v3.26.1
Preferred Stock and Common Stock
 3 Months Ended
Mar. 31, 2026
Preferred Stock and Common Stock [Abstract]  
Preferred Stock and Common Stock
Note 8:  Preferred Stock and Common Stock
We are authorized to issue 20 million shares of preferred stock, without par value. Outstanding shares of preferred stock rank senior to shares of common stock both as to the payment of dividends and liquidation preferences, but have no general voting rights. All outstanding preferred stock with a liquidation preference value, except for Series L Preferred Stock, may be redeemed for its liquidation preference value, plus any accrued but unpaid dividends, on any dividend payment date on or after the earliest redemption date for that series. Additionally, these same series of preferred stock may be redeemed following a “regulatory capital treatment event,” as described in the terms of each series. Capital actions, including redemptions of our
preferred stock, may be subject to regulatory approval or conditions.

In addition, we are authorized to issue 4 million shares of preference stock, without par value, and we have not issued any stock under this authorization. If issued, the preference stock would be limited to one vote per share.

In March 2026, we redeemed our Preferred Stock, Series BB, and issued our Preferred Stock, Series GG.

Table 8.1 summarizes information about our preferred stock.
Table 8.1: Preferred Stock
March 31, 2026December 31, 2025
(in millions, except shares)Earliest redemption dateShares
 authorized
and designated		Shares issued and outstandingLiquidation preference valueCarrying
value 		Shares
 authorized
and designated		Shares
issued and outstanding		Liquidation preference valueCarrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)Currently redeemable97,000 96,546 $— — 97,000 96,546 $— — 
Preferred Stock:
Series L (1)
7.50% Non-Cumulative Perpetual Convertible Class A
—4,025,000 3,967,900 3,968 3,200 4,025,000 3,967,900 3,968 3,200 
Series Y
5.625% Non-Cumulative Perpetual Class A
Currently redeemable27,600 27,600 690 690 27,600 27,600 690 690 
Series Z
4.75% Non-Cumulative Perpetual Class A
Currently redeemable80,500 80,500 2,013 2,013 80,500 80,500 2,013 2,013 
Series AA
4.70% Non-Cumulative Perpetual Class A
Currently redeemable46,800 46,800 1,170 1,170 46,800 46,800 1,170 1,170 
Series BB
3.90% Fixed-Reset Non-Cumulative Perpetual Class A
Redeemed
— — — — 140,400 140,400 3,510 3,510 
Series CC
4.375% Non-Cumulative Perpetual Class A
Currently redeemable46,000 42,000 1,050 1,050 46,000 42,000 1,050 1,050 
Series DD
4.25% Non-Cumulative Perpetual Class A
9/15/202650,000 50,000 1,250 1,250 50,000 50,000 1,250 1,250 
Series EE
7.625% Fixed-Reset Non-Cumulative Perpetual Class A
9/15/202869,000 69,000 1,725 1,725 69,000 69,000 1,725 1,725 
Series FF
6.85% Fixed-Reset Non-Cumulative Perpetual Class A
9/15/202980,000 80,000 2,000 2,000 80,000 80,000 2,000 2,000 
Series GG
6.125% Fixed-Reset Non-Cumulative Perpetual Class A
6/15/203190,000 90,000 2,250 2,250 — — — — 
Total4,611,900 4,550,346 $16,116 15,348 4,662,300 4,600,746 $17,376 16,608 
(1)At the option of the holder, each share of Series L Preferred Stock may be converted at any time into 6.3814 shares of common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. If converted within 30 days of certain liquidation or change of control events, the holder may receive up to 16.5916 additional shares, or, at our option, receive an equivalent amount of cash in lieu of common stock. We may convert some or all of the Series L Preferred Stock into shares of common stock if the closing price of our common stock exceeds 130 percent of the conversion price of the Series L Preferred Stock for 20 trading days during any period of 30 consecutive trading days. We declared dividends of $74 million on Series L Preferred Stock in each of the quarters ended March 31, 2026 and 2025.
Table 8.2 presents our common stock shares outstanding.
Table 8.2: Common Stock Shares Outstanding
Quarter ended March 31,
(in millions)20262025
Balance, beginning of period3,092.6 3,288.9 
Issued
18.0 17.3 
Repurchased
(46.3)(44.5)
Balance, end of period3,064.3 3,261.7