Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Statement of Income - Parent Company

Statement of Income - Parent Company

	Years Ended December 31,
(In millions)	2023		2022		2021
Cash dividends from consolidated banking subsidiary	$	4,550	$	1,500	$	—
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	320		198		170
Other, net	274		69		49
Total revenue	5,144		1,767		219
Interest expense	975		426		239
Other expenses	198		93		315
Total expenses	1,173		519		554
Income tax (benefit)	(224)		(121)		(153)
Income (Loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	4,195		1,369		(182)
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	(2,464)		1,275		2,657
Consolidated non-banking subsidiaries and unconsolidated entities	213		130		218
Net income	$	1,944	$	2,774	$	2,693

Statement of Condition - Parent Company

Statement of Condition - Parent Company

	As of December 31,
(In millions)	2023		2022
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	659	$	460
Trading account assets	454		425
Investment securities available-for-sale	279		260
Investments in subsidiaries:
Consolidated banking subsidiary	25,391		26,579
Consolidated non-banking subsidiaries	10,055		9,151
Unconsolidated entities	111		121
Notes and other receivables from:
Consolidated banking subsidiary	2		—
Consolidated non-banking subsidiaries and unconsolidated entities	6,816		3,512
Other assets	230		205
Total assets	$	43,997	$	40,713
Liabilities:
Notes and other payables to:
Consolidated banking subsidiary	$	68	$	22
Consolidated non-banking subsidiaries and unconsolidated entities	896		214
Accrued expenses and other liabilities	615		509
Long-term debt	18,619		14,777
Total liabilities	20,198		15,522
Shareholders’ equity	23,799		25,191
Total liabilities and shareholders’ equity	$	43,997	$	40,713

Statement of Cash Flows - Parent Company

Statement of Cash Flows - Parent Company

	Years Ended December 31,
(In millions)	2023		2022		2021
Net cash provided by (used in) operating activities	$	4,194	$	1,608	$	(116)
Investing Activities:
Net (increase) decrease in interest-bearing deposits with consolidated banking subsidiary	(199)		22		10
Proceeds from sales and maturities of available-for-sale securities	830		780		525
Purchases of available-for-sale securities	(836)		(886)		(575)
Investments in consolidated banking and non-banking subsidiaries	(10,784)		(16,252)		(6,288)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	7,920		15,092		7,006
Net cash (used in) provided by investing activities	(3,069)		(1,244)		678
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs	6,221		3,731		1,343
Payments for long-term debt	(2,500)		(1,500)		(1,500)
Payments for redemption of preferred stock	—		—		(500)
Proceeds from issuance of common stock, net of issuance costs	—		—		1,900
Repurchases of common stock	(3,781)		(1,500)		(900)
Repurchases of common stock for employee tax withholding	(95)		(123)		(39)
Payments for cash dividends	(970)		(972)		(866)
Net cash (used in) financing activities	(1,125)		(364)		(562)
Net change	—		—		—
Cash and due from banks at beginning of year	—		—		—
Cash and due from banks at end of year	$	—	$	—	$	—