| Concentrations of credit exposure |
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.
|