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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) before noncontrolling interests $ 19,029 $ 13,378 [1],[2] $ 23,799 [1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 5,399 1,534 (4,155)
Changes in fair value of MSRs and LHFS carried at fair value 851 (1,326) (1,188)
Depreciation, amortization and accretion 6,271 6,832 7,890
Deferred income tax expense (benefit) (50) 1,239 [1] (1,106) [1]
Other, net 7,149 (14,524) (12,194)
Originations and purchases of loans held for sale (30,365) (74,910) (158,923)
Proceeds from sales of and paydowns on loans originally classified as held for sale 26,793 65,418 101,293
Net change in:      
Debt and equity securities, held for trading 3,349 31,579 19,334
Derivative assets and liabilities 4,155 7,850 [1] (2,484) [1]
Other assets (6,838) (9,162) [1] 15,477 [1]
Other accrued expenses and liabilities 4,615 (860) [1] 732 [1]
Net cash provided (used) by operating activities 40,358 27,048 (11,525)
Net change in:      
Federal funds sold and securities purchased under resale agreements (12,729) (704) (551)
Available-for-sale debt securities:      
Proceeds from sales 14,651 16,895 17,958
Paydowns and maturities 14,872 19,791 75,701
Purchases (26,051) (40,104) (110,431)
Held-to-maturity debt securities:      
Paydowns and maturities 18,372 27,666 79,517
Purchases (4,225) (2,360) (71,245)
Equity securities, not held for trading:      
Proceeds from sales and capital returns 2,244 4,326 4,933
Purchases (5,811) (6,984) (7,680)
Loans:      
Loans originated by banking subsidiaries, net of principal collected 10,296 (74,861) (28,809)
Proceeds from sales of loans originally classified as held for investment 4,275 12,446 31,847
Purchases of loans (1,637) (741) (389)
Principal collected on nonbank entities’ loans 4,871 5,173 8,985
Loans originated by nonbank entities (3,476) (3,824) (11,237)
Other, net 391 805 3,782
Net cash provided (used) by investing activities 16,043 (42,476) (7,619)
Net change in:      
Deposits (25,812) (98,494) 78,582
Short-term borrowings 38,414 16,564 (24,590)
Long-term debt:      
Proceeds from issuance 49,071 53,737 1,275
Repayment (22,886) (19,587) (47,134)
Preferred stock:      
Proceeds from issuance 1,722 0 5,756
Redeemed (1,725) 0 (6,675)
Cash dividends paid (1,141) (1,115) (1,205)
Common stock:      
Repurchased (11,851) (6,033) (14,464)
Cash dividends paid (4,789) (4,178) (2,422)
Other, net (509) (539) (361)
Net cash provided (used) by financing activities 20,494 (59,645) (11,238)
Net change in cash, cash equivalents, and restricted cash 76,895 (75,073) (30,382)
Cash, cash equivalents, and restricted cash at beginning of period [3] 159,157 234,230 264,612
Cash, cash equivalents, and restricted cash at end of period [3] 236,052 159,157 234,230
Supplemental cash flow disclosures:      
Cash paid for interest 30,431 8,289 4,384
Net cash paid (refunded) for income taxes $ (1,786) $ 3,376 $ 3,166
[1] In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
[2] In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).
[3] Includes Cash and due from banks and Interest-earning deposits with banks on our consolidated balance sheet and excludes time deposits, which are included in Interest-earning deposits with banks