Parent Company (Tables)

12 Months Ended

Dec. 31, 2010

Parent Company (Tables) [Abstract]

Schedule of Condensed Financial Statements

Parent company – statements of income

Year ended December 31, (in millions)	2010		2009			2008
Income
Dividends from subsidiaries:
Bank and bank holding company	$	16,554	$	15,235		$	3,085
Nonbank(a)		932		1,036			1,687
Interest income from subsidiaries		985		1,501			4,539
Other interest income		294		266			212
Other income from subsidiaries, primarily fees:
Bank and bank holding company		680		233			244
Nonbank		312		742			95
Other income/(loss)		157		844			(1,038	)
Total income		19,914		19,857			8,824
Expense
Interest expense to subsidiaries(a)		1,263		1,118			1,302
Other interest expense		3,782		4,696			6,879
Compensation expense		177		574			43
Other noninterest expense		363		414			732
Total expense		5,585		6,802			8,956
Income/(loss) before income tax benefit and undistributed net income of subsidiaries		14,329		13,055			(132	)
Income tax benefit		511		1,269			2,582
Equity in undistributed net income of subsidiaries		2,530		(2,596	)		3,155
Net income	$	17,370	$	11,728		$	5,605

Parent company – balance sheets
December 31, (in millions)	2010		2009
Assets
Cash and due from banks	$	96	$	102
Deposits with banking subsidiaries		80,201		87,893
Trading assets		16,038		14,808
Available-for-sale securities		3,176		2,647
Loans		1,849		1,316
Advances to, and receivables from, subsidiaries:
Bank and bank holding company		54,887		54,152
Nonbank		72,080		81,365
Investments (at equity) in subsidiaries:
Bank and bank holding company		150,876		157,412
Nonbank(a)		38,000		32,547
Goodwill and other intangibles		1,050		1,104
Other assets		17,171		14,793
Total assets	$	435,424	$	448,139
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries(a)	$	28,332	$	39,532
Other borrowed funds, primarily commercial paper		41,874		41,454
Other liabilities		7,302		8,035
Long-term debt(b)		181,810		193,753
Total liabilities		259,318		282,774
Total stockholders’ equity		176,106		165,365
Total liabilities and stockholders’ equity	$	435,424	$	448,139

Parent company – statements of cash flows
Year ended December 31, (in millions)	2010			2009			2008
Operating activities
Net income	$	17,370		$	11,728		$	5,605
Less: Net income of subsidiaries(a)		20,016			13,675			7,927
Parent company net loss		(2,646	)		(1,947	)		(2,322	)
Cash dividends from subsidiaries(a)		17,432			16,054			4,648
Other, net		1,685			1,852			1,920
Net cash provided by operating activities		16,471			15,959			4,246
Investing activities
Net change in:
Deposits with banking subsidiaries		7,692			(27,342	)		(7,579	)
Available-for-sale securities:
Purchases		(1,387	)		(1,454	)		(1,475	)
Proceeds from sales and maturities		745			522			—
Loans, net		(90	)		209			(102	)
Advances to subsidiaries, net		8,051			28,808			(82,725	)
Investments (at equity) in subsidiaries, net(a)		(871	)		(6,582	)		(26,212	)
Net cash provided by/(used in) investing activities		14,140			(5,839	)		(118,093	)
Financing activities
Net change in borrowings from subsidiaries(a)		(2,039	)		(4,935	)		20,529
Net change in other borrowed funds		(11,843	)		1,894			(12,880	)
Proceeds from the issuance of long-term debt		21,610			32,304			50,013
Proceeds from the assumption of subsidiaries long-term debt(c)		—			15,264			39,778
Repayments of long-term debt		(32,893	)		(31,964	)		(22,972	)
Proceeds from issuance of common stock		—			5,756			11,500
Excess tax benefits related to stock-based compensation		26			17			148
Proceeds from issuance of preferred stock and Warrant to the U.S. Treasury		—			—			25,000
Proceeds from issuance of other preferred stock(d)		—			—			8,098
Redemption of preferred stock issued to the U.S. Treasury		—			(25,000	)		—
Redemption of other preferred stock		(352	)		—			—
Treasury stock repurchased		(2,999	)		—			—
Dividends paid		(1,486	)		(3,422	)		(5,911	)
All other financing activities, net		(641	)		33			469
Net cash (used in)/provided by financing activities		(30,617	)		(10,053	)		113,772
Net increase/(decrease) in cash and due from banks		(6	)		67			(75	)
Cash and due from banks at the beginning of the year, primarily with bank subsidiaries		102			35			110
Cash and due from banks at the end of the year, primarily with bank subsidiaries	$	96		$	102		$	35
Cash interest paid	$	5,090		$	5,629		$	7,485
Cash income taxes paid, net		7,001			3,124			156

(a)	Subsidiaries include trusts that issued guaranteed capital debt securities (“issuer trusts”). The Parent received dividends of $13 million, $14 million and $15 million from the issuer trusts in 2010, 2009 and 2008, respectively. For further discussion on these issuer trusts, see Note 22 on pages 265–266 of this Annual Report.
(b)	At December 31, 2010, long-term debt that contractually matures in 2011 through 2015 totaled $38.9 billion, $42.4 billion, $17.6 billion, $19.0 billion and $16.8 billion, respectively.
(c)	Represents the assumption of Bear Stearns long-term debt by JPMorgan Chase & Co.
(d)	2008 included the conversion of Bear Stearns’ preferred stock into JPMorgan Chase preferred stock.