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, 2020 and 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 when determining the allowance. Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 fo r further information. (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 December 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 December 31, 2020 and 2019, noted above, the Firm held: $7.2 billion and $6.5 billion, respectively, of trading assets; $20.4 billion and $29.8 billion, respectively, of AFS securities; and $12.8 billion and $4.8 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 92% and 8%, respectively, at December 31, 2020 and 90% and 10%, respectively, at December 31, 2019 . 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 $516.9 billion and $254.0 billion, at December 31, 2020 and 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) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans, which resulted in a corresponding reclassification of certain off-balance sheet commitments. Prior-period amounts have been revised to conform with the current presentation. (j) At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP. 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. JPMorgan Chase & Co./2020 Form 10-K 197 2020 2019 Credit exposure On-balance sheet Off-balance sheet Credit exposure On-balance sheet Off-balance sheet December 31, (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 375,898 $ 318,579 $ — $ 57,319 $ 357,986 $ 317,817 $ — $ 40,169  Credit card 802,722 144,216 — 658,506 819,644  168,924  —  650,720  Total consumer-related 1,178,620 462,795 — 715,825 1,177,630  486,741  —  690,889  Wholesale-related Real Estate 148,498 118,299 1,385 28,814 150,919  117,709  619  32,591  Individuals and Individual Entities 122,870 109,746 1,750 11,374 105,027  94,616  694  9,717  Consumer & Retail 108,437 39,013 2,802 66,622 106,986  36,985  1,424  68,577  Technology, Media &  Telecommunications 72,150 14,687 4,252 53,211 60,033  15,322  2,766  41,945  Asset Managers 66,573 31,059 9,277 26,237 54,304  24,008  7,160  23,136  Industrials 66,470 21,143 1,851 43,476 62,483  22,063  878  39,542  Healthcare 60,118 19,405 3,252 37,461 50,824  17,607  2,078  31,139  Banks & Finance Cos 54,032 31,004 8,044 14,984 50,786  31,191  5,165  14,430  Automotive 43,331 17,128 5,995 20,208 35,118  18,844  368  15,906  Oil & Gas 39,159 11,267 1,643 26,249 41,641  13,101  852  27,688  State & Municipal Govt 38,286 18,054 2,347 17,885 30,095  13,271  2,000  14,824  Utilities 30,124 4,874 3,340 21,910 34,843  5,157  2,573  27,113  Chemicals & Plastics 17,176 4,884 856 11,436 17,499  4,864  459  12,176  Central Govt 17,025 3,396 12,313 1,316 14,865  2,840  10,477  1,548  Transportation 16,232 6,566 1,495 8,171 14,497  5,253  715  8,529  Metals & Mining 15,542 4,854 882 9,806 15,586  5,364  402  9,820  Insurance 13,141 1,042 2,527 9,572 12,348  1,356  2,282  8,710  Securities Firms 8,048 469 4,838 2,741 7,381  757  4,507  2,117  Financial Markets Infrastructure 6,515 19 3,757 2,739 4,121  13  2,482  1,626  All other 100,713 58,038 7,024 35,651 79,598  51,357  1,865  26,376  Subtotal 1,044,440 514,947 79,630 449,863 948,954  481,678  49,766  417,510  Loans held-for-sale and loans at fair value 35,111 35,111 — — 29,201  29,201  —  —  Receivables from customers 47,710 — — — 33,706  —  —  —  Total wholesale-related 1,127,261 550,058 79,630 449,863 1,011,861  510,879  49,766  417,510  Total exposure $ 2,305,881 $ 1,012,853 $ 79,630 $ 1,165,688 $ 2,189,491 $ 997,620 $ 49,766 $ 1,108,399  (h)(i) (i)(k) (h)(i) (i)(k) (i) (i) (j) (a) (a) (b) (c) (d) (e) (f) (g)(h)