SEGMENT INFORMATION

9 Months Ended

Jun. 30, 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 table presents information concerning operations in these segments.


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2020		2019		2020		2019
Net revenues:
Private Client Group	$	1,249	$	1,351	$	4,158	$	3,978
Capital Markets	323		251		881		781
Asset Management	163		177		531		513
RJ Bank	178		215		604		630
Other	(20)		(4)		(72)		(2)
Intersegment eliminations	(59)		(63)		(191)		(183)
Total net revenues	$	1,834	$	1,927	$	5,911	$	5,717
Pre-tax income/(loss):
Private Client Group	$	91	$	140	$	414	$	436
Capital Markets	62		24		119		77
Asset Management	60		65		206		184
RJ Bank	14		138		163		384
Other	(29)		(25)		(106)		(60)
Total pre-tax income	$	198	$	342	$	796	$	1,021

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

The following table presents our net interest on a segment basis.


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2020		2019		2020		2019
Net interest income/(expense):
Private Client Group	$	27	$	46	$	106	$	139
Capital Markets	2		—		8		3
Asset Management	—		1		1		3
RJ Bank	169		208		584		610
Other and intersegment eliminations	(23)		(7)		(36)		(15)
Net interest income	$	175	$	248	$	663	$	740

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


$ in millions	June 30, 2020		September 30, 2019
Total assets:
Private Client Group	$	11,655	$	9,042
Capital Markets	2,301		2,287
Asset Management	367		401
RJ Bank	28,830		25,516
Other	1,529		1,584
Total	$	44,682	$	38,830

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


$ in millions	June 30, 2020		September 30, 2019
Goodwill:
Private Client Group	$	276	$	275
Capital Markets	120		120
Asset Management	69		69
Total	$	465	$	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 June 30,						Nine months ended June 30,
$ in millions	2020		2019		2020		2019
Net revenues:
U.S.	$	1,706	$	1,793	$	5,501	$	5,318
Canada	86		101		293		290
Europe	42		33		117		109
Total	$	1,834	$	1,927	$	5,911	$	5,717
Pre-tax income/(loss):
U.S.	$	191	$	330	$	770	$	994
Canada	5		12		26		35
Europe ⁽¹⁾	2		—		—		(8)
Total	$	198	$	342	$	796	$	1,021

(1) The pre-tax loss in Europe for the nine months ended June 30, 2019 reflects a $15 million loss on the sale of our operations related to research, sales and trading of European equities incurred during the fiscal first quarter of 2019.

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


$ in millions	June 30, 2020		September 30, 2019
Total assets:
U.S.	$	41,459	$	35,978
Canada	3,099		2,754
Europe	124		98
Total	$	44,682	$	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	June 30, 2020		September 30, 2019
Goodwill:
U.S.	$	433	$	433
Canada	24		23
Europe	8		8
Total	$	465	$	464