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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 219 $ 312
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Provision for credit losses 101 139
Depreciation, amortization, and accretion, net 24 41
Increase in cash surrender value of corporate-owned life insurance (28) (26)
Stock-based compensation expense 26 34
Deferred income taxes (benefit) 3 75
Proceeds from sales of loans held for sale 1,920 1,534
Originations of loans held for sale, net of repayments (1,742) (1,779)
Net losses (gains) on sales of loans held for sale (28) (15)
Net losses (gains) on leased equipment (6) (1)
Net securities and other investments losses (gains) 3 0
Net losses (gains) on sales of fixed assets 0 12
Net change in:    
Trading account assets (29) (289)
Accrued income and other assets 287 691
Accrued expense and other liabilities (404) (260)
Other operating activities, net 13 250
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 359 718
INVESTING ACTIVITIES    
Net decrease (increase) in short-term investments, excluding acquisitions (2,388) (5,978)
Purchases of securities available for sale (1,465) (200)
Proceeds from sales of securities available for sale 637 0
Proceeds from prepayments and maturities of securities available for sale 515 563
Proceeds from prepayments and maturities of held-to-maturity securities 306 333
Purchases of held-to-maturity securities 0 (1,179)
Net decrease (increase) in other investments (4) (286)
Net decrease (increase) in loans, excluding acquisitions, sales and transfers 2,613 (613)
Proceeds from sales of portfolio loans 151 25
Proceeds from corporate-owned life insurance 20 22
Purchases of premises, equipment, and software (12) (24)
Proceeds from sales of premises and equipment 1 1
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 374 (7,336)
FINANCING ACTIVITIES    
Net increase (decrease) in deposits (1,356) 1,553
Net increase (decrease) in short-term borrowings (168) 1,972
Net proceeds from issuance of long-term debt 1,350 4,490
Payments on long-term debt (1) (1,201)
Open market common share repurchases 0 (38)
Employee equity compensation program Common Share repurchases (26) (34)
Net proceeds from reissuance of Common Shares 3 1
Cash dividends paid (229) (228)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (427) 6,515
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 306 (103)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD 941 887
CASH AND DUE FROM BANKS AT END OF PERIOD 1,247 784
Additional disclosures relative to cash flows:    
Interest paid 990 426
Income taxes paid (refunded) 20 46
Noncash items:    
Reduction of secured borrowing and related collateral 1 2
Loans transferred to portfolio from held for sale 105 17
Loans transferred to held for sale from portfolio 0 4
Loans transferred to OREO 2 3
CMBS risk retentions 0 52
ABS risk retentions $ 0 $ 8