Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Statement of Income - Parent Company

Statement of Income - Parent Company

	Years Ended December 31,
(In millions)	2021		2020		2019
Cash dividends from consolidated banking subsidiary	$	—	$	2,721	$	3,300
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	170		118		285
Other, net	49		92		149
Total revenue	219		2,931		3,734
Interest expense	239		324		415
Other expenses	315		172		108
Total expenses	554		496		523
Income tax (benefit)	(153)		(109)		(91)
Income (Loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	(182)		2,544		3,302
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	2,657		(277)		(1,070)
Consolidated non-banking subsidiaries and unconsolidated entities	218		153		10
Net income	$	2,693	$	2,420	$	2,242

Statement of Condition - Parent Company

Statement of Condition - Parent Company

	As of December 31,
(In millions)	2021		2020
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	482	$	492
Trading account assets	440		412
Investment securities available-for-sale	150		100
Investments in subsidiaries:
Consolidated banking subsidiary	27,821		26,204
Consolidated non-banking subsidiaries	9,060		8,807
Unconsolidated entities	122		124
Notes and other receivables from:
Consolidated banking subsidiary	80		81
Consolidated non-banking subsidiaries and unconsolidated entities	5,029		3,885
Other assets	256		277
Total assets	$	43,440	$	40,382
Liabilities:
Notes and other payables to consolidated banking and non-banking subsidiaries and unconsolidated entities	$	2,303	$	104
Accrued expenses and other liabilities	523		453
Long-term debt	13,250		13,625
Total liabilities	16,076		14,182
Shareholders’ equity	27,364		26,200
Total liabilities and shareholders’ equity	$	43,440	$	40,382

Statement of Cash Flows - Parent Company

Statement of Cash Flows - Parent Company

	Years Ended December 31,
(In millions)	2021		2020		2019
Net cash (used in) provided by operating activities	$	(116)	$	3,513	$	2,684
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary	10		(64)		58
Proceeds from sales and maturities of available-for-sale securities	525		1,000		900
Purchases of available-for-sale securities	(575)		(849)		(921)
Investments in consolidated banking and non-banking subsidiaries	(6,288)		(7,406)		(6,165)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	7,006		4,999		5,345
Net cash provided by (used in) investing activities	678		(2,320)		(783)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs	1,343		2,489		1,495
Payments for long-term debt	(1,500)		(1,700)		(50)
Payments for redemption of preferred stock	(500)		(500)		(750)
Proceeds from issuance of common stock, net of issuance costs	1,900		—		—
Repurchases of common stock	(900)		(515)		(1,585)
Repurchases of common stock for employee tax withholding	(39)		(78)		(81)
Payments for cash dividends	(866)		(889)		(930)
Net cash (used in) provided by financing activities	(562)		(1,193)		(1,901)
Net change	—		—		—
Cash and due from banks at beginning of year	—		—		—
Cash and due from banks at end of year	$	—	$	—	$	—