v3.22.0.1
Parent Company (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Group Condensed Statement of Earnings
Group Inc. — Condensed Statements of Earnings
 
    Year Ended December  
       
$ in millions
  
 
2021
 
     2020       2019  
Revenues
                        
Dividends from subsidiaries and other affiliates:
 
                
Bank
  
 
$16,990
 
     $       40       $     63  
Nonbank
  
 
15,562
 
     11,860       4,199  
Other revenues
  
 
529
 
     774       335  
Total
non-interest
revenues
  
 
33,081
 
     12,674       4,597  
Interest income
  
 
3,695
 
     4,020       7,575  
Interest expense
  
 
4,570
 
     5,861       8,545  
Net interest loss
  
 
(875
) 
     (1,841 )      (970 ) 
Total net revenues
  
 
32,206
 
     10,833       3,627  
 
Operating expenses
                        
Compensation and benefits
  
 
750
 
     367       331  
Other expenses
  
 
1,005
 
     3,339       1,365  
Total operating expenses
  
 
1,755
 
     3,706       1,696  
Pre-tax
earnings
  
 
30,451
 
     7,127       1,931  
Benefit for taxes
  
 
(551
) 
     (696 )      (538 ) 
Undistributed earnings/(loss) of subsidiaries
and other affiliates
  
 
(9,367
) 
     1,636       5,997  
Net earnings
  
 
21,635
 
     9,459       8,466  
Preferred stock dividends
  
 
484
 
     544       569  
Net earnings applicable to common
shareholders
  
 
$21,151
 
     $  8,915       $7,897  
Group Condensed Balance Sheets
Group Inc. — Condensed Balance Sheets
 
    As of December  
     
$ in millions
  
 
2021
 
     2020  
Assets
                
Cash and cash equivalents:
                
With third-party banks
  
 
$        
 
47
 
     $         26  
With subsidiary bank
  
 
2
 
     –  
Loans to and receivables from subsidiaries:
                
Bank
  
 
1,024
 
     357  
Nonbank (
$7,638
and $7,242 at fair value)
  
 
273,416
 
     239,483  
Investments in subsidiaries and other affiliates:
                
Bank
  
 
43,021
 
     31,116  
Nonbank
  
 
75,883
 
     72,689  
Trading assets (at fair value)
  
 
4,663
 
     951  
Investments (
$22,525
and $16,642 at fair value)
  
 
26,078
 
     20,204  
Other assets
  
 
6,098
 
     4,811  
Total assets
  
 
$430,232
 
     $369,637  
 
Liabilities and shareholders’ equity
                
Secured borrowings with subsidiaries
  
 
$  50,805
 
     $
  
35,228		  
Payables to subsidiaries
  
 
1,357
 
     503  
Trading liabilities (at fair value)
  
 
1,116
 
     320  
Unsecured short-term borrowings:
                
With third parties (
$1,215
 and $1,723 at fair value)
  
 
11,127
 
     20,563  
With subsidiaries
  
 
3,687
 
     7,385  
Unsecured long-term borrowings:
                
With third parties (
$17,690
 and $11,145 at fair value)
  
 
208,796
 
     171,934  
With subsidiaries
  
 
40,405
 
     32,419  
Other liabilities
  
 
3,013
 
     5,353  
Total liabilities
  
 
320,306
 
     273,705  
 
Commitments, contingencies and guarantees
                
 
Shareholders’ equity
                
Preferred stock
  
 
10,703
 
     11,203  
Common stock
  
 
9
 
     9  
Share-based awards
  
 
4,211
 
     3,468  
Additional
paid-in
capital
  
 
56,396
 
     55,679  
Retained earnings
  
 
131,811
 
     112,947  
Accumulated other comprehensive loss
  
 
(2,068
) 
     (1,434 ) 
Stock held in treasury, at cost
  
 
(91,136
) 
     (85,940 ) 
Total shareholders’ equity
  
 
109,926
 
     95,932  
Total liabilities and shareholders’ equity
  
 
$430,232
 
     $369,637  
Condensed Consolidated Statements of Cash Flows
Group Inc. — Condensed Statements of Cash Flows
 
