Management’s discussion and analysis Selected metrics As of or for the year ended December 31, (in millions, except where otherwise noted) 2018 2017 2016 Assets under custody (“AUC”) by asset class (period-end) (in billions): Fixed Income $ 12,440 $ 13,043 $ 12,166 Equity 8,078 7,863 6,428 Other (a) 2,699 2,563 1,926 Total AUC $ 23,217 $ 23,469 $ 20,520 Client deposits and other third party liabilities (average) (b) $ 434,422 $ 408,911 $ 376,287 (a) Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts. (b) Client deposits and other third party liabilities pertain to the Treasury Services and Securities Services businesses. International metrics Year ended December 31, (in millions, except where otherwise noted) 2018 2017 2016 Total net revenue (a) Europe/Middle East/Africa $ 12,102 $ 11,328 $ 10,786 Asia/Pacific 5,219 4,525 4,915 Latin America/Caribbean 1,394 1,125 1,225 Total international net revenue 18,715 16,978 16,926 North America 17,733 17,679 18,414 Total net revenue $ 36,448 $ 34,657 $ 35,340 Loans retained (period-end) (a) Europe/Middle East/Africa $ 26,524 $ 25,931 $ 26,696 Asia/Pacific 16,778 15,248 14,508 Latin America/Caribbean 5,060 6,546 7,607 Total international loans 48,362 47,725 48,811 North America 81,027 61,040 63,061 Total loans retained $ 129,389 $ 108,765 $ 111,872 Client deposits and other third- party liabilities (average) (a)(b) Europe/Middle East/Africa $ 162,846 $ 154,582 $ 135,979 Asia/Pacific 82,867 76,744 68,110 Latin America/Caribbean 26,668 25,419 22,914 Total international $ 272,381 $ 256,745 $ 227,003 North America 162,041 152,166 149,284 Total client deposits and other third-party liabilities $ 434,422 $ 408,911 $ 376,287 AUC (period-end) (a) (in billions) North America $ 14,359 $ 13,971 $ 12,290 All other regions 8,858 9,498 8,230 Total AUC $ 23,217 $ 23,469 $ 20,520 (a) Total net revenue is based predominantly on the domicile of the client or location of the trading desk, as applicable. Loans outstanding (excluding loans held-for-sale and loans at fair value), client deposits and other third-party liabilities, and AUC are based predominantly on the domicile of the client. (b) Client deposits and other third party liabilities pertain to the Treasury Services and Securities Services businesses. 70 JPMorgan Chase & Co./2018 Form 10-K