PRINCIPAL TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Principal Transactions Revenue, Net [Abstract]

Schedule of principal transactions revenue

The following table presents Principal transactions revenue:

In millions of dollars	2024		2023		2022
Interest rate risks(1)	$	1,966	$	2,407	$	3,389
Foreign exchange risks(2)	5,615		5,978		7,148
Equity risks(3)(4)	2,448		1,266		1,848
Commodity and other risks(5)	1,374		1,741		1,801
Credit products and risks(6)	250		(444)		(27)
Total	$	11,653	$	10,948	$	14,159

(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 (FX 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)    2024 includes an approximate $400 million episodic gain related to the Visa B exchange completed in the second quarter of 2024.

(5)    Primarily includes revenues from crude oil, refined oil products, natural gas, metals and other commodities trades.

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