v3.20.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Text Block [Abstract]  
Summary of Amount of Common Stock Repurchased by the Firm
The table below presents information about common stock repurchases.
 
    Year Ended December  
       
in millions, except per share amounts
  
 
2020
 
     2019       2018  
Common share repurchases
  
 
8.2
 
     25.8       13.9  
Average cost per share
  
 
$236.35
 
     $206.56       $236.22  
Total cost of common share repurchases
  
 
$  1,928
 
     $  5,335       $  3,294  
Summary of Dividends Declared on Common Stock
The table below presents common stock dividends declared.
 
    Year Ended December  
       
 
  
 
2020
 
      2019        2018  
Dividends declared per common share
  
 
$5.00
 
      $4.15        $3.15  
Summary of Perpetual Preferred Stock Issued and Outstanding
The tables below present information about the perpetual preferred stock issued and outstanding as of December 2020.
 
Series
  
 
Shares
Authorized
 
 
  
 
Shares
Issued
 
 
  
 
Shares
Outstanding
 
 
  
 
Depositary Shares
Per Share
 
 
A     50,000       30,000       29,999       1,000  
C     25,000       8,000       8,000       1,000  
D     60,000       54,000       53,999       1,000  
E     17,500       7,667       7,667       N/A  
F     5,000       1,615       1,615       N/A  
J     46,000       40,000       40,000       1,000  
K     32,200       28,000       28,000       1,000  
M     80,000       80,000       80,000       25  
N     31,050       27,000       27,000       1,000  
O     26,000       26,000       26,000       25  
P     66,000       60,000       60,000       25  
Q     20,000       20,000       20,000       25  
R     24,000       24,000       24,000       25  
S     14,000       14,000       14,000       25  
Total
  
 
496,750
 
  
 
420,282
 
  
 
420,280
 
  
 
 
 
 
Series
  
 
Earliest Redemption Date
 
   
 
Liquidation
Preference
 
 
   
 
 
Redemption
Value
($ in millions)
 
 
 
A
     Currently redeemable        $  25,000     
 
$    
 
750
 
C
     Currently redeemable        $  25,000     
 
200
 
D
     Currently redeemable        $  25,000     
 
1,350
 
E
     Currently redeemable        $100,000     
 
767
 
F
     Currently redeemable        $100,000     
 
161
 
J
     May 10, 2023        $  25,000     
 
1,000
 
K
     May 10, 2024        $  25,000     
 
700
 
M
     Currently redeemable        $  25,000     
 
2,000
 
N
     May 10, 2021        $  25,000     
 
675
 
O
     November 10, 2026        $  25,000     
 
650
 
P
     November 10, 2022        $  25,000     
 
1,500
 
Q
     August 10, 2024        $  25,000     
 
500
 
R
     February 10, 2025        $  25,000     
 
600
 
S
     February 10, 2025        $  25,000     
 
350
 
Total
  
 
 
 
   
 
 
 
   
 
$11,203
 
In the tables above:
 
•  
All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares.
 
•  
The earliest redemption date represents the date on which each share of
non-cumulative
Preferred Stock is redeemable at the firm’s option.
 
•  
Prior to redeeming preferred stock, the firm must receive approval from the FRB.
 
•  
In January 2020, the firm issued 14,000 shares of Series S 4.40% Fixed-Rate Reset
Non-Cumulative
Preferred Stock (Series S Preferred Stock).
•  
The redemption price per share for Series A through F and Series Q through S Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series E and Series F Preferred Stock is redeemable at the firm’s option, subject to certain covenant restrictions governing the firm’s ability to redeem the preferred stock without issuing common stock or other instruments with equity-like characteristics. See Note 14 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock.
 
•  
All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation.
 
•  
The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period.
Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding
The table below presents the dividend rates of perpetual preferred stock as of December 2020.
 
Series
  
Per Annum Dividend Rate
A
   3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly
C
   3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly
D
   3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly
E
   3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly
F
   3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly
J
  
5.50% to, but excluding, May 10, 2023;
3 month LIBOR + 3.64% thereafter, payable quarterly
K
  
6.375% to, but excluding, May 10, 2024;
3 month LIBOR + 3.55% thereafter, payable quarterly
M
   3 month LIBOR + 3.922%, payable quarterly
N
   6.30%, payable quarterly
O
  
5.30%, payable semi-annually, from issuance date to, but excluding,
November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter
P
  
5.00%, payable semi-annually, from issuance date to, but excluding,
November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter
Q
   5.50%, payable semi-annually, from issuance date to, but excluding,
August 10, 2024; 5 year treasury rate + 3.623%,
payable semi-annually, thereafter
R
  
4.95%, payable semi-annually, from issuance date to, but excluding,
February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter
S
  
4.40%, payable semi-annually, from issuance date to, but excluding,
February 10, 2025; 5 year treasury rate + 2.85%,
payable semi-annually, thereafter
Summary of Preferred Dividends Declared on Preferred Stock Issued
The table below presents preferred stock dividends declared.
 
