20, September 20 and December 20 of each year, commencing June 20, 2025. All of the outstanding shares of the Series J, Series K and Series L preferred stock are held by the depositary of the depositary shares, which will pass through the applicable portion of any dividend on the Series J, Series K and Series L stock to the holders of record of their respective depositary shares. All of the outstanding shares of the Series A preferred stock are owned by Mellon Capital IV, a 100%- owned finance subsidiary of the Parent, which will pass through any dividend on the Series A preferred stock to the holders of its Normal Preferred Capital Securities. The Parent’s obligations under the trust and other agreements relating to Mellon Capital IV have the effect of providing a full and unconditional guarantee, on a subordinated basis, of payments due on the Normal Preferred Capital Securities. No other subsidiary of the Parent guarantees the securities of Mellon Capital IV. The Series J, Series K and Series L preferred stock are not subject to the operation of a sinking fund and are not convertible into, or exchangeable for, shares of our common stock or any other class or series of our other securities. We may, at our option, redeem the shares of the Series J and Series K preferred stock on any dividend payment date, in whole or in part, on or after the dividend payment date in March 2030, and the shares of the Series L preferred stock on any dividend payment date, in whole or in part, on or after the dividend payment date in December 2030. The Series J, Series K and Series L preferred stock can be redeemed, in whole but not in part, at any time within 90 days following a regulatory capital treatment event. Redemption of the preferred stock is subject to the prior approval of the Federal Reserve. For additional information on our preferred stock, see Note 15 of the Notes to Consolidated Financial Statements in our 2024 Annual Report.

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