Parent company



Parent company – Statements of income and comprehensive income
Year ended December 31, (in millions)	2013			2012		2011
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	1,175		$	4,828	$	10,852
Nonbank^(a)	876			1,972		2,651
Interest income from subsidiaries	757			1,041		1,099
Other interest income	303			293		384
Other income from subsidiaries, primarily fees:
Bank and bank holding company	318			939		809
Nonbank	2,065			1,207		92
Other income/(loss)	(1,380		)	579		(85		)
Total income	4,114			10,859		15,802
Expense
Interest expense to subsidiaries and affiliates^(a)	309			836		1,121
Other interest expense	4,031			4,679		4,447
Other noninterest expense	9,597			2,399		649
Total expense	13,937			7,914		6,217
Income (loss) before income tax benefit and undistributed net income of subsidiaries	(9,823		)	2,945		9,585
Income tax benefit	4,301			1,665		1,089
Equity in undistributed net income of subsidiaries	23,445			16,674		8,302
Net income	$	17,923		$	21,284	$	18,976
Other comprehensive income, net	(2,903		)	3,158		(57		)
Comprehensive income	$	15,020		$	24,442	$	18,919



Parent company – Balance sheets
December 31, (in millions)	2013		2012
Assets
Cash and due from banks	$	264	$	216
Deposits with banking subsidiaries	64,843		75,521
Trading assets	13,727		8,128
Available-for-sale securities	15,228		3,541
Loans	2,829		2,101
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	21,693		39,773
Nonbank	68,788		86,904
Investments (at equity) in subsidiaries and affiliates:^(b)
Bank and bank holding company	196,950		170,297
Nonbank^(a)	50,996		46,302
Other assets	18,877		16,481
Total assets	$	454,195	$	449,264
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates^(a)	$	14,328	$	16,744
Other borrowed funds, primarily commercial paper	55,454		62,010
Other liabilities	11,367		8,208
Long-term debt^(c)(d)	161,868		158,233
Total liabilities^(d)	243,017		245,195
Total stockholders’ equity	211,178		204,069
Total liabilities and stockholders’ equity	$	454,195	$	449,264



Parent company – Statements of cash flows
Year ended December 31, (in millions)	2013			2012			2011
Operating activities
Net income	$	17,923		$	21,284		$	18,976
Less: Net income of subsidiaries and affiliates^(a)	25,496			23,474			21,805
Parent company net loss	(7,573		)	(2,190		)	(2,829		)
Cash dividends from subsidiaries and affiliates^(a)	1,917			6,798			13,414
Other operating adjustments^(b)	3,180			2,376			860
Net cash (used in)/provided by operating activities^(b)	(2,476		)	6,984			11,445
Investing activities
Net change in:
Deposits with banking subsidiaries	10,679			16,100			20,866
Available-for-sale securities:
Proceeds from paydowns and maturities	61			621			886
Purchases	(12,009		)	(364		)	(1,109		)
Other changes in loans, net	(713		)	(350		)	153
Advances to subsidiaries, net	13,769			5,951			(28,105		)
Investments (at equity) in subsidiaries and affiliates, net^(a)	700			3,546			(1,530		)
All other investing activities, net^(b)	22			25			29
Net cash provided by/(used in) investing activities^(b)	12,509			25,529			(8,810		)
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates^(a)	(2,715		)	(14,038		)	2,827
Other borrowed funds	(7,297		)	3,736			16,268
Proceeds from the issuance of long-term debt	31,303			28,172			33,566
Payments of long-term debt	(21,510		)	(44,240		)	(41,747		)
Excess tax benefits related to stock-based compensation	137			255			867
Proceeds from issuance of preferred stock	3,873			1,234			—
Redemption of preferred stock	(1,800		)	—			—
Treasury stock and warrants repurchased	(4,789		)	(1,653		)	(8,863		)
Dividends paid	(6,056		)	(5,194		)	(3,895		)
All other financing activities, net	(1,131		)	(701		)	(1,622		)
Net cash used in financing activities	(9,985		)	(32,429		)	(2,599		)
Net increase in cash and due from banks	48			84			36
Cash and due from banks at the beginning of the year, primarily with bank subsidiaries	216			132			96
Cash and due from banks at the end of the year, primarily with bank subsidiaries	$	264		$	216		$	132
Cash interest paid	$	4,409		$	5,690		$	5,800
Cash income taxes paid, net	2,390			3,080			5,885


(a)	Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). The Parent received dividends of $5 million, $12 million and $13 million from the issuer trusts in 2013, 2012 and 2011, respectively. For further discussion on these issuer trusts, see Note 21 on pages 306–308 of this Annual Report.


(b)	Prior periods were revised to conform with the current presentation.


(c)	At December 31, 2013, long-term debt that contractually matures in 2014 through 2018 totaled $26.4 billion, $23.8 billion, $22.5 billion, $16.6 billion and $18.7 billion, respectively.


(d)	For information regarding the Firm’s guarantees of its subsidiaries’ obligations, see Note 21 and Note 29 on pages 306–308 and 318–324, respectively, of this Annual Report.