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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income (loss) $ 599 $ 981
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Provision for credit losses 306 128
Depreciation and amortization expense, net 71 74
Accretion of acquired loans 11 16
Increase in cash surrender value of corporate-owned life insurance (52) (54)
Stock-based compensation expense 63 59
Deferred income taxes (benefit) 29 99
Proceeds from sales of loans held for sale 3,353 6,855
Originations of loans held for sale, net of repayments (3,549) (5,414)
Net losses (gains) on sales of loans held for sale (37) (81)
Net losses (gains) on leased equipment (3) (1)
Net securities losses (gains) 7 0
Net losses (gains) on sales of fixed assets 13 (4)
Net decrease (increase) in trading account assets (348) (108)
Other operating activities, net 837 (1,747)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,300 803
INVESTING ACTIVITIES    
Purchases of intangibles assets via acquisitions 0 (12)
Cash received (used) in acquisitions, net of cash acquired 0 (58)
Net decrease (increase) in short-term investments, excluding acquisitions (6,527) 8,554
Purchases of securities available for sale (289) (3,969)
Proceeds from sales of securities available for sale 511 0
Proceeds from prepayments and maturities of securities available for sale 1,172 2,797
Proceeds from prepayments and maturities of held-to-maturity securities 708 1,321
Purchases of held-to-maturity securities (1,179) (1,964)
Purchases of other investments (533) (369)
Proceeds from sales of other investments 354 8
Proceeds from prepayments and maturities of other investments 5 6
Net decrease (increase) in loans, excluding acquisitions, sales and transfers 303 (10,580)
Proceeds from sales of portfolio loans 89 81
Proceeds from corporate-owned life insurance 43 39
Purchases of premises, equipment, and software (74) (42)
Proceeds from sales of premises and equipment 2 11
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (5,415) (4,177)
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 2,537 (6,707)
Net increase (decrease) in short-term borrowings (812) 5,282
Net proceeds from issuance of long-term debt 5,240 12,101
Payments on long-term debt (2,452) (7,081)
Open market common share repurchases (38) 0
Employee equity compensation program Common Share repurchases (34) (44)
Net proceeds from reissuance of Common Shares 1 5
Cash dividends paid (456) (417)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 3,986 3,139
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (129) (235)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD 887 913
CASH AND DUE FROM BANKS AT END OF PERIOD 758 678
Additional disclosures relative to cash flows:    
Interest paid 1,360 169
Income taxes paid (refunded) 140 131
Noncash items:    
Reduction of secured borrowing and related collateral 3 4
Loans transferred to portfolio from held for sale 83 57
Loans transferred to held for sale from portfolio 19 0
Loans transferred to OREO 4 3
CMBS risk retentions 0 6
ABS risk retentions $ 7 $ 9