Consolidated statements of income

Year ended December 31 2019

Revenue
Investment banking fees 7501

Principal transactions 14018

Lending- and deposit-related fees 6369
Asset management, administration and commissions 17165
Investment securities gains/(losses) 258
Mortgage fees and related income 2036
Card income 5304
Other income 5731
Noninterest revenue 58382
Interest income(a) 84040
Interest expense(a) 26795
Net interest income 57245
Total net revenue 115627
Provision for credit losses 5585
Noninterest expense
34155
Compensation expense
Occupancy expense 4322
Technology, communications and equipment expense 9821
Professional and outside services 8533
Marketing 3579
Other expense 5087
Total noninterest expense 65497
Income before income tax expense 44545
Income tax expense 8114
Net income 36431
e

2018 2017 2016

7550 7412 6448

12059 11347 11566

6052 5933 5774
17118 16287 14591
-395 -66 141
1254 1616 2491
4989 4433 4779
5343 3646 3795
53970 50608 49585
76100 63971 55901
21041 13874 9818
55059 50097 46083
109029 100705 95668
4871 5290 5361

33117 31208 29979

3952 3723 3638

8802 7715 6846
8502 7890 6655
3290 2900 2897
5731 6079 5756
63394 59515 55771
40764 35900 34536
8290 11459 9803
32474 24441 24733
 Consolidated balance sheets
Year ended December 31
Assets
Cash and due from banks
Deposits with banks
Federal funds sold and securities purchased under resale agreements (included $14,561 and $13,235 at fair value)
Securities borrowed (included $6,237 and $5,105 at fair value)
Trading assets (included assets pledged of $111,522 and $89,073)
Investment securities (included $350,699 and $230,394 at fair value and assets pledged of $10,325 and $11,432)
Loans (included $7,104 and $3,151 at fair value)
Allowance for loan losses
Loans, net of allowance for loan losses
Accrued interest and accounts receivable
Premises and equipment
Goodwill, MSRs and other intangible assets
Other assets (included $9,111 and $9,630 at fair value and assets pledged of $3,349 and $3,457)
Total assets(a)
Liabilities
Deposits (included $28,589 and $23,217 at fair value)
Federal funds purchased and securities loaned or sold under repurchase agreements (included $549 and $935 at fair
value)
Short-term borrowings (included $5,920 and $7,130 at fair value)
Trading liabilities
Accounts payable and other liabilities (included $3,728 and $3,269 at fair value)
Beneficial interests issued by consolidated VIEs (included $36 and $28 at fair value)
Long-term debt (included $75,745 and $54,886 at fair value)
Total liabilities
Commitments and contingencies (refer to Notes 28, 29 and 30)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,699,250 and 2,606,750 shares)
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income/loss
Shares held in restricted stock units (“RSU”) trust, at cost (472,953 shares)
Treasury stock, at cost (1,020,912,567 and 829,167,674 shares)
Total stockholders’ equity
Total liabilities and stockholders’ equity
 2019 2018 2017 2016
21704 22324 25827 23873
241927 256469 404294 365762
249157 321588 198422 229967
139758 111995 105112 96409
411103 413714 381844 372130
398239 261828 249958 289059
959769 984554 930697 894765
-13123 -13445 -13604 -13776
946646 971109 917093 880989
72861 73200 67729 52330
25813 14934 14159 14131
53341 54349 54392 54246
126830 121022 114770 112076
2687379 2622532 2533600 2490972

1562431 1470666 1443982 1375179

183675 182320 158916 165666

40920 69276 51802 34443
119277 144773 123663 136659
210407 196710 189383 190543
17841 20241 26081 39047
291498 282031 284080 295245
2426049 2366017 2277907 2236782

26993 26068 26068 26068

4105 4105 4105 4105
88522 89162 90579 91627
223211 199202 177676 162440
1569 -1507 -119 -1175
-21 -21 -21 -21
-83049 -60494 -42595 -28854
261330 256515 255693 254190
2687379 2622532 2533600 2490972
 Consolidated statements of cash flows

Year ended December 31

Operating activities
Net income
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

Provision for credit losses

Depreciation and amortization
Deferred tax expense
Other
Originations and purchases of loans held-for-sale
Proceeds from sales, securitizations and paydowns of loans held-for-sale
Net change in:
Trading assets
Securities borrowed
Accrued interest and accounts receivable
Other assets
Trading liabilities
Accounts payable and other liabilities
Other operating adjustments
Net cash provided by/(used in) operating activities
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements
Held-to-maturity securities:
Proceeds from paydowns and maturities
Purchases
Available-for-sale securities:
Proceeds from paydowns and maturities
Proceeds from sales
Purchases
Proceeds from sales and securitizations of loans held-for-investment
Other changes in loans, net
All other investing activities, net
Net cash provided by/(used in) investing activities
Financing activities
Net change in:
Deposits
Federal funds purchased and securities loaned or sold under repurchase agreements

Short-term borrowings
 Beneficial interests issued by consolidated VIEs
Proceeds from long-term borrowings
Payments of long-term borrowings
Proceeds from issuance of preferred stock
Redemption of preferred stock
Treasury stock repurchased
Dividends paid
All other financing activities, net
Net cash provided by financing activities
Effect of exchange rate changes on cash and due from banks and deposits with banks

Net increase/(decrease) in cash and due from banks and deposits with banks
Cash and due from banks and deposits with banks at the beginning of the period
Cash and due from banks and deposits with banks at the end of the period
Cash interest paid
Cash income taxes paid, net
ents of cash flows

2019 2018 2017 2016

36431 32474 24441 24733

5585 4871 5290 5361

8368 7791 6179 5478
949 1721 2312 4651
1996 2717 2136 1799
-70980 -102141 -94628 -61107
79182 93453 93270 60196

-652 -38371 5673 -20007

-27631 -6861 -8653 2313
-78 -5849 -15868 -5815
-17949 -8833 3982 -4517
-14516 18290 -26256 5198
-352 14630 -16508 3740
5693 295 7803 -1827
6046 14187 -10827 20196

72396 -123201 31448 -25747

-17468
3423 2945 4563 6218
-13427 -9368 -2349 -143

52200 37401 56117 65950

70181 46067 90201 48592
-242149 -95091 -105309 -123959
62095 29826 15791 15429
-53697 -81586 -61650 -80996
-5035 -4986 -563 -2825
-54013 -197993 28249 -114949

101002 26728 57022 97336

1347 23415 -6739 13007

-28561 18476 16540 -2461

4289 1712 -1377 -5707
61085 71662 56271 83070
-69610 -76313 -83079 -68949
5000 1696 1258 —
-4075 -1696 -1258 —
-24001 -19983 -15410 -9082
-12343 -10109 -8993 -8476
-1146 -1430 407 -467
32987 34158 14642 98271
-182 -2863 8086 -135

-15162 -152511 40150 3383

278793 431304 391154 20490
263631 278793 431304 23873
29918 21152 14153 9508
5624 3542 4325 2405