REVENUES

6 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition, see Note 2 of our 2019 Form 10-K. See Note 22 of this Form 10-Q for additional information on our segment results.



	Three months ended March 31, 2020
$ in millions	Private Client Group			Capital Markets			Asset Management		RJ Bank			Other and intersegment eliminations			Total
Revenues:
Asset management and related administrative fees	$	833		$	1		$	177	$	—		$	(5	)	$	1,006
Brokerage revenues:
Securities commissions:
Mutual and other fund products	163			1			2		—			—			166
Insurance and annuity products	99			—			—		—			—			99
Equities, ETFs and fixed income products	105			40			—		—			—			145
Subtotal securities commissions	367			41			2		—			—			410
Principal transactions ⁽¹⁾	17			89			—		—			(1		)	105
Total brokerage revenues	384			130			2		—			(1		)	515
Account and services fees:
Mutual fund and annuity service fees	88			—			—		—			—			88
RJBDP fees	99			—			—		—			(48		)	51
Client account and other fees	35			2			4		—			(8		)	33
Total account and service fees	222			2			4		—			(56		)	172
Investment banking:
Merger & acquisition and advisory	—			72			—		—			—			72
Equity underwriting	11			43			—		—			—			54
Debt underwriting	—			22			—		—			—			22
Total investment banking	11			137			—		—			—			148
Other:
Tax credit fund revenues	—			12			—		—			—			12
All other ⁽¹⁾	7			4			1		5			(44		)	(27		)
Total other	7			16			1		5			(44		)	(15		)
Total non-interest revenues	1,457			286			184		5			(106		)	1,826
Interest income ⁽¹⁾	45			10			—		223			7			285
Total revenues	1,502			296			184		228			(99		)	2,111
Interest expense	(7		)	(6		)	—		(18		)	(12		)	(43		)
Net revenues	$	1,495		$	290		$	184	$	210		$	(111	)	$	2,068


(1)	These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.



	Three months ended March 31, 2019
$ in millions	Private Client Group			Capital Markets			Asset Management		RJ Bank			Other and intersegment eliminations			Total
Revenues:
Asset management and related administrative fees	$	638		$	1		$	149	$	—		$	(5	)	$	783
Brokerage revenues:
Securities commissions:
Mutual and other fund products	145			1			2		—			—			148
Insurance and annuity products	99			—			—		—			—			99
Equities, ETFs and fixed income products	74			30			—		—			(2		)	102
Subtotal securities commissions	318			31			2		—			(2		)	349
Principal transactions ⁽¹⁾	20			72			—		—			1			93
Total brokerage revenues	338			103			2		—			(1		)	442
Account and services fees:
Mutual fund and annuity service fees	82			—			1		—			(5		)	78
RJBDP fees	122			—			1		—			(44		)	79
Client account and other fees	27			2			8		—			(3		)	34
Total account and service fees	231			2			10		—			(52		)	191
Investment banking:
Merger & acquisition and advisory	—			121			—		—			—			121
Equity underwriting	8			18			—		—			(1		)	25
Debt underwriting	—			17			—		—			—			17
Total investment banking	8			156			—		—			(1		)	163
Other:
Tax credit fund revenues	—			14			—		—			—			14
All other ⁽¹⁾	9			—			—		7			1			17
Total other	9			14			—		7			1			31
Total non-interest revenues	1,224			276			161		7			(58		)	1,610
Interest income ⁽¹⁾	58			9			1		247			9			324
Total revenues	1,282			285			162		254			(49		)	1,934
Interest expense	(11		)	(8		)	—		(42		)	(14		)	(75		)
Net revenues	$	1,271		$	277		$	162	$	212		$	(63	)	$	1,859


(1)	These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.



	Six months ended March 31, 2020
$ in millions	Private Client Group			Capital Markets			Asset Management		RJ Bank			Other and intersegment eliminations			Total
Revenues:
Asset management and related administrative fees	$	1,615		$	3		$	353	$	—		$	(10	)	$	1,961
Brokerage revenues:
Securities commissions:
Mutual and other fund products	307			4			4		—			(1		)	314
Insurance and annuity products	200			—			—		—			—			200
Equities, ETFs and fixed income products	190			70			—		—			(1		)	259
Subtotal securities commissions	697			74			4		—			(2		)	773
Principal transactions ⁽¹⁾	34			171			—		—			(3		)	202
Total brokerage revenues	731			245			4		—			(5		)	975
Account and services fees:
Mutual fund and annuity service fees	178			—			1		—			(1		)	178
RJBDP fees	204			—			—		—			(95		)	109
Client account and other fees	64			3			8		—			(12		)	63
Total account and service fees	446			3			9		—			(108		)	350
Investment banking:
Merger & acquisition and advisory	—			132			—		—			—			132
Equity underwriting	22			82			—		—			—			104
Debt underwriting	—			53			—		—			—			53
Total investment banking	22			267			—		—			—			289
Other:
Tax credit fund revenues	—			30			—		—			—			30
All other ⁽¹⁾	16			4			1		11			(48		)	(16		)
Total other	16			34			1		11			(48		)	14
Total non-interest revenues	2,830			552			367		11			(171		)	3,589
Interest income ⁽¹⁾	94			18			1		454			15			582
Total revenues	2,924			570			368		465			(156		)	4,171
Interest expense	(15		)	(12		)	—		(39		)	(28		)	(94		)
Net revenues	$	2,909		$	558		$	368	$	426		$	(184	)	$	4,077


(1)	These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.



	Six months ended March 31, 2019
$ in millions	Private Client Group			Capital Markets			Asset Management		RJ Bank			Other and intersegment eliminations			Total
Revenues:
Asset management and related administrative fees	$	1,345		$	3		$	310	$	—		$	(10	)	$	1,648
Brokerage revenues:
Securities commissions:
Mutual and other fund products	302			3			5		—			(2		)	308
Insurance and annuity products	203			—			—		—			—			203
Equities, ETFs and fixed income products	158			70			—		—			(2		)	226
Subtotal securities commissions	663			73			5		—			(4		)	737
Principal transactions ⁽¹⁾	39			129			—		1			—			169
Total brokerage revenues	702			202			5		1			(4		)	906
Account and services fees:
Mutual fund and annuity service fees	165			—			2		—			(8		)	159
RJBDP fees	231			—			2		—			(85		)	148
Client account and other fees	60			2			15		—			(8		)	69
Total account and service fees	456			2			19		—			(101		)	376
Investment banking:
Merger & acquisition and advisory	—			206			—		—			—			206
Equity underwriting	15			45			—		—			—			60
Debt underwriting	—			34			—		—			—			34
Total investment banking	15			285			—		—			—			300
Other:
Tax credit fund revenues	—			33			—		—			—			33
All other ⁽¹⁾	16			2			—		12			5			35
Total other	16			35			—		12			5			68
Total non-interest revenues	2,534			527			334		13			(110		)	3,298
Interest income ⁽¹⁾	114			19			2		486			19			640
Total revenues	2,648			546			336		499			(91		)	3,938
Interest expense	(21		)	(16		)	—		(84		)	(27		)	(148		)
Net revenues	$	2,627		$	530		$	336	$	415		$	(118	)	$	3,790


(1)	These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

At March 31, 2020 and September 30, 2019, net receivables related to contracts with customers were $319 million and $347 million, respectively.

We record deferred revenue from contracts with customers when payment is received prior to the performance of our obligation to the customer. Deferred revenue balances were not material as of March 31, 2020 and September 30, 2019.

We have elected the practical expedient allowable by the accounting guidance to not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less.