Credit Risk Concentrations (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity.

In conjunction with the adoption of CECL, the Firm reclassified risk-rated loans and lending-related commitments from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment, to align with the methodology applied in determining the allowance. Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.



	March 31, 2020								December 31, 2019
	Credit exposure^(h)		On-balance sheet				Off-balance sheet⁽ⁱ⁾		Credit exposure^(h)		On-balance sheet				Off-balance sheet⁽ⁱ⁾
(in millions)			Loans		Derivatives						Loans		Derivatives
Consumer, excluding credit card	$	337,162	$	295,627	$	—	$	41,535	$	338,170	$	298,001	$	—	$	40,169
Credit card^(a)	835,463		154,021		—		681,442		819,644		168,924		—		650,720
Total consumer-related^(a)	1,172,625		449,648		—		722,977		1,157,814		466,925		—		690,889
Wholesale-related^(b)
Real Estate	148,246		123,667		1,294		23,285		150,805		117,709		619		32,477
Consumer & Retail	110,669		54,207		2,824		53,638		106,986		36,985		1,424		68,577
Individuals and Individual Entities^(c)	108,180		97,020		1,864		9,296		105,018		94,616		694		9,708
Industrials	68,864		29,941		2,062		36,861		62,483		22,063		878		39,542
Asset Managers	65,880		29,134		17,395		19,351		51,856		24,008		7,160		20,688
Technology, Media & Telecommunications	60,184		20,363		2,827		36,994		60,033		15,322		2,766		41,945
Banks & Finance Cos	55,786		34,760		7,617		13,409		50,786		31,191		5,165		14,430
Healthcare	53,250		20,628		2,806		29,816		50,824		17,607		2,078		31,139
Oil & Gas	42,754		15,734		837		26,183		41,641		13,101		852		27,688
Automotive	36,060		22,644		1,076		12,340		35,118		18,844		368		15,906
Utilities	33,112		7,813		3,734		21,565		34,843		5,157		2,573		27,113
State & Municipal Govt^(d)	30,529		14,686		2,670		13,173		30,095		13,271		2,000		14,824
Transportation	18,624		8,584		2,305		7,735		14,497		5,253		715		8,529
Chemicals & Plastics	17,430		6,445		752		10,233		17,499		4,864		459		12,176
Central Govt	16,519		3,223		12,107		1,189		14,865		2,840		10,477		1,548
Metals & Mining	15,797		6,479		998		8,320		15,586		5,364		402		9,820
Insurance	14,522		2,213		3,675		8,634		12,348		1,356		2,282		8,710
Financial Markets Infrastructure	9,767		409		7,597		1,761		4,121		13		2,482		1,626
Securities Firms	8,045		663		4,718		2,664		7,344		757		4,507		2,080
All other^(e)	81,204		56,676		2,490		22,038		78,006		51,357		1,865		24,784
Subtotal	995,422		555,289		81,648		358,485		944,754		481,678		49,766		413,310
Loans held-for-sale and loans at fair value	10,438		10,438		—		—		11,166		11,166		—		—
Receivables from customers and other^(f)	33,376		—		—		—		33,706		—		—		—
Total wholesale-related	1,039,236		565,727		81,648		358,485		989,626		492,844		49,766		413,310
Total exposure^(g)(h)	$	2,211,861	$	1,015,375	$	81,648	$	1,081,462	$	2,147,440	$	959,769	$	49,766	$	1,104,199


(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, 2019, are based on the industry rankings of the corresponding exposures at March 31, 2020, not actual rankings of such exposures at December 31, 2019.


(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 March 31, 2020 and December 31, 2019, noted above, the Firm held: $6.5 billion at both periods of trading assets; $30.5 billion and $29.8 billion, respectively, of AFS securities; and $4.8 billion at both periods 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 90% and 10%, respectively, at both March 31, 2020 and December 31, 2019. Refer to Note 14 for more information on exposures to SPEs.

(f)

Receivables from customers primarily represent held-for-investment margin loans to brokerage clients in CIB 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), as such no allowance is 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 $354.4 billion and $254.0 billion, at March 31, 2020 and December 31, 2019, 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)

Represents lending-related financial instruments.