REVENUES (Tables)

6 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2022 Form 10-K. See Note 26 of our 2022 Form 10-K and Note 23 of this Form 10-Q for additional information on our segment results.


	Three months ended March 31, 2023
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,102	$	—	$	206	$	—	$	(6)	$	1,302
Brokerage revenues:
Securities commissions:
Mutual and other fund products	135		2		1		—		(1)		137
Insurance and annuity products	113		—		—		—		—		113
Equities, exchange traded funds (“ETFs”) and fixed income products	88		32		—		—		(1)		119
Subtotal securities commissions	336		34		1		—		(2)		369
Principal transactions (1)	28		96		—		4		(1)		127
Total brokerage revenues	364		130		1		4		(3)		496
Account and service fees:
Mutual fund and annuity service fees	105		—		1		—		(1)		105
RJBDP fees	411		1		—		—		(312)		100
Client account and other fees	56		1		5		—		(9)		53
Total account and service fees	572		2		6		—		(322)		258
Investment banking:
Merger & acquisition and advisory	—		87		—		—		—		87
Equity underwriting	9		29		—		—		—		38
Debt underwriting	—		29		—		—		—		29
Total investment banking	9		145		—		—		—		154
Other:
Affordable housing investments business revenues	—		23		—		—		—		23
All other (1)	9		1		—		6		(7)		9
Total other	9		24		—		6		(7)		32
Total non-interest revenues	2,056		301		213		10		(338)		2,242
Interest income (1)	117		21		3		749		25		915
Total revenues	2,173		322		216		759		(313)		3,157
Interest expense	(29)		(20)		—		(219)		(16)		(284)
Net revenues	$	2,144	$	302	$	216	$	540	$	(329)	$	2,873

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


	Three months ended March 31, 2022
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,245	$	1	$	226	$	—	$	(8)	$	1,464
Brokerage revenues:
Securities commissions:
Mutual and other fund products	166		2		2		—		(1)		169
Insurance and annuity products	110		—		—		—		—		110
Equities, ETFs and fixed income products	105		38		—		—		—		143
Subtotal securities commissions	381		40		2		—		(1)		422
Principal transactions (1)	16		126		—		—		—		142
Total brokerage revenues	397		166		2		—		(1)		564
Account and service fees:
Mutual fund and annuity service fees	109		—		—		—		—		109
RJBDP fees	69		—		—		—		(49)		20
Client account and other fees	53		2		6		—		(11)		50
Total account and service fees	231		2		6		—		(60)		179
Investment banking:
Merger & acquisition and advisory	—		139		—		—		—		139
Equity underwriting	9		52		—		—		—		61
Debt underwriting	—		35		—		—		—		35
Total investment banking	9		226		—		—		—		235
Other:
Affordable housing investments business revenues	—		15		—		—		—		15
All other (1)	6		1		—		8		(3)		12
Total other	6		16		—		8		(3)		27
Total non-interest revenues	1,888		411		234		8		(72)		2,469
Interest income (1)	37		5		—		199		1		242
Total revenues	1,925		416		234		207		(71)		2,711
Interest expense	(3)		(3)		—		(10)		(22)		(38)
Net revenues	$	1,922	$	413	$	234	$	197	$	(93)	$	2,673

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


	Six months ended March 31, 2023
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,155	$	1	$	403	$	—	$	(15)	$	2,544
Brokerage revenues:
Securities commissions:
Mutual and other fund products	263		3		2		—		(1)		267
Insurance and annuity products	217		—		—		—		—		217
Equities, ETFs and fixed income products	173		65		—		—		(1)		237
Subtotal securities commissions	653		68		2		—		(2)		721
Principal transactions (1)	56		196		—		8		(1)		259
Total brokerage revenues	709		264		2		8		(3)		980
Account and service fees:
Mutual fund and annuity service fees	203		—		1		—		(1)		203
RJBDP fees	816		2		—		—		(581)		237
Client account and other fees	116		3		10		—		(22)		107
Total account and service fees	1,135		5		11		—		(604)		547
Investment banking:
Merger & acquisition and advisory	—		189		—		—		—		189
Equity underwriting	18		44		—		—		(1)		61
Debt underwriting	—		45		—		—		—		45
Total investment banking	18		278		—		—		(1)		295
Other:
Affordable housing investments business revenues	—		47		—		—		—		47
All other (1)	15		1		2		19		(8)		29
Total other	15		48		2		19		(8)		76
Total non-interest revenues	4,032		596		418		27		(631)		4,442
Interest income (1)	226		44		5		1,425		42		1,742
Total revenues	4,258		640		423		1,452		(589)		6,184
Interest expense	(51)		(43)		—		(404)		(27)		(525)
Net revenues	$	4,207	$	597	$	423	$	1,048	$	(616)	$	5,659

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


	Six months ended March 31, 2022
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,407	$	2	$	453	$	—	$	(16)	$	2,846
Brokerage revenues:
Securities commissions:
Mutual and other fund products	337		4		4		—		(1)		344
Insurance and annuity products	221		—		—		—		—		221
Equities, ETFs and fixed income products	209		73		—		—		—		282
Subtotal securities commissions	767		77		4		—		(1)		847
Principal transactions (1)	27		248		—		—		—		275
Total brokerage revenues	794		325		4		—		(1)		1,122
Account and service fees:
Mutual fund and annuity service fees	223		—		—		—		(1)		222
RJBDP fees	136		—		—		—		(99)		37
Client account and other fees	102		4		12		—		(21)		97
Total account and service fees	461		4		12		—		(121)		356
Investment banking:
Merger & acquisition and advisory	—		410		—		—		—		410
Equity underwriting	22		149		—		—		—		171
Debt underwriting	—		79		—		—		—		79
Total investment banking	22		638		—		—		—		660
Other:
Affordable housing investments business revenues	—		50		—		—		—		50
All other (1)	13		3		1		14		(3)		28
Total other	13		53		1		14		(3)		78
Total non-interest revenues	3,697		1,022		470		14		(141)		5,062
Interest income (1)	70		10		—		386		1		467
Total revenues	3,767		1,032		470		400		(140)		5,529
Interest expense	(6)		(5)		—		(20)		(44)		(75)
Net revenues	$	3,761	$	1,027	$	470	$	380	$	(184)	$	5,454

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.