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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 493 $ 599
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Provision for credit losses 201 306
Depreciation, amortization, and accretion, net 49 82
Increase in cash surrender value of corporate-owned life insurance (57) (52)
Stock-based compensation expense 53 63
Deferred income taxes (benefit) (60) 29
Proceeds from sales of loans held for sale 3,175 3,353
Originations of loans held for sale, net of repayments (3,267) (3,549)
Net losses (gains) on sales of loans held for sale (49) (37)
Net losses (gains) on leased equipment (8) (3)
Net securities and other investments losses (gains) 13 7
Net losses (gains) on sales of fixed assets (3) 13
Net change in:    
Trading account assets (77) (348)
Accrued income and other assets 36 516
Accrued expense and other liabilities (586) 250
Other operating activities, net 229 71
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 142 1,300
INVESTING ACTIVITIES    
Net decrease (increase) in short-term investments, excluding acquisitions (4,719) (6,527)
Purchases of securities available for sale (3,646) (289)
Proceeds from sales of securities available for sale 2,138 511
Proceeds from prepayments and maturities of securities available for sale 1,114 1,172
Proceeds from prepayments and maturities of held-to-maturity securities 614 708
Purchases of held-to-maturity securities 0 (1,179)
Net decrease (increase) in other investments (15) (174)
Net decrease (increase) in loans, excluding acquisitions, sales and transfers 5,407 303
Proceeds from sales of portfolio loans 96 89
Proceeds from corporate-owned life insurance 58 43
Purchases of premises, equipment, and software (25) (74)
Proceeds from sales of premises and equipment 10 2
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,032 (5,415)
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 133 2,537
Net increase (decrease) in short-term borrowings 2,226 (812)
Net proceeds from issuance of long-term debt 1,350 5,240
Payments on long-term debt (4,016) (2,452)
Open market common share repurchases 0 (38)
Employee equity compensation program Common Share repurchases (26) (34)
Net proceeds from reissuance of Common Shares 3 1
Cash dividends paid (459) (456)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (789) 3,986
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 385 (129)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD 941 887
CASH AND DUE FROM BANKS AT END OF PERIOD 1,326 758
Additional disclosures relative to cash flows:    
Interest paid 2,009 1,360
Income taxes paid (refunded) 58 140
Noncash items:    
Reduction of secured borrowing and related collateral 2 3
Loans transferred to portfolio from held for sale 107 83
Loans transferred to held for sale from portfolio 0 19
Loans transferred to OREO 3 4
CMBS risk retentions 0 0
ABS risk retentions $ 6 $ 7