17. Interest Income and Interest Expense

$ in millions		2018		2017		2016
Interest income
Investment securities	$	1,744	$	1,334	$	1,142
Loans		4,249		3,298		2,724
Securities purchased under agreements
to resell and Securities borrowed¹		1,976		169		(374)
Trading assets, net of Trading liabilities		2,392		2,029		2,131
Customer receivables and Other²		3,531		2,167		1,393
Total interest income	$	13,892	$	8,997	$	7,016

Interest expense
Deposits	$	1,255	$	187	$	83
Borrowings		5,031		4,285		3,606
Securities sold under agreements
to repurchase and Securities loaned³		1,898		1,237		977
Customer payables and Other⁴		1,902		(12)		(1,348)
Total interest expense	$	10,086	$	5,697	$	3,318
Net interest	$	3,806	$	3,300	$	3,698

1. Includes fees paid on Securities borrowed.

2. Includes interest from Customer receivables and Cash and cash equivalents.

3. Includes fees received on Securities loaned.

4. Includes fees received from prime brokerage customers for stock loan transactions incurred to cover customers’ short positions.

Interest income and Interest expense are classified in the income statements based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.