Parent Company Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

The following tables present the financial statements of the parent company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated:

STATEMENT OF INCOME - PARENT COMPANY

Years Ended December 31,	2015			2014			2013
(In millions)
Cash dividends from consolidated banking subsidiary	$	585		$	1,470		$	1,694
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	171			138			250
Other, net	73			63			35
Total revenue	829			1,671			1,979
Interest expense	209			193			169
Other expenses	310			55			88
Total expenses	519			248			257
Income tax benefit	(186		)	(83		)	(84		)
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	496			1,506			1,806
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	1,384			360			151
Consolidated non-banking subsidiaries and unconsolidated entities	100			156			93
Net income	$	1,980		$	2,022		$	2,050

STATEMENT OF CONDITION - PARENT COMPANY

As of December 31,	2015		2014
(In millions)
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	5,735	$	6,030
Trading account assets	308		279
Investment securities available for sale	35		35
Investments in subsidiaries:
Consolidated banking subsidiary	20,584		19,978
Consolidated non-banking subsidiaries	2,816		2,739
Unconsolidated entities	315		288
Notes and other receivables from:
Consolidated banking subsidiary	1,558		1,526
Consolidated non-banking subsidiaries and unconsolidated entities	275		331
Other assets	515		447
Total assets	$	32,141	$	31,653
Liabilities:
Commercial paper	$	—	$	2,485
Accrued expenses and other liabilities	643		514
Long-term debt	10,363		7,326
Total liabilities	11,006		10,325
Shareholders’ equity	21,135		21,328
Total liabilities and shareholders’ equity	$	32,141	$	31,653

STATEMENT OF CASH FLOWS - PARENT COMPANY

Years Ended December 31,	2015			2014			2013
(In millions)
Net cash provided by operating activities	$	926		$	1,767		$	2,296
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary	295			(1,610		)	(620		)
Investments in consolidated banking and non-banking subsidiaries	(7,959		)	(1,142		)	(1,100		)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	7,891			1,011			32
Net cash provided by (used in) investing activities	227			(1,741		)	(1,688		)
Financing Activities:
Net increase (decrease) in commercial paper	(2,485		)	667			(499		)
Proceeds from issuance of long-term debt, net of issuance costs	2,983			994			2,485
Payments for long-term debt	—			(750		)	—
Proceeds from issuance of preferred stock, net of issuance costs	742			1,470			—
Proceeds from exercises of common stock options	4			14			121
Purchases of common stock	(1,520		)	(1,650		)	(2,040		)
Repurchases of common stock for employee tax withholding	(222		)	(232		)	(189		)
Payments for cash dividends	(655		)	(539		)	(486		)
Net cash used in financing activities	(1,153		)	(26		)	(608		)
Net change	—			—			—
Cash and due from banks at beginning of year	—			—			—
Cash and due from banks at end of year	$	—		$	—		$	—