    Year Ended December  
   
2020
         2019         2018  
Series
  
 
per
share
 
 
  
 
$ in
millions
 
 
  
 
  
 
 
per
share
 
 
  
 
$ in
millions
 
 
           
 
 
per
share
 
 
  
 
$ in
millions
 
 
A
  
 
$
  
 947.92
 
  
 
$  28
 
         $   947.92       $  28           $   958.33       $  29  
B
  
 
$
  
           –
 
  
 
–
 
         $   775.00       5           $1,550.00       19  
C
  
 
$1,011.12
 
  
 
8
 
         $1,011.11       8           $1,022.23       8  
D
  
 
$1,011.12
 
  
 
55
 
         $1,011.11       54           $1,022.23       55  
E
  
 
$4,055.55
 
  
 
31
 
         $4,044.44       31           $4,077.78       31  
F
  
 
$4,055.55
 
  
 
6
 
         $4,044.44       7           $4,077.78       7  
J
  
 
$1,375.00
 
  
 
55
 
         $1,375.00       55           $1,375.00       55  
K
  
 
$1,593.76
 
  
 
45
 
         $1,593.76       45           $1,593.76       45  
L
  
 
$
  
 361.54
 
  
 
4
 
         $1,519.67       68           $1,425.00       74  
M
  
 
$1,217.16
 
  
 
97
 
         $1,343.76       107           $1,343.76       107  
N
  
 
$1,575.00
 
  
 
43
 
         $1,575.00       43           $1,575.00       43  
O
  
 
$1,325.00
 
  
 
34
 
         $1,325.00       34           $1,325.00       34  
P
  
 
$1,250.00
 
  
 
75
 
         $1,250.00       75           $1,281.25       77  
Q
  
 
$1,577.43
 
  
 
32
 
         $            
 
–		       –           $            
 
–		       –  
R
  
 
$
  
 910.94
 
  
 
22
 
         $            
 
–		       –           $            
 
–		       –  
S
  
 
$
  
 586.67
 
  
 
8
 
  
 
     $            
 
–		       –    
 
     $            
 
–		       –  
Total
  
 
 
 
  
 
$543
 
  
 
  
 
 
 
     $560    
 
  
 
 
 
     $584  
Accumulated Other Comprehensive Income/(Loss), Net of Tax
The table below presents changes in the accumulated other comprehensive income/(loss), net of tax, by type.
 
$ in millions
     Beginning
balance		  
 		    


 		 Other
comprehensive
income/(loss)
adjustments,
net of tax		  
 
 
 
 		     Ending
balance		  
 
Year Ended December 2020
 
Currency translation
  
 
$
  
 (616
) 
  
 
$
  
    (80
) 
  
 
$
  
 (696
) 
Debt valuation adjustment
  
 
(572
) 
  
 
(261
) 
  
 
(833
) 
Pension and postretirement liabilities
  
 
(342
) 
  
 
(26
) 
  
 
(368
) 
Available-for-sale
securities
  
 
46
 
  
 
417
 
  
 
463
 
Total
  
 
$(1,484
) 
  
 
$      50
 
  
 
$(1,434
) 
 
Year Ended December 2019
                        
Currency translation
     $
  
  (621		 )      $        5       $
  
  (616		 ) 
Debt valuation adjustment
     1,507       (2,079 )      (572 ) 
Pension and postretirement liabilities
     (81 )      (261 )      (342 ) 
Available-for-sale
securities
     (112 )      158       46  
Total
     $
  
   693		       $(2,177 )      $
 
(1,484		 ) 
 
Year Ended December 2018
                        
Currency translation
     $
  
  (625		 )      $        4       $
  
  (621		 ) 
Debt valuation adjustment
     (1,046 )      2,553       1,507  
Pension and postretirement liabilities
     (200 )      119       (81 ) 
Available-for-sale
securities
     (9 )      (103 )      (112 ) 
Total
     $
 
(1,880		 )      $ 2,573       $
  
   693