Parent Company

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

The following tables present Parent Company-only financial statements.


Statements of income and comprehensive income
Year ended December 31, (in millions)	2024		2023		2022
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	37,000	$	61,000	$	40,500
Non-bank	—		—		—
Interest income from subsidiaries	1,228		1,166		498
Other income/(expense) from subsidiaries:
Bank and bank holding company	555		1,801		(3,497)
Non-bank	172		250		335
Other income/(expense)	1,252		(654)		5,271
Total income	40,207		63,563		43,107
Expense
Interest expense/(income) to subsidiaries and affiliates(a)	7,433		2,258		22,731
Other interest expense/(income)(a)	8,068		11,714		(14,658)
Noninterest expense	3,280		3,431		2,817
Total expense	18,781		17,403		10,890
Income before income tax benefit and undistributed net income of subsidiaries	21,426		46,160		32,217
Income tax benefit	1,264		1,525		1,260
Equity in undistributed net income of subsidiaries	35,781		1,867		4,199
Net income	$	58,471	$	49,552	$	37,676
Other comprehensive income/(loss), net	(2,013)		6,898		(17,257)
Comprehensive income	$	56,458	$	56,450	$	20,419


Balance sheets
December 31, (in millions)	2024		2023
Assets
Cash and due from banks	$	38	$	42
Deposits with banking subsidiaries	9,762		9,804
Trading assets	43,214		3,198
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	142		152
Non-bank	79		21
Investments (at equity) in subsidiaries and affiliates:
Bank and bank holding company	603,044		568,472
Non-bank	1,238		1,045
Other assets	12,097		8,962
Total assets	$	669,614	$	591,696
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates	$	72,881	$	22,777
Short-term borrowings	—		999
Other liabilities	12,349		11,500
Long-term debt(b)(c)	239,626		228,542
Total liabilities(c)	324,856		263,818
Total stockholders’ equity	344,758		327,878
Total liabilities and stockholders’ equity	$	669,614	$	591,696


Statements of cash flows
Year ended December 31, (in millions)	2024		2023		2022
Operating activities
Net income	$	58,471	$	49,552	$	37,676
Less: Net income of subsidiaries and affiliates	72,781		62,868		44,699
Parent company net loss	(14,310)		(13,316)		(7,023)
Cash dividends from subsidiaries and affiliates	37,000		61,000		40,500
Other operating adjustments	(44,671)		9,412		(23,747)
Net cash provided by/(used in) operating activities	(21,981)		57,096		9,730
Investing activities
Net change in:
Advances to and investments in subsidiaries and affiliates, net	—		(25,000)		—
All other investing activities, net	21		25		31
Net cash provided by/(used in) investing activities	21		(24,975)		31
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates	49,902		(2,249)		(4,491)
Short-term borrowings	(999)		—		—
Proceeds from long-term borrowings	44,997		19,398		41,389
Payments of long-term borrowings	(29,753)		(25,105)		(18,294)
Proceeds from issuance of preferred stock	2,500		—		—
Redemption of preferred stock	(9,850)		—		(7,434)
Treasury stock repurchased	(18,830)		(9,824)		(3,162)
Dividends paid	(14,783)		(13,463)		(13,562)
All other financing activities, net	(1,270)		(879)		(1,205)
Net cash provided by/(used in) financing activities	21,914		(32,122)		(6,759)
Net increase/(decrease) in cash and due from banks and deposits with banking subsidiaries	(46)		(1)		3,002
Cash and due from banks and deposits with banking subsidiaries at the beginning of the year	9,846		9,847		6,845
Cash and due from banks and deposits with banking subsidiaries at the end of the year	$	9,800	$	9,846	$	9,847
Cash interest paid	$	14,851	$	13,742	$	7,462
Cash income taxes paid, net(d)	6,252		10,291		6,941

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

(b)At December 31, 2024, long-term debt that contractually matures in 2025 through 2029 totaled $7.7 billion, $29.3 billion, $20.2 billion, $35.0 billion, and $18.5 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 $5.0 billion, $13.2 billion, and $11.3 billion for the years ended December 31, 2024, 2023 and 2022, respectively.