Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statement of Cash Flows

v3.25.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 27,132 $ 26,515 $ 27,528
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 5,821 4,394 2,543
(Gains) losses on sales of debt securities 29 405 (32)
Depreciation and amortization 2,189 2,057 1,978
Net (accretion) amortization of discount/premium on debt securities (330) (397) 2,072
Deferred income taxes (1,734) (2,011) 739
Amortization of stock-based compensation 3,433 2,942 2,862
Loans held-for-sale:      
Originations and purchases (36,198) (15,621) (24,862)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities 31,877 16,262 31,567
Net change in:      
Trading and derivative assets/liabilities (45,504) 44,391 (95,772)
Other assets (4,492) (23,944) 20,799
Accrued expenses and other liabilities 1,450 (17,719) 23,029
Other operating activities, net 7,522 7,708 1,222
Net cash provided by (used in) operating activities (8,805) 44,982 (6,327)
Investing activities      
Time deposits placed and other short-term investments 1,974 (1,087) (115)
Federal funds sold and securities borrowed or purchased under agreements to resell 8,415 (13,050) (16,854)
Debt securities carried at fair value:      
Proceeds from sales 69,925 101,165 69,114
Proceeds from paydowns and maturities 237,939 148,699 110,195
Purchases (390,911) (290,959) (134,962)
Held-to-maturity debt securities:      
Proceeds from paydowns and maturities 34,591 36,955 63,852
Purchases 0 (98) (24,096)
Loans and leases:      
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities 9,565 11,081 26,757
Purchases (5,470) (5,351) (5,798)
Other changes in loans and leases, net (52,576) (17,484) (86,010)
Other investing activities, net (4,145) (5,258) (4,612)
Net cash used in investing activities (90,693) (35,387) (2,529)
Financing activities      
Deposits 41,640 (6,514) (134,190)
Federal funds purchased and securities loaned or sold under agreements to repurchase 47,871 88,252 3,306
Short-term borrowings 12,574 5,162 3,179
Long-term debt:      
Proceeds from issuance 56,683 65,396 65,910
Retirement (70,411) (44,571) (34,055)
Preferred stock:      
Proceeds from issuance 0 0 4,426
Redemption (5,254) 0 (654)
Common stock repurchased (13,104) (4,576) (5,073)
Cash dividends paid (9,503) (9,087) (8,576)
Other financing activities, net (127) (717) (312)
Net cash provided by (used in) financing activities 60,369 93,345 (106,039)
Effect of exchange rate changes on cash and cash equivalents (3,830) (70) (3,123)
Net increase (decrease) in cash and cash equivalents (42,959) 102,870 (118,018)
Cash and cash equivalents at January 1 333,073 230,203 348,221
Cash and cash equivalents at December 31 290,114 333,073 230,203
Supplemental cash flow disclosures      
Interest paid 89,687 69,604 18,526
Income taxes paid, net $ 3,822 $ 3,405 $ 2,288