SEGMENT ANALYSIS

9 Months Ended

Jun. 30, 2011

SEGMENT ANALYSIS [Abstract]

SEGMENT ANALYSIS

NOTE 19 – SEGMENT ANALYSIS

We currently operate through the following eight business segments: Private Client Group; Capital Markets; Asset Management; RJ Bank; Emerging Markets; Securities Lending (formerly named “Stock Loan/Borrow”); Proprietary Capital and various corporate activities combined in the "Other" segment.  The business segments are based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources throughout our subsidiaries. For a further discussion of our business segments, see Note 25, pages 133 – 135, of our 2010 Form 10-K.

Information concerning operations in these segments of business is as follows:

	Three months ended June 30,						Nine months ended June 30,
	2011			2010			2011			2010
	(in thousands)
Revenues:
Private Client Group	$	557,017		$	486,566		$	1,633,080		$	1,409,761
Capital Markets		162,695			154,077			513,130			437,620
Asset Management		58,458			49,296			169,386			147,910
RJ Bank		67,836			69,647			214,376			210,099
Emerging Markets		14,449			4,391			35,000			11,993
Securities Lending		1,502			2,573			4,731			6,666
Proprietary Capital		13,716			4,445			14,111			17,093
Other		1,286			2,217			8,263			6,013
Intersegment eliminations		(8,747	)		(9,600	)		(26,788	)		(30,887	)
Total revenues (1)	$	868,212		$	763,612		$	2,565,289		$	2,216,268
Income (Loss) excluding noncontrolling interests and before provision for income taxes:
Private Client Group	$	53,317		$	44,792		$	155,047		$	113,047
Capital Markets		14,191			19,623			72,526			53,016
Asset Management		17,593			12,152			48,414			35,453
RJ Bank		42,093			29,185			130,813			84,644
Emerging Markets		2,710			(1,109	)		4,223			(4,091	)
Securities Lending		323			720			1,177			2,053
Proprietary Capital		6,616			3,090			2,442			2,236
Other		(58,176	)(2)		(10,942	)		(79,224	)(2)		(29,803	)
Pre-tax income excluding noncontrolling interests		78,667			97,511			335,418			256,555
Add: net income (loss) attributable to noncontrolling interests		2,412			(2,164	)		(3,355	)		113
Income including noncontrolling interests and before provision for income taxes	$	81,079		$	95,347		$	332,063		$	256,668

(1)   No individual client accounted for more than ten percent of total revenues.

(2)   The Other segment for the period ended June 30, 2011 includes a $45 million pre-tax loss provision for auction rate securities (see further discussion of this matter in Note 13).

Net interest income (expense):
Private Client Group	$	17,740		$	14,325		$	49,905		$	40,957
Capital Markets		617			1,841			4,045			3,561
Asset Management		26			24			78			72
RJ Bank		65,104			62,466			206,243			195,279
Emerging Markets		215			26			843			78
Securities Lending		931			1,317			2,986			3,750
Proprietary Capital		145			1,698			325			1,756
Other		(6,771	)		(5,156	)		(16,412	)		(15,515	)
Net interest income	$	78,007		$	76,541		$	248,013		$	229,938

The following table presents our total assets on a segment basis:

	June 30, 2011		September 30, 2010
	(in thousands)
Total assets:
Private Client Group (1)	$	4,586,557	$	4,053,054
Capital Markets (2)		1,542,960		1,791,618
Asset Management		63,383		62,850
RJ Bank		7,902,969		10,818,240
Emerging Markets		78,671		27,538
Securities Lending		709,314		680,326
Proprietary Capital		174,852		167,010
Other		1,058,403		282,445
Total	$	16,117,109	$	17,883,081

(1)   Includes $48 million of goodwill.

(2)   Includes $24 million of goodwill.

We have operations in the United States, Canada, Europe and joint ventures in Latin America. Substantially all long-lived assets are located in the United States.  Revenues and income before provision for income taxes and excluding noncontrolling interests, classified by major geographic areas in which they are earned, are as follows:

	Three months ended June 30,						Nine months ended June 30,
	2011			2010			2011			2010
	(in thousands)
Revenues:
United States	$	752,726		$	669,673		$	2,208,322		$	1,965,424
Canada		83,478			75,094			270,492			196,685
Europe		17,416			14,489			50,557			42,392
Other		14,592			4,356			35,918			11,767
Total	$	868,212		$	763,612		$	2,565,289		$	2,216,268
Pre-tax income (loss) excluding noncontrolling interests:
United States	$	67,935		$	91,003		$	296,857		$	249,690
Canada		9,063			7,665			36,861			11,875
Europe		(781	)		83			(2,497	)		(899	)
Other		2,450			(1,240	)		4,197			(4,111	)
Total	$	78,667		$	97,511		$	335,418		$	256,555

Our total assets, classified by major geographic area in which they are held are presented below:

	June 30, 2011		September 30, 2010
	(in thousands)
Total assets:
United States (1)	$	14,426,663	$	16,369,401
Canada(2)		1,565,019		1,443,943
Europe(3)		50,403		28,057
Other		75,024		41,680
Total	$	16,117,109	$	17,883,081

(1)   Includes $32 million of goodwill.

(2)   Includes $33 million of goodwill.

(3)   Includes $7 million of goodwill.