Preferred stock (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

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).

Summary of Preferred Dividends Paid

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.