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REVENUES
6 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES

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.