Credit Risk Concentrations (Tables)

12 Months Ended

Dec. 31, 2018

The table below presents both on–balance sheet and off–balance sheet consumer and wholesale-related credit exposure by the Firm’s three credit portfolio segments as of December 31, 2018 and 2017.

As a result of continued growth and the relative size of the portfolio, exposure to “Individuals,” which was previously disclosed in “All Other,” is now separately disclosed in the table below as “Individuals and Individual Entities.” This category predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts. Predominantly all of this exposure is secured, largely by cash and marketable securities. In the table below, prior period amounts have been revised to conform with the current period presentation.



	2018								2017
	Credit exposure^(g)		On-balance sheet				Off-balance sheet^(h)		Credit exposure^(g)		On-balance sheet				Off-balance sheet^(h)
December 31, (in millions)			Loans		Derivatives						Loans		Derivatives
Consumer, excluding credit card	$	419,798	$	373,732	$	—	$	46,066	$	421,234	$	372,681	$	—	$	48,553
Receivables from customers^(a)	154		—		—		—		133		—		—		—
Total Consumer, excluding credit card	419,952		373,732		—		46,066		421,367		372,681		—		48,553
Credit card	762,011		156,632		—		605,379		722,342		149,511		—		572,831
Total consumer-related	1,181,963		530,364		—		651,445		1,143,709		522,192		—		621,384
Wholesale-related^(b)
Real Estate	143,316		115,737		164		27,415		139,409		113,648		153		25,608
Individuals and Individual Entities^(c)	97,077		86,586		1,017		9,474		87,371		77,768		1,252		8,351
Consumer & Retail	94,815		36,921		1,093		56,801		87,679		31,044		1,114		55,521
Technology, Media & Telecommunications	72,646		16,980		2,667		52,999		59,274		13,665		2,265		43,344
Industrials	58,528		19,126		958		38,444		55,272		18,161		1,163		35,948
Banks & Finance Cos	49,920		28,825		5,903		15,192		49,037		25,879		6,816		16,342
Healthcare	48,142		16,347		1,874		29,921		55,997		16,273		2,191		37,533
Asset Managers	42,807		16,806		9,033		16,968		32,531		11,480		7,998		13,053
Oil & Gas	42,600		13,008		559		29,033		41,317		12,621		1,727		26,969
Utilities	28,172		5,591		1,740		20,841		29,317		6,187		2,084		21,046
State & Municipal Govt^(d)	27,351		10,319		2,000		15,032		28,633		12,134		2,888		13,611
Central Govt	18,456		3,867		12,869		1,720		19,182		3,375		13,937		1,870
Automotive	17,339		5,170		399		11,770		14,820		4,903		342		9,575
Chemicals & Plastics	16,035		4,902		181		10,952		15,945		5,654		208		10,083
Transportation	15,660		6,391		1,102		8,167		15,797		6,733		977		8,087
Metals & Mining	15,359		5,370		488		9,501		14,171		4,728		702		8,741
Insurance	12,639		1,356		2,569		8,714		14,089		1,411		2,804		9,874
Financial Markets Infrastructure	7,484		18		5,941		1,525		5,036		351		3,499		1,186
Securities Firms	4,558		645		2,029		1,884		4,113		952		1,692		1,469
All other^(e)	68,284		45,197		1,627		21,460		60,529		35,931		2,711		21,887
Subtotal	881,188		439,162		54,213		387,813		829,519		402,898		56,523		370,098
Loans held-for-sale and loans at fair value	15,028		15,028		—		—		5,607		5,607		—		—
Receivables from customers and other^(a)	30,063		—		—		—		26,139		—		—		—
Total wholesale-related	926,279		454,190		54,213		387,813		861,265		408,505		56,523		370,098
Total exposure^(f)(g)	$	2,108,242	$	984,554	$	54,213	$	1,039,258	$	2,004,974	$	930,697	$	56,523	$	991,482

(a)

Receivables from customers primarily represent held-for-investment margin loans to brokerage customers (Prime Services in CIB, AWM and CCB) that are collateralized through assets maintained in the clients’ brokerage accounts, as such no allowance is held against these receivables. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.


(b)	The industry rankings presented in the table as of December 31, 2017, are based on the industry rankings of the corresponding exposures at December 31, 2018, not actual rankings of such exposures at December 31, 2017.


(c)	Individuals and Individual Entities predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts.

(d)

In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2018 and 2017, noted above, the Firm held: $7.8 billion and $9.8 billion, respectively, of trading securities; $37.7 billion and $32.3 billion, respectively, of AFS securities; and $4.8 billion and $14.4 billion, respectively, of held-to-maturity (“HTM”) securities, issued by U.S. state and municipal governments. For further information, refer to Note 2 and Note 10.


(e)	All other includes: SPEs and Private education and civic organizations, representing approximately 92% and 8%, respectively, at December 31, 2018 and 90% and 10%, respectively, at December 31, 2017. For more information on exposures to SPEs, refer to Note 14.


(f)	Excludes cash placed with banks of $268.1 billion and $421.0 billion, at December 31, 2018 and 2017, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.


(g)	Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.

(h)

Represents lending-related financial instruments.