Parent company



Parent company – Statements of income and comprehensive income
Year ended December 31, (in millions)	2014		2013			2012
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	—	$	1,175		$	4,828
Nonbank^(a)	14,716		876			1,972
Interest income from subsidiaries	378		757			1,041
Other interest income	284		303			293
Other income from subsidiaries, primarily fees:
Bank and bank holding company	779		318			939
Nonbank	52		2,065			1,207
Other income/(loss)	508		(1,380		)	579
Total income	16,717		4,114			10,859
Expense
Interest expense to subsidiaries and affiliates^(a)	169		309			836
Other interest expense	3,645		4,031			4,679
Other noninterest expense	827		9,597			2,399
Total expense	4,641		13,937			7,914
Income (loss) before income tax benefit and undistributed net income of subsidiaries	12,076		(9,823		)	2,945
Income tax benefit	1,430		4,301			1,665
Equity in undistributed net income of subsidiaries	8,256		23,445			16,674
Net income	$	21,762	$	17,923		$	21,284
Other comprehensive income, net	990		(2,903		)	3,158
Comprehensive income	$	22,752	$	15,020		$	24,442



Parent company – Balance sheets
December 31, (in millions)	2014		2013
Assets
Cash and due from banks	$	211	$	264
Deposits with banking subsidiaries	95,884		64,843
Trading assets	18,222		13,727
Available-for-sale securities	3,321		15,228
Loans	2,260		2,829
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	33,810		21,693
Nonbank	52,626		68,788
Investments (at equity) in subsidiaries and affiliates:
Bank and bank holding company	216,070		196,950
Nonbank^(a)	41,173		50,996
Other assets	18,645		18,877
Total assets	$	482,222	$	454,195
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates^(a)	$	17,442	$	14,328
Other borrowed funds, primarily commercial paper	49,586		55,454
Other liabilities	11,918		11,367
Long-term debt^(b)(c)	171,211		161,868
Total liabilities^(c)	250,157		243,017
Total stockholders’ equity	232,065		211,178
Total liabilities and stockholders’ equity	$	482,222	$	454,195



Parent company – Statements of cash flows
Year ended December 31, (in millions)	2014			2013			2012
Operating activities
Net income	$	21,762		$	17,923		$	21,284
Less: Net income of subsidiaries and affiliates^(a)	22,972			25,496			23,474
Parent company net loss	(1,210		)	(7,573		)	(2,190		)
Cash dividends from subsidiaries and affiliates^(a)	14,714			1,917			6,798
Other operating adjustments	(1,698		)	3,180			2,376
Net cash provided by/(used in) operating activities	11,806			(2,476		)	6,984
Investing activities
Net change in:
Deposits with banking subsidiaries	(31,040		)	10,679			16,100
Available-for-sale securities:
Proceeds from paydowns and maturities	12,076			61			621
Purchases	—			(12,009		)	(364		)
Other changes in loans, net	(319		)	(713		)	(350		)
Advances to and investments in subsidiaries and affiliates, net	3,306			14,469			9,497
All other investing activities, net	32			22			25
Net cash provided by/(used in) investing activities	(15,945		)	12,509			25,529
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates^(a)	4,454			(2,715		)	(14,038		)
Other borrowed funds	(5,778		)	(7,297		)	3,736
Proceeds from the issuance of long-term debt	40,284			31,303			28,172
Payments of long-term debt	(31,050		)	(21,510		)	(44,240		)
Excess tax benefits related to stock-based compensation	407			137			255
Proceeds from issuance of preferred stock	8,847			3,873			1,234
Redemption of preferred stock	—			(1,800		)	—
Treasury stock and warrants repurchased	(4,760		)	(4,789		)	(1,653		)
Dividends paid	(6,990		)	(6,056		)	(5,194		)
All other financing activities, net	(1,328		)	(1,131		)	(701		)
Net cash provided by/(used in) financing activities	4,086			(9,985		)	(32,429		)
Net increase/(decrease) in cash and due from banks	(53		)	48			84
Cash and due from banks at the beginning of the year, primarily with bank subsidiaries	264			216			132
Cash and due from banks at the end of the year, primarily with bank subsidiaries	$	211		$	264		$	216
Cash interest paid	$	3,921		$	4,409		$	5,690
Cash income taxes paid, net	200			2,390			3,080


(a)	Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). The Parent received dividends of $2 million, $5 million and $12 million from the issuer trusts in 2014, 2013 and 2012, respectively. For further discussion on these issuer trusts, see Note 21.


(b)	At December 31, 2014, long-term debt that contractually matures in 2015 through 2019 totaled $24.4 billion, $25.5 billion, $23.0 billion, $19.3 billion and $11.3 billion, respectively.


(c)	For information regarding the Firm’s guarantees of its subsidiaries’ obligations, see Note 21 and Note 29.