SEGMENT INFORMATION

6 Months Ended

Mar. 31, 2023

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. For a further discussion of our segments, see Note 26 of our 2022 Form 10-K.

The following table presents information concerning operations in these segments.

	Three months ended March 31,				Six months ended March 31,
$ in millions	2023		2022		2023		2022
Net revenues:
Private Client Group	$	2,144	$	1,922	$	4,207	$	3,761
Capital Markets	302		413		597		1,027
Asset Management	216		234		423		470
Bank	540		197		1,048		380
Other	10		(18)		19		(33)
Intersegment eliminations	(339)		(75)		(635)		(151)
Total net revenues	$	2,873	$	2,673	$	5,659	$	5,454
Pre-tax income/(loss):
Private Client Group	$	441	$	213	$	875	$	408
Capital Markets	(34)		87		(50)		288
Asset Management	82		103		162		210
Bank	91		83		227		185
Other (1)	(23)		(53)		(5)		(100)
Total pre-tax income	$	557	$	433	$	1,209	$	991

(1)    The six months ended March 31, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive income.

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 March 31,				Six months ended March 31,
$ in millions	2023		2022		2023		2022
Net interest income/(expense):
Private Client Group	$	88	$	34	$	175	$	64
Capital Markets	1		2		1		5
Asset Management	3		—		5		—
Bank	530		189		1,021		366
Other	9		(21)		15		(43)
Net interest income	$	631	$	204	$	1,217	$	392

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

$ in millions	March 31, 2023		September 30, 2022
Total assets:
Private Client Group	$	13,035	$	17,770
Capital Markets	2,920		3,951
Asset Management	521		556
Bank	60,400		56,737
Other	2,304		1,937
Total	$	79,180	$	80,951

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

$ in millions	March 31, 2023		September 30, 2022
Goodwill:
Private Client Group	$	565	$	550
Capital Markets	275		274
Asset Management	69		69
Bank	529		529
Total	$	1,438	$	1,422

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 March 31,				Six months ended March 31,
$ in millions	2023		2022		2023		2022
Net revenues:
U.S.	$	2,627	$	2,430	$	5,167	$	5,019
Canada	144		129		278		266
Europe	102		114		214		169
Total	$	2,873	$	2,673	$	5,659	$	5,454
Pre-tax income/(loss):
U.S.	$	524	$	406	$	1,133	$	937
Canada	36		14		67		32
Europe	(3)		13		9		22
Total	$	557	$	433	$	1,209	$	991

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

$ in millions	March 31, 2023		September 30, 2022
Total assets:
U.S.	$	72,960	$	74,428
Canada	3,460		3,631
Europe	2,760		2,892
Total	$	79,180	$	80,951

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.

$ in millions	March 31, 2023		September 30, 2022
Goodwill:
U.S.	$	1,250	$	1,250
Canada	24		23
Europe	164		149
Total	$	1,438	$	1,422