Credit Risk Concentrations (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity.


	2023								2022
	Credit exposure(h)(i)		On-balance sheet				Off-balance sheet(k)		Credit exposure(h)		On-balance sheet					Off-balance sheet(k)
December 31, (in millions)			Loans		Derivatives						Loans			Derivatives
Consumer, excluding credit card	$	455,496	$	410,093	$	—	$	45,403	$	344,893	$	311,375	(j)	$	—	$	33,518
Credit card(a)	1,126,781		211,123		—		915,658		1,006,459		185,175			—		821,284
Total consumer(a)	1,582,277		621,216		—		961,061		1,351,352		496,550			—		854,802
Wholesale(b)
Real Estate	208,261		166,372		420		41,469		170,857		131,681			249		38,927
Individuals and Individual Entities(c)	145,849		126,339		725		18,785		130,815		120,424			434		9,957
Asset Managers	129,574		52,178		9,925		67,471		95,656		40,511			16,397		38,748
Consumer & Retail	127,086		46,274		2,013		78,799		120,555		45,867			1,650		73,038
Technology, Media & Telecommunications	77,296		22,450		2,451		52,395		72,286		21,622			2,950		47,714
Industrials	75,092		26,548		1,335		47,209		72,483		26,960			1,770		43,753
Healthcare	65,025		23,169		1,577		40,279		62,613		22,970			1,683		37,960
Banks & Finance Companies	57,177		33,941		2,898		20,338		51,816		32,172			3,246		16,398
Utilities	36,061		7,067		3,396		25,598		36,218		9,107			3,269		23,842
State & Municipal Govt(d)	35,986		20,019		442		15,525		33,847		18,147			585		15,115
Oil & Gas	34,475		8,480		705		25,290		38,668		9,632			5,121		23,915
Automotive	33,977		17,459		428		16,090		33,287		14,735			529		18,023
Chemicals & Plastics	20,773		6,458		441		13,874		20,030		5,771			407		13,852
Insurance	20,501		2,535		7,138		10,828		21,045		2,387			8,081		10,577
Central Govt	17,704		5,463		10,669		1,572		19,095		3,167			12,955		2,973
Transportation	16,060		5,080		555		10,425		15,009		5,005			567		9,437
Metals & Mining	15,508		4,655		274		10,579		15,915		5,398			475		10,042
Securities Firms	8,689		865		3,285		4,539		8,066		556			3,387		4,123
Financial Markets Infrastructure	4,251		86		2,155		2,010		4,962		13			3,050		1,899
All other(e)	134,777		97,034		4,032		33,711		123,307		87,545			4,075		31,687
Subtotal	1,264,122		672,472		54,864		536,786		1,146,530		603,670			70,880		471,980
Loans held-for-sale and loans at fair value	30,018		30,018		—		—		35,427		35,427			—		—
Receivables from customers(f)	47,625		—		—		—		49,257		—			—		—
Total wholesale	1,341,765		702,490		54,864		536,786		1,231,214		639,097			70,880		471,980
Total exposure(g)(h)	$	2,924,042	$	1,323,706	$	54,864	$	1,497,847	$	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 at December 31, 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.) at December 31, 2023 and 2022, noted above, the Firm held: $5.9 billion and $6.6 billion, respectively, of trading assets; $21.4 billion and $6.8 billion, respectively, of AFS securities; and $9.9 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, at December 31, 2023 and 95% and 5%, respectively, at 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 (including cash on deposit, and primarily liquid and readily marketable debt or equity securities).

(g)Excludes cash placed with banks of $614.1 billion and $556.6 billion, at December 31, 2023 and 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 $102.2 billion in the Consumer, excluding credit card portfolio, and $90.6 billion in the Wholesale portfolio predominantly in Real Estate, Asset Managers, and Individuals and Individual Entities.

(j)At December 31, 2023 and 2022, included $94 million and $350 million of loans in Business Banking under the PPP, respectively. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(k)Represents lending-related financial instruments.