Parent Company Information (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Condensed Financial Information Disclosure [Abstract] |
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| Statement of Income |
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Condensed Statement of Income |
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(Dollars in millions) |
2019 |
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2018 |
|
2017 |
Income |
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Dividends from subsidiaries: |
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Bank holding companies and related subsidiaries |
$ |
27,820 |
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|
$ |
28,575 |
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|
$ |
12,088 |
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Nonbank companies and related subsidiaries |
— |
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|
91 |
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|
202 |
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Interest from subsidiaries |
9,502 |
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|
8,425 |
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|
7,043 |
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Other income (loss) |
74 |
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|
(1,025 |
) |
|
28 |
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Total income |
37,396 |
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|
36,066 |
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|
19,361 |
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Expense |
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Interest on borrowed funds from related subsidiaries |
451 |
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|
235 |
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|
189 |
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Other interest expense |
5,899 |
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|
6,425 |
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|
5,555 |
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Noninterest expense |
1,641 |
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|
1,600 |
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|
1,672 |
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Total expense |
7,991 |
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|
8,260 |
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|
7,416 |
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Income before income taxes and equity in undistributed earnings of subsidiaries |
29,405 |
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|
27,806 |
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|
11,945 |
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Income tax expense (benefit) |
341 |
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|
(281 |
) |
|
950 |
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Income before equity in undistributed earnings of subsidiaries |
29,064 |
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|
28,087 |
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|
10,995 |
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Equity in undistributed earnings (losses) of subsidiaries: |
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Bank holding companies and related subsidiaries |
(1,717 |
) |
|
306 |
|
|
8,725 |
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Nonbank companies and related subsidiaries |
83 |
|
|
(246 |
) |
|
(1,488 |
) |
Total equity in undistributed earnings of subsidiaries |
(1,634 |
) |
|
60 |
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|
7,237 |
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Net income |
$ |
27,430 |
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|
$ |
28,147 |
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$ |
18,232 |
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| Balance Sheet |
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Condensed Balance Sheet |
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December 31 |
(Dollars in millions) |
2019 |
|
2018 |
Assets |
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Cash held at bank subsidiaries (1)
|
$ |
5,695 |
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$ |
5,141 |
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Securities |
656 |
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|
628 |
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Receivables from subsidiaries: |
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Bank holding companies and related subsidiaries |
173,301 |
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|
152,905 |
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Banks and related subsidiaries |
51 |
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|
195 |
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Nonbank companies and related subsidiaries |
391 |
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|
969 |
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Investments in subsidiaries: |
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Bank holding companies and related subsidiaries |
297,465 |
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|
293,045 |
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Nonbank companies and related subsidiaries |
3,663 |
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|
3,432 |
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Other assets |
9,438 |
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|
14,696 |
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Total assets |
$ |
490,660 |
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$ |
471,011 |
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Liabilities and shareholders’ equity |
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Accrued expenses and other liabilities |
$ |
13,381 |
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$ |
8,828 |
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Payables to subsidiaries: |
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Banks and related subsidiaries |
458 |
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|
349 |
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Nonbank companies and related subsidiaries |
12,102 |
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|
13,301 |
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Long-term debt |
199,909 |
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|
183,208 |
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Total liabilities |
225,850 |
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|
205,686 |
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Shareholders’ equity |
264,810 |
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|
265,325 |
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Total liabilities and shareholders’ equity |
$ |
490,660 |
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$ |
471,011 |
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(1)
Balance includes third-party cash held of $4 million and $389 million at December 31, 2019 and 2018.
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| Statement of Cash Flows |
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Condensed Statement of Cash Flows |
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(Dollars in millions) |
2019 |
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2018 |
|
2017 |
Operating activities |
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Net income |
$ |
27,430 |
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|
$ |
28,147 |
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$ |
18,232 |
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Reconciliation of net income to net cash provided by (used in) operating activities: |
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Equity in undistributed (earnings) losses of subsidiaries |
1,634 |
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(60 |
) |
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(7,237 |
) |
Other operating activities, net |
16,973 |
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(3,706 |
) |
|
(2,593 |
) |
Net cash provided by operating activities |
46,037 |
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|
24,381 |
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|
8,402 |
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Investing activities |
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Net sales (purchases) of securities |
(17 |
) |
|
51 |
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|
312 |
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Net payments to subsidiaries |
(19,121 |
) |
|
(2,262 |
) |
|
(7,087 |
) |
Other investing activities, net |
7 |
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|
48 |
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(1 |
) |
Net cash used in investing activities |
(19,131 |
) |
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(2,163 |
) |
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(6,776 |
) |
Financing activities |
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Net increase (decrease) in other advances |
(1,625 |
) |
|
3,867 |
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|
(6,672 |
) |
Proceeds from issuance of long-term debt |
29,315 |
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|
30,708 |
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|
37,704 |
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Retirement of long-term debt |
(21,039 |
) |
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(29,413 |
) |
|
(29,645 |
) |
Proceeds from issuance of preferred stock |
3,643 |
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|
4,515 |
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|
— |
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Redemption of preferred stock |
(2,568 |
) |
|
(4,512 |
) |
|
— |
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Common stock repurchased |
(28,144 |
) |
|
(20,094 |
) |
|
(12,814 |
) |
Cash dividends paid |
(5,934 |
) |
|
(6,895 |
) |
|
(5,700 |
) |
Net cash used in financing activities |
(26,352 |
) |
|
(21,824 |
) |
|
(17,127 |
) |
Net increase (decrease) in cash held at bank subsidiaries |
554 |
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|
394 |
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|
(15,501 |
) |
Cash held at bank subsidiaries at January 1 |
5,141 |
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|
4,747 |
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|
20,248 |
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Cash held at bank subsidiaries at December 31 |
$ |
5,695 |
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$ |
5,141 |
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$ |
4,747 |
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