PRINCIPAL TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Principal Transactions Revenue, Net [Abstract]


	Three Months Ended March 31,
In millions of dollars	2026		2025
Interest rate risks(1)	$	480	$	547
Foreign exchange risks(2)	1,818		1,536
Equity risks(3)	1,233		886
Commodity and other risks(4)	548		359
Credit products and risks(5)	(71)		182
Total	$	4,008	$	3,510

(1) Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.

(2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation gains and losses.

(3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.

(4) Primarily includes revenues from energy products, metals and other commodities trades.

(5) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.