SEGMENT INFORMATION

9 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. As described in Note 1, our Bank segment has been renamed from Raymond James Bank as a result of our acquisition of TriState Capital on June 1, 2022.

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. For a further discussion of our segments, see Note 26 of our 2021 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	2022		2021		2022		2021
Net revenues:
Private Client Group	$	1,958	$	1,696	$	5,719	$	4,810
Capital Markets	383		446		1,410		1,331
Asset Management	228		225		698		629
Bank	276		169		656		496
Other	(21)		2		(54)		(6)
Intersegment eliminations	(106)		(67)		(257)		(195)
Total net revenues	$	2,718	$	2,471	$	8,172	$	7,065
Pre-tax income/(loss):
Private Client Group	$	251	$	195	$	659	$	527
Capital Markets	61		115		349		349
Asset Management	93		105		303		275
Bank	74		104		259		286
Other	(64)		(134)		(164)		(206)
Total pre-tax income	$	415	$	385	$	1,406	$	1,231

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

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

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2022		2021		2022		2021
Net interest income/(expense):
Private Client Group	$	58	$	29	$	122	$	84
Capital Markets	3		1		8		5
Asset Management	1		—		1		—
Bank	270		161		636		473
Other	(18)		(26)		(61)		(69)
Net interest income	$	314	$	165	$	706	$	493

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

$ in millions	June 30, 2022		September 30, 2021
Total assets:
Private Client Group (1)	$	25,729	$	20,270
Capital Markets	2,169		2,457
Asset Management (2)	546		476
Bank (2)	55,562		36,154
Other	2,105		2,534
Total	$	86,111	$	61,891

(1)    The June 30, 2022 balance reflected the assets of Charles Stanley which was acquired on January 21, 2022. See Note 3 for further discussion.

(2)    The June 30, 2022 balance reflected the assets of TriState Capital which was acquired on June 1, 2022. See Note 3 for further discussion.

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

$ in millions	June 30, 2022		September 30, 2021
Goodwill:
Private Client Group (1)	$	564	$	417
Capital Markets	173		174
Asset Management	69		69
Bank (2)	529		—
Total	$	1,335	$	660

(1)    As of June 30, 2022, this balance included £121 million, or $147 million, of goodwill arising from our acquisition of Charles Stanley on January 21, 2022. See Note 3 for further discussion.

(2)    Represents goodwill arising from our acquisition of TriState Capital on June 1, 2022. See Note 3 for further discussion.

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	2022		2021		2022		2021
Net revenues:
U.S.	$	2,472	$	2,275	$	7,491	$	6,548
Canada	138		128		404		363
Europe	108		68		277		154
Total	$	2,718	$	2,471	$	8,172	$	7,065
Pre-tax income:
U.S.	$	393	$	353	$	1,330	$	1,165
Canada	20		15		52		41
Europe	2		17		24		25
Total	$	415	$	385	$	1,406	$	1,231

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

$ in millions	June 30, 2022		September 30, 2021
Total assets:
U.S. (1)	$	78,911	$	57,952
Canada	4,153		3,724
Europe (2)	3,047		215
Total	$	86,111	$	61,891

(1)    The June 30, 2022 balance reflected the assets of TriState Capital which was acquired on June 1, 2022. See Note 3 or further discussion.

(2)    The June 30, 2022 balance reflected the assets of Charles Stanley which was acquired on January 21, 2022. See Note 3 for further discussion.

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, 2022		September 30, 2021
Goodwill:
U.S. (1)	$	1,148	$	619
Canada	25		25
Europe (2)	162		16
Total	$	1,335	$	660

(1)    As of June 30, 2022, this balance included $529 million of goodwill arising from our acquisition of TriState Capital on June 1, 2022. See Note 3 for further discussion.

(2)    As of June 30, 2022, this balance included £121 million, or $147 million, of goodwill arising from our acquisition of Charles Stanley on January 21, 2022. See Note 3 for further discussion.