Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

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		2021	2020	2019
Common share repurchases		15.3	8.2	25.8
Average cost per share		$339.81	$236.35	$206.56
Total cost of common share repurchases		$ 5,200	$ 1,928	$ 5,335

Summary of Dividends Declared on Common Stock

The table below presents common stock dividends declared.



	Year Ended December

		2021	2020	2019
Dividends declared per common share		$6.50	$5.00	$4.15

Summary of Perpetual Preferred Stock Issued and Outstanding

The tables below present information about the perpetual preferred stock issued and outstanding as of December 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
V	30,000	30,000	30,000	25
Total	472,700	400,282	400,280



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
V	November 10, 2026	$ 25,000	750
Total			$10,703

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 October 2021, the firm issued 30,000 shares of Series V 4.125% Fixed-Rate Reset

Non-Cumulative

Preferred Stock (Series V Preferred Stock).

•

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 V 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 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
V	4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter

Summary of Preferred Dividends Declared on Preferred Stock Issued

The table below presents preferred stock dividends declared.



	Year Ended December

	2021			2020			2019

Series		per share	$ in millions		per share	$ in millions		per share	$ in millions
A		$ 950.51	$ 28		$ 947.92	$ 28		$ 947.92	$ 28
B		$ –	–		$ –	–		$ 775.00	5
C		$1,013.90	8		$1,011.12	8		$1,011.11	8
D		$1,013.90	55		$1,011.12	55		$1,011.11	54
E		$4,055.55	31		$4,055.55	31		$4,044.44	31
F		$4,055.55	7		$4,055.55	6		$4,044.44	7
J		$1,375.00	55		$1,375.00	55		$1,375.00	55
K		$1,593.76	44		$1,593.76	45		$1,593.76	45
L		$ –	–		$ 361.54	4		$1,519.67	68
M		$ –	–		$1,217.16	97		$1,343.76	107
N		$ 787.50	19		$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		$1,250.00	75
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		$ –	–
T		$ 511.94	14		$ –	–		$ –	–
Total			$443			$543			$560

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
Year Ended December 2021
Currency translation	$ (696	)	$ (42	)	$ (738	)
Debt valuation adjustment	(833	)	322		(511	)
Pension and postretirement liabilities	(368	)	41		(327	)
Available-for-sale securities	463		(955	)	(492	)
Total	$(1,434	)	$ (634	)	$(2,068	)
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	)