XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2022
Mar. 31, 2021
Revenues:        
Principal transactions $ 142 $ 148 $ 275 $ 295
Interest income 242 200 467 403
Total revenues 2,711 2,409 5,529 4,669
Interest expense (38) (37) (75) (75)
Net revenues 2,673 2,372 5,454 4,594
Non-interest expenses:        
Compensation, commissions and benefits 1,852 1,648 3,736 3,148
Non-compensation expenses:        
Communications and information processing 127 107 239 206
Occupancy and equipment 62 57 121 114
Business development 34 21 69 44
Investment sub-advisory fees 40 31 78 59
Professional fees 22 24 48 54
Bank loan provision/(benefit) for credit losses 21 (32) 10 (18)
Acquisition-related expenses 11 0 17 2
Other 71 69 145 139
Total non-compensation expenses 388 277 727 600
Total non-interest expenses 2,240 1,925 4,463 3,748
Pre-tax income 433 447 991 846
Provision for income taxes 110 92 222 179
Net income $ 323 $ 355 $ 769 $ 667
Earnings per common share – basic (in dollars per share) $ 1.56 $ 1.72 $ 3.71 $ 3.23
Earnings per common share – diluted (in dollars per share) $ 1.52 $ 1.68 $ 3.61 $ 3.16
Weighted-average common shares outstanding – basic (in shares) 207.7 206.7 207.0 206.0
Weighted-average common and common equivalent shares outstanding – diluted (in shares) 213.0 211.8 212.6 210.6
Net income $ 323 $ 355 $ 769 $ 667
Other comprehensive (loss) income, net of tax:        
Available-for-sale securities (320) (76) (375) (93)
Currency translations, net of the impact of net investment hedges (11) 2 (11) 20
Cash flow hedges 29 19 38 24
Total other comprehensive loss, net of tax (302) (55) (348) (49)
Total comprehensive income 21 300 421 618
Asset management and related administrative fees        
Revenues:        
Revenue from contract with customer 1,464 1,173 2,846 2,240
Total brokerage revenues        
Revenues:        
Total brokerage revenues 564 591 1,122 1,119
Securities commissions        
Revenues:        
Revenue from contract with customer 422 443 847 824
Account and service fees        
Revenues:        
Revenue from contract with customer 179 159 356 304
Investment banking        
Revenues:        
Revenue from contract with customer 235 242 660 503
Other        
Revenues:        
Revenue from contract with customer $ 27 $ 44 $ 78 $ 100