Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Amount of Common Stock Repurchased by the Firm

he table below presents information about common stock repurchases.



	Three Months Ended September			Nine Months Ended September

in millions, except per share amounts		2021	2020		2021	2020
Common share repurchases		2.5	–		14.1	8.2
Average cost per share		$395.28	$ –		$333.61	$236.35
Total cost of common share repurchases		$ 1,000	$ –		$ 4,700	$ 1,928

Summary of Dividends Declared on Common Stock

The table below presents common stock dividends declared.



	Three Months Ended September			Nine Months Ended September

		2021	2020		2021	2020
Dividends declared per common share		$2.00	$1.25		$4.50	$3.75

Summary of Perpetual Preferred Stock Issued and Outstanding

The tables below present information about the perpetual preferred stock issued and outstanding as of September 2021.



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
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
T	27,000	27,000	27,000	25
U	30,000	30,000	30,000	25
Total	442,700	370,282	370,280



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
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
T	May 10, 2026	$ 25,000	675
U	August 10, 2026	$ 25,000	750
Total			$9,953

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 July 2021, the firm issued 30,000 shares of Series U 3.65% Fixed-Rate Reset

Non-Cumulative

Preferred Stock (Series U Preferred Stock).

•

In April 2021, the firm issued 27,000 shares of Series T 3.80% Fixed-Rate Reset

Non-Cumulative

Preferred Stock (Series T Preferred Stock).

•

The redemption price per share for Series A through F and Series Q through U 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 September 2021.



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
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
T	3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U	3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter

Summary of Preferred Dividends Declared on Preferred Stock Issued

In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified.

The table below presents preferred stock dividends declared.



	2021			2020

Series		per share	$ in millions		per share	$ in millions
Three Months Ended September
A		$ 239.58	$ 7		$ 236.98	$ 7
C		$ 255.56	2		$ 252.78	2
D		$ 255.56	14		$ 252.78	14
E		$1,022.22	8		$1,022.22	8
F		$1,022.22	2		$1,022.22	2
J		$ 343.75	14		$ 343.75	13
K		$ 398.44	11		$ 398.44	11
M		$ –	–		$ 279.17	22
N		$ –	–		$ 393.75	11
Q		$ 687.50	14		$ 687.50	14
R		$ 618.75	15		$ 910.94	22
S		$ 550.00	7		$ 586.67	8
Total			$ 94			$134
Nine Months Ended September
A		$ 710.93	$ 21		$ 708.34	$ 21
C		$ 758.34	6		$ 755.56	6
D		$ 758.34	41		$ 755.56	41
E		$3,044.44	23		$3,044.44	23
F		$3,044.44	5		$3,044.44	5
J		$1,031.25	41		$1,031.25	41
K		$1,195.32	33		$1,195.32	33
L		$ –	–		$ 361.54	4
M		$ –	–		$ 951.05	76
N		$ 787.50	19		$1,181.25	32
O		$ 662.50	17		$ 662.50	17
P		$ 625.00	38		$ 625.00	38
Q		$1,375.00	28		$1,577.43	32
R		$1,237.50	30		$ 910.94	22
S		$1,100.00	15		$ 586.67	8
Total			$317			$399

Accumulated Other Comprehensive Income/(Loss), Net of Tax

The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.



$ in millions	Beginning balance		Other comprehensive income/(loss) adjustments, net of tax		Ending balance
Three Months Ended September 2021
Currency translation	$ (712	)	$ (20	)	$ (732	)
Debt valuation adjustment	(735	)	67		(668	)
Pension and postretirement liabilities	(361	)	–		(361	)
Available-for-sale securities	(81	)	(114	)	(195	)
Total	$(1,889	)	$ (67	)	$(1,956	)
Three Months Ended September 2020
Currency translation	$ (677	)	$ (13	)	$ (690	)
Debt valuation adjustment	124		(268	)	(144	)
Pension and postretirement liabilities	(339	)	(2	)	(341	)
Available-for-sale securities	551		(11	)	540
Total	$ (341	)	$ (294	)	$ (635	)
Nine Months Ended September 2021
Currency translation	$ (696	)	$ (36	)	$ (732	)
Debt valuation adjustment	(833	)	165		(668	)
Pension and postretirement liabilities	(368	)	7		(361	)
Available-for-sale securities	463		(658	)	(195	)
Total	$(1,434	)	$(522	)	$(1,956	)
Nine Months Ended September 2020
Currency translation	$ (616	)	$ (74	)	$ (690	)
Debt valuation adjustment	(572	)	428		(144	)
Pension and postretirement liabilities	(342	)	1		(341	)
Available-for-sale securities	46		494		540
Total	$ (1,484	)	$ 849		$ (635	)