Credit Risk Concentrations (Tables)

9 Months Ended

Sep. 30, 2023

The table below presents both on–balance sheet and off–balance sheet consumer and wholesale credit exposure by the Firm’s three credit portfolio segments as of September 30, 2023 and December 31, 2022. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity.


	September 30, 2023								December 31, 2022
	Credit exposure(h)(i)		On-balance sheet				Off-balance sheet(j)		Credit exposure(h)		On-balance sheet				Off-balance sheet(j)
(in millions)			Loans		Derivatives						Loans		Derivatives
Consumer, excluding credit card	$	457,082	$	408,769	$	—	$	48,313	$	344,893	$	311,375	$	—	$	33,518
Credit card(a)	1,095,838		196,935		—		898,903		1,006,459		185,175		—		821,284
Total consumer(a)	1,552,920		605,704		—		947,216		1,351,352		496,550		—		854,802
Wholesale(b)
Real Estate	206,067		166,446		292		39,329		170,857		131,681		249		38,927
Asset Managers	145,707		54,485		18,893		72,329		95,656		40,511		16,397		38,748
Individuals and Individual Entities (c)	143,786		124,859		720		18,207		130,815		120,424		434		9,957
Consumer & Retail	127,978		47,013		1,905		79,060		120,555		45,867		1,650		73,038
Industrials	75,865		26,958		2,058		46,849		72,483		26,960		1,770		43,753
Technology, Media & Telecommunications	73,047		20,151		2,525		50,371		72,286		21,622		2,950		47,714
Healthcare	62,126		23,947		1,111		37,068		62,613		22,970		1,683		37,960
Banks & Finance Companies	56,886		33,769		3,510		19,607		51,816		32,172		3,246		16,398
State & Municipal Govt(d)	37,016		20,827		275		15,914		33,847		18,147		585		15,115
Utilities	36,454		7,666		2,852		25,936		36,218		9,107		3,269		23,842
Automotive	34,217		15,813		469		17,935		33,287		14,735		529		18,023
Oil & Gas	33,253		9,117		2,386		21,750		38,668		9,632		5,121		23,915
Insurance	23,733		2,753		10,085		10,895		21,045		2,387		8,081		10,577
Chemicals & Plastics	20,261		6,393		448		13,420		20,030		5,771		407		13,852
Central Govt	15,819		4,078		9,944		1,797		19,095		3,167		12,955		2,973
Transportation	15,180		5,174		507		9,499		15,009		5,005		567		9,437
Metals & Mining	15,136		4,606		237		10,293		15,915		5,398		475		10,042
Securities Firms	8,928		860		3,442		4,626		8,066		556		3,387		4,123
Financial Markets Infrastructure	4,096		67		1,672		2,357		4,962		13		3,050		1,899
All other(e)	135,035		96,970		3,739		34,326		123,307		87,545		4,075		31,687
Subtotal	1,270,590		671,952		67,070		531,568		1,146,530		603,670		70,880		471,980
Loans held-for-sale and loans at fair value	32,403		32,403		—		—		35,427		35,427		—		—
Receivables from customers(f)	43,376		—		—		—		49,257		—		—		—
Total wholesale	1,346,369		704,355		67,070		531,568		1,231,214		639,097		70,880		471,980
Total exposure(g)(h)	$	2,899,289	$	1,310,059	$	67,070	$	1,478,784	$	2,582,566	$	1,135,647	$	70,880	$	1,326,782

(a)Also includes commercial card lending-related commitments primarily in CB and CIB.

(b)The industry rankings presented in the table as of December 31, 2022, are based on the industry rankings of the corresponding exposures as of September 30, 2023, not actual rankings of such exposures at December 31, 2022.

(c)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, 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.) as of September 30, 2023 and December 31, 2022, noted above, the Firm held: $6.3 billion and $6.6 billion, respectively, of trading assets; $19.7 billion and $6.8 billion, respectively, of AFS securities; and $10.7 billion and $19.7 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information.

(e)All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, as of September 30, 2023 and 95% and 5%, respectively, as of December 31, 2022. Refer to Note 14 for more information on exposures to SPEs.

(f)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.

(g)Excludes cash placed with banks of $502.8 billion and $556.6 billion, as of September 30, 2023 and December 31, 2022, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.

(h)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.

(i)Included credit exposure associated with First Republic consisting of $103.3 billion in the Consumer, excluding credit card portfolio, and $95.2 billion in the Wholesale portfolio predominantly in Asset Managers, Real Estate, and Individuals and Individual Entities.

(j)Represents lending-related financial instruments.