    Year Ended December  
       
$ in millions
  
 
2021
 
     2020       2019  
Cash flows from operating activities
                        
Net earnings
  
 
$
  
21,635
 
     $   9,459       $
  
  8,466		  
Adjustments to reconcile net earnings to net
cash provided by operating activities:
                        
Undistributed (earnings)/loss of
subsidiaries and other affiliates
  
 
9,367
 
     (1,636 )      (5,997 ) 
Depreciation and amortization
  
 
9
 
     6       26  
Deferred income taxes
  
 
(241
) 
     (160 )      (210 ) 
Share-based compensation
  
 
335
 
     127       118  
Gain on extinguishment of
unsecured borrowings
  
 
–
 
     (1 )      (20 ) 
Changes in operating assets and liabilities:
                        
Collateralized transactions (excluding
secured borrowings, net)
     –       332       77  
Trading assets
  
 
(10,273
) 
     3,484       5,145  
Trading liabilities
  
 
796
 
     (97 )      136  
Other, net
  
 
(5,213
) 
     (1,492 )      (1,208 ) 
Net cash provided by operating activities
  
 
16,415
 
     10,022       6,533  
Cash flows from investing activities
                        
Purchase of property, leasehold
improvements and equipment
  
 
(13
) 
     (26 )      (34 ) 
Repayments/(issuances) of short-term loans
to subsidiaries, net
  
 
(9,951
) 
     7,021       2,079  
Issuance of term loans to subsidiaries
  
 
(37,260
) 
     (32,472 )      (7,374 ) 
Repayments of term loans by subsidiaries
  
 
10,059
 
     29,568       1,894  
Purchase of investments
  
 
(16,964
) 
     (3,767 )      (16,776 ) 
Sales/paydowns of investments
  
 
10,896
 
     4,135       9,768  
Capital contributions to subsidiaries, net
  
 
(23,978
) 
     (5,617 )      (415 ) 
Net cash used for investing activities
  
 
(67,211
) 
     (1,158 )      (10,858 ) 
Cash flows from financing activities
                        
Secured borrowings with subsidiary, net
  
 
12,346
 
     (6,360 )      26,398  
Unsecured short-term borrowings, net:
                        
With third parties
  
 
(683
) 
     (1,372 )      (22 ) 
With subsidiaries
  
 
7,007
 
     12,603       4,649  
Issuance of unsecured long-term
borrowings
  
 
73,164
 
     24,789       8,804  
Repayment of unsecured long-term borrowings
  
 
(31,588
) 
     (33,432 )      (27,172 ) 
Purchase of Trust Preferred securities
  
 
–
 
     (11 )      (206 ) 
Preferred stock redemption
  
 
(2,675
) 
     (350 )      (1,100 ) 
Common stock repurchased
  
 
(5,200
) 
     (1,928 )      (5,335 ) 
Settlement of share-based awards in
satisfaction of withholding tax requirements
  
 
(985
) 
     (830 )      (745 ) 
Dividends and dividend equivalents paid on stock and share-based awards
  
 
(2,725
) 
     (2,336 )      (2,104 ) 
Issuance of preferred stock, net of costs
  
 
2,172
 
     349       1,098  
Other financing, net
  
 
(14
) 
     –       (3 ) 
Net cash provided by/(used for) financing
activities
  
 
50,819
 
     (8,878 )      4,262  
Net increase/(decrease) in cash and cash
equivalents
  
 
23
 
     (14 )      (63 ) 
Cash and cash equivalents, beginning balance
  
 
26
 
     40       103  
Cash and cash equivalents, ending balance
  
 
$       
 
49
 
     $
  
       26		       $
  
       40