Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Group Inc. – Condensed Statements of Earnings



	Year Ended December

$ in millions		2019		2018		2017
Revenues
Dividends from subsidiaries and other affiliates:
Bank		$ 63		$ 102		$ 550
Nonbank		4,199		16,368		11,016
Other revenues		335		(1,376	)	(384	)
Total non-interest revenues		4,597		15,094		11,182
Interest income		7,575		6,617		4,638
Interest expense		8,545		8,114		5,978
Net interest loss		(970	)	(1,497	)	(1,340	)
Total net revenues		3,627		13,597		9,842
Operating expenses
Compensation and benefits		331		299		330
Other expenses		1,365		1,192		428
Total operating expenses		1,696		1,491		758
Pre-tax earnings		1,931		12,106		9,084
Provision/(benefit) for taxes		(538	)	(1,173	)	3,404
Undistributed earnings/(loss) of subsidiaries and other affiliates		5,997		(2,820	)	(1,394	)
Net earnings		8,466		10,459		4,286
Preferred stock dividends		569		599		601
Net earnings applicable to common shareholders		$7,897		$ 9,860		$ 3,685

Group Condensed Balance Sheets

Group Inc. – Condensed Balance Sheets



	As of December

$ in millions		2019		2018
Assets
Cash and cash equivalents:
With third-party banks		$ 33		$ 103
With subsidiary bank		7		–
Loans to and receivables from subsidiaries:
Bank		2,398		1,019
Nonbank (includes $6,460 and $5,461 at fair value)		239,241		225,471
Investments in subsidiaries and other affiliates:
Bank		30,376		28,737
Nonbank		65,301		61,481
Trading assets (at fair value)		691		717
Investments (includes $16,930 and $12,824 at fair value)		20,499		12,824
Other assets		4,262		3,653
Total assets		$362,808		$334,005
Liabilities and shareholders’ equity
Payables to subsidiaries		$ 640		$ 702
Trading liabilities (at fair value)		417		281
Secured borrowings with subsidiary		42,083		6,899
Unsecured short-term borrowings:
With third parties (includes $4,751 and $2,615 at fair value)		25,635		25,060
With subsidiaries		917		659
Unsecured long-term borrowings:
With third parties (includes $15,611 and $16,395 at fair value)		168,602		183,121
With subsidiaries		28,576		23,343
Other liabilities		5,673		3,755
Total liabilities		272,543		243,820
Commitments, contingencies and guarantees
Shareholders’ equity
Preferred stock		11,203		11,203
Common stock		9		9
Share-based awards		3,195		2,845
Additional paid-in capital		54,883		54,005
Retained earnings		106,465		100,100
Accumulated other comprehensive income/(loss)		(1,484	)	693
Stock held in treasury, at cost		(84,006	)	(78,670	)
Total shareholders’ equity		90,265		90,185
Total liabilities and shareholders’ equity		$362,808		$334,005

Condensed Consolidated Statements of Cash Flows

Group Inc. – Condensed Statements of Cash Flows



	Year Ended December

$ in millions		2019		2018		2017
Cash flows from operating activities
Net earnings		$ 8,466		$ 10,459		$ 4,286
Adjustments to reconcile net earnings to net cash provided by operating activities:
Undistributed (earnings)/loss of subsidiaries and other affiliates		(5,997	)	2,820		1,394
Depreciation and amortization		26		51		56
Deferred income taxes		(210	)	(2,817	)	4,358
Share-based compensation		118		105		152
Gain related to extinguishment of unsecured borrowings		(20	)	(160	)	(114	)
Changes in operating assets and liabilities:
Trading assets		5,145		(1,431	)	(508	)
Trading liabilities		136		27		(521	)
Other, net		(1,131	)	1,639		(1,154	)
Net cash provided by operating activities		6,533		10,693		7,949
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment		(34	)	(63	)	(66	)
Repayments/(issuances) of short-term loans to subsidiaries, net		2,079		10,829		(14,415	)
Issuance of term loans to subsidiaries		(7,374	)	(30,336	)	(42,234	)
Repayments of term loans by subsidiaries		1,894		25,956		22,039
Purchase of investments		(16,776	)	(3,141	)	(6,491	)
Proceeds from sales and paydowns of investments		9,768		–		596
Capital distributions from/(contributions to) subsidiaries, net		(415	)	1,807		388
Net cash provided by/(used for) investing activities		(10,858	)	5,052		(40,183	)
Cash flows from financing activities
Secured borrowings with subsidiary (short-term), net		26,398		(12,853	)	16,035
Unsecured short-term borrowings, net:
With third parties		(22	)	(1,541	)	(424	)
With subsidiaries		4,649		11,855		7,043
Proceeds from issuance of unsecured long-term borrowings		8,804		26,157		43,917
Repayment of unsecured long-term borrowings, including the current portion		(27,172	)	(32,429	)	(27,028	)
Purchase of Trust Preferred securities		(206	)	(35	)	(237	)
Preferred stock redemption		(1,100	)	(650	)	(850	)
Common stock repurchased		(5,335	)	(3,294	)	(6,772	)
Settlement of share-based awards in satisfaction of withholding tax requirements		(745	)	(1,118	)	(2,223	)
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards		(2,104	)	(1,810	)	(1,769	)
Proceeds from issuance of preferred stock, net of issuance costs		1,098		–		1,495
Proceeds from issuance of common stock, including exercise of share-based awards		–		38		7
Cash settlement of share-based awards		–		–		(3	)
Other financing, net		(3	)	–		–
Net cash provided by/(used for) financing activities		4,262		(15,680	)	29,191
Net increase/(decrease) in cash and cash equivalents		(63	)	65		(3,043	)
Cash and cash equivalents, beginning balance		103		38		3,081
Cash and cash equivalents, ending balance		$ 40		$ 103		$ 38