REVENUES

9 Months Ended

Jun. 30, 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 June 30, 2020
$ in millions	Private Client Group		Capital Markets		Asset Management		RJ Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	715	$	1	$	157	$	—	$	(6)	$	867
Brokerage revenues:
Securities commissions:
Mutual and other fund products	131		2		2		—		(1)		134
Insurance and annuity products	88		—		—		—		—		88
Equities, ETFs and fixed income products	84		37		—		—		—		121
Subtotal securities commissions	303		39		2		—		(1)		343
Principal transactions ⁽¹⁾	16		127		—		—		—		143
Total brokerage revenues	319		166		2		—		(1)		486
Account and services fees:
Mutual fund and annuity service fees	82		—		1		—		—		83
RJBDP fees	63		1		—		—		(44)		20


Client account and other fees	32		1		2		—		(4)		31
Total account and service fees	177		2		3		—		(48)		134
Investment banking:
Merger & acquisition and advisory	—		60		—		—		—		60
Equity underwriting	7		35		—		—		—		42
Debt underwriting	—		37		—		—		—		37
Total investment banking	7		132		—		—		—		139
Other:
Tax credit fund revenues	—		20		—		—		—		20
All other ⁽¹⁾	4		—		1		9		(1)		13
Total other	4		20		1		9		(1)		33
Total non-interest revenues	1,222		321		163		9		(56)		1,659
Interest income ⁽¹⁾	31		4		—		181		1		217
Total revenues	1,253		325		163		190		(55)		1,876
Interest expense	(4)		(2)		—		(12)		(24)		(42)
Net revenues	$	1,249	$	323	$	163	$	178	$	(79)	$	1,834

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


	Three months ended June 30, 2019
$ in millions	Private Client Group		Capital Markets		Asset Management		RJ Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	718	$	2	$	165	$	—	$	(6)	$	879
Brokerage revenues:
Securities commissions:
Mutual and other fund products	147		1		2		—		—		150
Insurance and annuity products	105		—		—		—		—		105
Equities, ETFs and fixed income products	74		29		—		—		—		103
Subtotal securities commissions	326		30		2		—		—		358
Principal transactions ⁽¹⁾	20		74		—		—		(1)		93
Total brokerage revenues	346		104		2		—		(1)		451
Account and services fees:
Mutual fund and annuity service fees	85		—		—		—		(1)		84
RJBDP fees	111		—		1		—		(46)		66


Client account and other fees	32		1		7		—		(7)		33
Total account and service fees	228		1		8		—		(54)		183
Investment banking:
Merger & acquisition and advisory	—		80		—		—		—		80
Equity underwriting	10		27		—		—		—		37
Debt underwriting	—		22		—		—		—		22
Total investment banking	10		129		—		—		—		139
Other:
Tax credit fund revenues	—		16		—		—		—		16
All other ⁽¹⁾	3		(1)		1		7		1		11
Total other	3		15		1		7		1		27
Total non-interest revenues	1,305		251		176		7		(60)		1,679
Interest income ⁽¹⁾	56		10		1		246		8		321
Total revenues	1,361		261		177		253		(52)		2,000
Interest expense	(10)		(10)		—		(38)		(15)		(73)
Net revenues	$	1,351	$	251	$	177	$	215	$	(67)	$	1,927

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


	Nine Months Ended June 30, 2020
$ in millions	Private Client Group		Capital Markets		Asset Management		RJ Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,330	$	4	$	510	$	—	$	(16)	$	2,828
Brokerage revenues:
Securities commissions:
Mutual and other fund products	438		6		6		—		(2)		448
Insurance and annuity products	288		—		—		—		—		288
Equities, ETFs and fixed income products	274		107		—		—		(1)		380
Subtotal securities commissions	1,000		113		6		—		(3)		1,116
Principal transactions ⁽¹⁾	50		298		—		—		(3)		345
Total brokerage revenues	1,050		411		6		—		(6)		1,461
Account and services fees:
Mutual fund and annuity service fees	260		—		2		—		(1)		261
RJBDP fees	267		1		—		—		(139)		129


Client account and other fees	96		4		10		—		(16)		94
Total account and service fees	623		5		12		—		(156)		484
Investment banking:
Merger & acquisition and advisory	—		192		—		—		—		192
Equity underwriting	29		117		—		—		—		146
Debt underwriting	—		90		—		—		—		90
Total investment banking	29		399		—		—		—		428
Other:
Tax credit fund revenues	—		50		—		—		—		50
All other ⁽¹⁾	20		4		2		20		(49)		(3)
Total other	20		54		2		20		(49)		47
Total non-interest revenues	4,052		873		530		20		(227)		5,248
Interest income ⁽¹⁾	125		22		1		635		16		799
Total revenues	4,177		895		531		655		(211)		6,047
Interest expense	(19)		(14)		—		(51)		(52)		(136)
Net revenues	$	4,158	$	881	$	531	$	604	$	(263)	$	5,911

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


	Nine Months Ended June 30, 2019
$ in millions	Private Client Group		Capital Markets		Asset Management		RJ Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,063	$	5	$	475	$	—	$	(16)	$	2,527
Brokerage revenues:
Securities commissions:
Mutual and other fund products	449		4		7		—		(2)		458
Insurance and annuity products	308		—		—		—		—		308
Equities, ETFs and fixed income products	232		99		—		—		(2)		329
Subtotal securities commissions	989		103		7		—		(4)		1,095
Principal transactions ⁽¹⁾	59		203		—		1		(1)		262
Total brokerage revenues	1,048		306		7		1		(5)		1,357
Account and services fees:
Mutual fund and annuity service fees	250		—		2		—		(9)		243
RJBDP fees	342		—		3		—		(131)		214


Client account and other fees	92		3		22		—		(15)		102
Total account and service fees	684		3		27		—		(155)		559
Investment banking:
Merger & acquisition and advisory	—		286		—		—		—		286
Equity underwriting	25		72		—		—		—		97
Debt underwriting	—		56		—		—		—		56
Total investment banking	25		414		—		—		—		439
Other:
Tax credit fund revenues	—		49		—		—		—		49
All other ⁽¹⁾	19		1		1		19		6		46
Total other	19		50		1		19		6		95
Total non-interest revenues	3,839		778		510		20		(170)		4,977
Interest income ⁽¹⁾	170		29		3		732		27		961
Total revenues	4,009		807		513		752		(143)		5,938
Interest expense	(31)		(26)		—		(122)		(42)		(221)
Net revenues	$	3,978	$	781	$	513	$	630	$	(185)	$	5,717

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

At June 30, 2020 and September 30, 2019, net receivables related to contracts with customers were $320 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 June 30, 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.