Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Statement of Income - Parent Company

Statement of Income - Parent Company

	Years Ended December 31,
(In millions)	2022		2021		2020
Cash dividends from consolidated banking subsidiary	$	1,500	$	—	$	2,721
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	198		170		118
Other, net	69		49		92
Total revenue	1,767		219		2,931
Interest expense	426		239		324
Other expenses	93		315		172
Total expenses	519		554		496
Income tax (benefit)	(121)		(153)		(109)
Income (Loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	1,369		(182)		2,544
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	1,275		2,657		(277)
Consolidated non-banking subsidiaries and unconsolidated entities	130		218		153
Net income	$	2,774	$	2,693	$	2,420

Statement of Condition - Parent Company

Statement of Condition - Parent Company

	As of December 31,
(In millions)	2022		2021
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	460	$	482
Trading account assets	425		440
Investment securities available-for-sale	260		150
Investments in subsidiaries:
Consolidated banking subsidiary	26,579		27,821
Consolidated non-banking subsidiaries	9,151		9,060
Unconsolidated entities	121		122
Notes and other receivables from:
Consolidated banking subsidiary	—		80
Consolidated non-banking subsidiaries and unconsolidated entities	3,512		5,029
Other assets	205		256
Total assets	$	40,713	$	43,440
Liabilities:
Notes and other payables to:
Consolidated banking subsidiary	$	22	$	—
Consolidated non-banking subsidiaries and unconsolidated entities	214		2,303
Accrued expenses and other liabilities	509		523
Long-term debt	14,777		13,250
Total liabilities	15,522		16,076
Shareholders’ equity	25,191		27,364
Total liabilities and shareholders’ equity	$	40,713	$	43,440

Statement of Cash Flows - Parent Company

Statement of Cash Flows - Parent Company

	Years Ended December 31,
(In millions)	2022		2021		2020
Net cash provided by (used in) operating activities	$	1,608	$	(116)	$	3,513
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary	22		10		(64)
Proceeds from sales and maturities of available-for-sale securities	780		525		1,000
Purchases of available-for-sale securities	(886)		(575)		(849)
Investments in consolidated banking and non-banking subsidiaries	(16,252)		(6,288)		(7,406)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	15,092		7,006		4,999
Net cash (used in) provided by investing activities	(1,244)		678		(2,320)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs	3,731		1,343		2,489
Payments for long-term debt	(1,500)		(1,500)		(1,700)
Payments for redemption of preferred stock	—		(500)		(500)
Proceeds from issuance of common stock, net of issuance costs	—		1,900		—
Repurchases of common stock	(1,500)		(900)		(515)
Repurchases of common stock for employee tax withholding	(123)		(39)		(78)
Payments for cash dividends	(972)		(866)		(889)
Net cash (used in) financing activities	(364)		(562)		(1,193)
Net change	—		—		—
Cash and due from banks at beginning of year	—		—		—
Cash and due from banks at end of year	$	—	$	—	$	—