Parent Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial information of Parent Company-only

The following tables present Parent Company-only financial statements.

Statements of income and comprehensive income
Year ended December 31, (in millions)	2022		2021		2020
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	40,500	$	10,000	$	6,000
Non-bank	—		—		—
Interest income from subsidiaries	498		32		63
Other income/(expense) from subsidiaries:
Bank and bank holding company	(3,497)		859		2,019
Non-bank	335		366		(569)
Other income/(expense)	5,271		1,137		205
Total income	43,107		12,394		7,718
Expense
Interest expense/(income) to subsidiaries and affiliates(a)	22,731		5,353		(8,830)
Other interest expense/(income)(a)	(14,658)		(1,349)		14,150
Noninterest expense	2,817		2,637		2,222
Total expense	10,890		6,641		7,542
Income before income tax benefit and undistributed net income of subsidiaries	32,217		5,753		176
Income tax benefit	1,260		1,329		1,324
Equity in undistributed net income of subsidiaries	4,199		41,252		27,631
Net income	$	37,676	$	48,334	$	29,131
Other comprehensive income/(loss), net	(17,257)		(8,070)		6,417
Comprehensive income	$	20,419	$	40,264	$	35,548

Balance sheets
December 31, (in millions)	2022		2021
Assets
Cash and due from banks	$	41	$	36
Deposits with banking subsidiaries	9,806		6,809
Trading assets	2,727		2,293
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	136		431
Non-bank	46		50
Investments (at equity) in subsidiaries and affiliates:
Bank and bank holding company	532,759		545,635
Non-bank	1,064		1,007
Other assets	9,108		12,220
Total assets	$	555,687	$	568,481
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates	$	24,164	$	28,039
Short-term borrowings	1,130		1,018
Other liabilities	10,440		9,340
Long-term debt(b)(c)	227,621		235,957
Total liabilities(c)	263,355		274,354
Total stockholders’ equity	292,332		294,127
Total liabilities and stockholders’ equity	$	555,687	$	568,481

Statements of cash flows
Year ended December 31, (in millions)	2022		2021		2020
Operating activities
Net income	$	37,676	$	48,334	$	29,131
Less: Net income of subsidiaries and affiliates	44,699		51,252		33,631
Parent company net loss	(7,023)		(2,918)		(4,500)
Cash dividends from subsidiaries and affiliates	40,500		10,000		6,000
Other operating adjustments	(23,747)		(12,677)		15,357
Net cash provided by/(used in) operating activities	9,730		(5,595)		16,857
Investing activities
Net change in:
Advances to and investments in subsidiaries and affiliates, net	—		(3,000)		(2,663)
All other investing activities, net	31		31		24
Net cash provided by/(used in) investing activities	31		(2,969)		(2,639)
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates	(4,491)		2,647		1,425
Short-term borrowings	—		—		(20)
Proceeds from long-term borrowings	41,389		49,169		37,312
Payments of long-term borrowings	(18,294)		(15,543)		(34,194)
Proceeds from issuance of preferred stock	—		7,350		4,500
Redemption of preferred stock	(7,434)		(2,575)		(1,430)
Treasury stock repurchased	(3,162)		(18,408)		(6,517)
Dividends paid	(13,562)		(12,858)		(12,690)
All other financing activities, net	(1,205)		(1,238)		(1,080)
Net cash provided by/(used in) financing activities	(6,759)		8,544		(12,694)
Net increase/(decrease) in cash and due from banks and deposits with banking subsidiaries	3,002		(20)		1,524
Cash and due from banks and deposits with banking subsidiaries at the beginning of the year	6,845		6,865		5,341
Cash and due from banks and deposits with banking subsidiaries at the end of the year	$	9,847	$	6,845	$	6,865
Cash interest paid	$	7,462	$	4,065	$	5,445
Cash income taxes paid, net(d)	6,941		15,259		5,366

(a)Includes interest expense for intercompany derivative hedges on the Firm’s LTD and related fair value adjustments, which is predominantly offset by related amounts in Other interest expense/(income).

(b)At December 31, 2022, long-term debt that contractually matures in 2023 through 2027 totaled $9.4 billion, $23.5 billion, $26.8 billion, $28.2 billion, and $17.5 billion, respectively.

(c)Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations.

(d)Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $11.3 billion, $13.9 billion, and $8.3 billion for the years ended December 31, 2022, 2021 and 2020, respectively.