SEGMENT INFORMATION

6 Months Ended

Mar. 31, 2020

We currently operate through the following five segments: Private Client Group (“PCG”); Capital Markets; Asset Management; RJ Bank; and Other.

The segments are determined 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 segments, see Note 24 of our 2019 Form 10-K.

The following tables present information concerning operations in these segments.



	Three months ended March 31,						Six months ended March 31,
$ in millions	2020			2019			2020			2019
Net revenues:
Private Client Group	$	1,495		$	1,271		$	2,909		$	2,627
Capital Markets	290			277			558			530
Asset Management	184			162			368			336
RJ Bank	210			212			426			415
Other	(44		)	—			(52		)	2
Intersegment eliminations	(67		)	(63		)	(132		)	(120		)
Total net revenues	$	2,068		$	1,859		$	4,077		$	3,790
Pre-tax income/(loss):
Private Client Group	$	170		$	132		$	323		$	296
Capital Markets	28			41			57			53
Asset Management	73			55			146			119
RJ Bank	14			136			149			246
Other	(46		)	(17		)	(77		)	(35		)
Total pre-tax income	$	239		$	347		$	598		$	679

No individual client accounted for more than ten percent of revenues in any of the periods presented.



	Three months ended March 31,						Six months ended March 31,
$ in millions	2020			2019			2020			2019
Net interest income/(expense):
Private Client Group	$	38		$	47		$	79		$	93
Capital Markets	4			1			6			3
Asset Management	—			1			1			2
RJ Bank	205			205			415			402
Other and intersegment eliminations	(5		)	(5		)	(13		)	(8		)
Net interest income	$	242		$	249		$	488		$	492

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



$ in millions	March 31, 2020		September 30, 2019
Total assets:
Private Client Group	$	12,531	$	9,042
Capital Markets	2,118		2,287
Asset Management	348		401
RJ Bank	33,434		25,516
Other	1,378		1,584
Total	$	49,809	$	38,830

The following table presents goodwill, which was included in our total assets, on a segment basis.



$ in millions	March 31, 2020		September 30, 2019
Goodwill:
Private Client Group	$	274	$	275
Capital Markets	120		120
Asset Management	69		69
Total	$	463	$	464

We have operations in the U.S., Canada and Europe. Substantially all long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned.



	Three months ended March 31,					Six months ended March 31,
$ in millions	2020			2019		2020			2019
Net revenues:
U.S.	$	1,920		$	1,729	$	3,795		$	3,525
Canada	112			90		207			189
Europe	36			40		75			76
Total	$	2,068		$	1,859	$	4,077		$	3,790
Pre-tax income/(loss):
U.S.	$	227		$	334	$	579		$	664
Canada	13			7		21			23
Europe ⁽¹⁾	(1		)	6		(2		)	(8		)
Total	$	239		$	347	$	598		$	679


(1)	The pre-tax loss in Europe for the six months ended March 31, 2019 reflects a $15 million loss on the sale of our operations related to research, sales and trading of European equities incurred during the first fiscal quarter of 2019.

The following table presents our total assets by major geographic area in which they were held.



$ in millions	March 31, 2020		September 30, 2019
Total assets:
U.S.	$	46,507	$	35,978
Canada	3,189		2,754
Europe	113		98
Total	$	49,809	$	38,830

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.



$ in millions	March 31, 2020		September 30, 2019
Goodwill:
U.S.	$	433	$	433
Canada	22		23
Europe	8		8
Total	$	463	$	464