The table below presents both on–balance sheet and off–balance sheet consumer and wholesale-related credit exposure by the F irm’s  three credit portfolio segments as of  December 31, 2018  and  2017 . As a result of continued growth and the relative size of the portfolio, exposure to “Individuals,” which was previously disclosed in “All Other,” is now separately disclosed in the table below as “Individuals and Individual Entities.” This category predominantly consists of Wealt h Management clients within  AWM  and includes exposure to personal investment companies and personal and testamentary trusts. Pre dominantly all of this exposure is secured, largely by cash and marketable securities. In the table below, prior period amounts have been revised to conform with the current period presentation. (a) Receivables from customers primarily represent held-for-investment margin loans to brokerage customers (Prime Services in CIB, AWM and CCB) that are collateralized through assets maintained in the clients’ brokerage accounts, as such no allowance is held against these receivables. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets. (b) The industry rankings presented in the table as of De cember 31, 2017,  are based on the industry rankings of the corresponding exposures at Dec ember 31, 2018,  not actual rankings of such exposures at  December 31, 2017. (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 Dece mber 31, 2018  and  2017 , noted above, the Firm held: $ 7.8 billion  and  $9.8 billion , respectively, of trading securities; $ 37.7 billion and  $32.3 billion, respectively, of AFS securities; and $ 4.8 billion  $14.4 billion, respectively, of held-to-maturity (“HTM”) securities, issued by U.S. state and municipal governments. For further information, refer to Note 2 an d Note  10 . (e) All other includes: SPEs and Private education and civic organizations, representing approximately 92%  and  8% , respectively, at  December 31, 2018  and  90%  and  10% , respectively, at December 31, 2017.  For more information on exposures to SPEs, refer to Note 14 . (f) Excludes cash placed with banks of $ 268.1 billion  and  $421.0 billion,  at  December 31, 2018  and  2017 , respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (g) 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. (h) Represents lending-related financial instruments. 183 JPMorgan Chase & Co./2018 Form 10-K 2018 2017 Credit exposure (g) On-balance sheet Off-balance sheet (h) Credit exposure (g) On-balance sheet Off-balance sheet (h) December 31, (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 419,798 $ 373,732 $ — $ 46,066 $ 421,234 $ 372,681 $ — $ 48,553 Receivables from customers (a) 154 — — — 133 — — — Total Consumer, excluding credit card 419,952 373,732 — 46,066 421,367 372,681 — 48,553 Credit card 762,011 156,632 — 605,379 722,342 149,511 — 572,831 Total consumer-related 1,181,963 530,364 — 651,445 1,143,709 522,192 — 621,384 Wholesale-related (b) Real Estate 143,316 115,737 164 27,415 139,409 113,648 153 25,608 Individuals and Individual Entities (c) 97,077 86,586 1,017 9,474 87,371 77,768 1,252 8,351 Consumer & Retail 94,815 36,921 1,093 56,801 87,679 31,044 1,114 55,521 Technology, Media & Telecommunications 72,646 16,980 2,667 52,999 59,274 13,665 2,265 43,344 Industrials 58,528 19,126 958 38,444 55,272 18,161 1,163 35,948 Banks & Finance Cos 49,920 28,825 5,903 15,192 49,037 25,879 6,816 16,342 Healthcare 48,142 16,347 1,874 29,921 55,997 16,273 2,191 37,533 Asset Managers 42,807 16,806 9,033 16,968 32,531 11,480 7,998 13,053 Oil & Gas 42,600 13,008 559 29,033 41,317 12,621 1,727 26,969 Utilities 28,172 5,591 1,740 20,841 29,317 6,187 2,084 21,046 State & Municipal Govt (d) 27,351 10,319 2,000 15,032 28,633 12,134 2,888 13,611 Central Govt 18,456 3,867 12,869 1,720 19,182 3,375 13,937 1,870 Automotive 17,339 5,170 399 11,770 14,820 4,903 342 9,575 Chemicals & Plastics 16,035 4,902 181 10,952 15,945 5,654 208 10,083 Transportation 15,660 6,391 1,102 8,167 15,797 6,733 977 8,087 Metals & Mining 15,359 5,370 488 9,501 14,171 4,728 702 8,741 Insurance 12,639 1,356 2,569 8,714 14,089 1,411 2,804 9,874 Financial Markets Infrastructure 7,484 18 5,941 1,525 5,036 351 3,499 1,186 Securities Firms 4,558 645 2,029 1,884 4,113 952 1,692 1,469 All other (e) 68,284 45,197 1,627 21,460 60,529 35,931 2,711 21,887 Subtotal 881,188 439,162 54,213 387,813 829,519 402,898 56,523 370,098 Loans held-for-sale and loans at fair value 15,028 15,028 — — 5,607 5,607 — — Receivables from customers and other (a) 30,063 — — — 26,139 — — — Total wholesale-related 926,279 454,190 54,213 387,813 861,265 408,505 56,523 370,098 Total exposure (f)(g) $ 2,108,242 $ 984,554 $ 54,213 $ 1,039,258 $ 2,004,974 $ 930,697 $ 56,523 $ 991,482