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SEGMENT INFORMATION
 12 Months Ended
Sep. 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.

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. The financial results of our segments are presented using the same policies as those described in Note 2. Segment results include allocations of most corporate expenses to each segment. Refer to the following discussion of the Other segment for a description of the corporate expenses that are not allocated to segments. Intersegment revenues, expenses, receivables and payables are eliminated upon consolidation.

The PCG segment provides financial planning, investment advisory and securities transaction services in the U.S., Canada, and the U.K. for which we generally charge either asset-based fees or sales commissions. The PCG segment also earns revenues for distribution and related support services performed related to mutual funds, fixed and variable annuities and insurance products. The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose products we distribute and from banks to which we sweep a portion of our clients’ cash deposits as part of the RJBDP, our multi-bank sweep program. The segment also includes net interest earnings primarily on client margin loans, cash balances, and assets segregated for regulatory purposes, net of interest paid to clients on cash balances in the CIP.

Our Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature. We primarily conduct these activities in the U.S., Canada, and Europe.

Our Asset Management segment earns asset management and related administrative fees for providing asset management, portfolio management and related administrative services to retail and institutional clients. This segment oversees a portion of our fee-based assets under administration for our PCG clients through our Asset Management Services division and through Raymond James Trust, N.A. This segment also provides asset management services through Raymond James Investment Management for certain retail accounts managed on behalf of third-party institutions, institutional accounts and proprietary mutual funds that we manage.

Our Bank segment provides various types of loans, including SBL, corporate loans, residential mortgage loans, and tax-exempt loans. This segment is active in corporate loan syndications and participations and lending directly to clients. This segment also provides FDIC-insured deposit accounts, including to clients of our broker-dealer subsidiaries, as well as other deposit and liquidity management products and services. This segment generates net interest income principally through the interest income earned on loans and an investment portfolio of available-for-sale securities, which is offset by the interest expense it pays on client deposits and on its borrowings.

The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, primarily comprised of professional fees, and certain corporate overhead costs of RJF that are not allocated to operating segments, including the interest costs on our public debt and any losses on the extinguishment of such debt. The Other segment also includes the reduction in workforce expenses, primarily the result of the elimination of certain positions, that occurred in our fiscal fourth quarter of 2020 in response to the economic environment at that time.

Refer to Notes 3 and 11 for additional information regarding our fiscal year 2022 acquisitions of Charles Stanley, TriState Capital, and SumRidge Partners.
The following table presents information concerning operations in these segments, inclusive of our acquisitions.
Year ended September 30,
$ in millions202220212020
Net revenues:
Private Client Group
$7,710 $6,611 $5,552 
Capital Markets
1,809 1,885 1,291 
Asset Management
914 867 715 
Bank1,084 672 765 
Other
(50)(8)(82)
Intersegment eliminations
(464)(267)(251)
Total net revenues$11,003 $9,760 $7,990 
Pre-tax income/(loss):
Private Client Group
$1,030 $749 $539 
Capital Markets415 532 225 
Asset Management
386 389 284 
Bank382 367 196 
Other(191)(246)(192)
Total pre-tax income
$2,022 $1,791 $1,052 

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

The following table presents our net interest income on a segment basis.
Year ended September 30,
$ in millions202220212020
Net interest income/(expense):
Private Client Group
$207 $113 $132 
Capital Markets
9 6 9 
Asset Management
2 — 1 
Bank1,053 642 738 
Other(68)(88)(58)
Net interest income$1,203 $673 $822 

The following table presents our total assets on a segment basis.
September 30,
$ in millions20222021
Total assets:
Private Client Group $17,770 $20,270 
Capital Markets 3,951 2,457 
Asset Management 556 476 
Bank56,737 36,154 
Other1,937 2,534 
Total$80,951 $61,891 

The following table presents goodwill, which was included in our total assets, on a segment basis.
September 30,
$ in millions20222021
Goodwill: 
Private Client Group $550 $417 
Capital Markets
274 174 
Asset Management69 69 
Bank 529 — 
Total$1,422 $660 
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.
 Year ended September 30,
$ in millions202220212020
Net revenues:  
U.S.$10,065 $9,067 $7,446 
Canada542 485 386 
Europe396 208 158 
Total$11,003 $9,760 $7,990 
Pre-tax income/(loss):  
U.S.$1,907 $1,701 $1,028 
Canada83 53 29 
Europe32 37 (5)
Total$2,022 $1,791 $1,052 

The following table presents our total assets by major geographic area in which they were held.
September 30,
$ in millions20222021
Total assets: 
U.S. $74,428 $57,952 
Canada3,631 3,724 
Europe2,892 215 
Total$80,951 $61,891 

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
September 30,
$ in millions20222021
Goodwill: 
U.S. $1,250 $619 
Canada23 25 
Europe 149 16 
Total$1,422 $660