SEGMENT INFORMATION

9 Months Ended

Jun. 30, 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 June 30,				Nine months ended June 30,
$ in millions	2023		2022		2023		2022
Net revenues:
Private Client Group	$	2,182	$	1,958	$	6,389	$	5,719
Capital Markets	276		383		873		1,410
Asset Management	226		228		649		698
Bank	514		276		1,562		656
Other	15		(21)		34		(54)
Intersegment eliminations	(306)		(106)		(941)		(257)
Total net revenues	$	2,907	$	2,718	$	8,566	$	8,172
Pre-tax income/(loss):
Private Client Group	$	411	$	251	$	1,286	$	659
Capital Markets	(34)		61		(84)		349
Asset Management	89		93		251		303
Bank	66		74		293		259
Other (1)	(46)		(64)		(51)		(164)
Total pre-tax income	$	486	$	415	$	1,695	$	1,406

(1)    The nine months ended June 30, 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 June 30,				Nine months ended June 30,
$ in millions	2023		2022		2023		2022
Net interest income/(expense):
Private Client Group	$	89	$	58	$	264	$	122
Capital Markets	—		3		1		8
Asset Management	2		1		7		1
Bank	497		270		1,518		636
Other	13		(18)		28		(61)
Net interest income	$	601	$	314	$	1,818	$	706

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

$ in millions	June 30, 2023		September 30, 2022
Total assets:
Private Client Group	$	12,287	$	17,770
Capital Markets	2,926		3,951
Asset Management	545		556
Bank	59,506		56,737
Other	2,369		1,937
Total	$	77,633	$	80,951

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

$ in millions	June 30, 2023		September 30, 2022
Goodwill:
Private Client Group	$	570	$	550
Capital Markets	275		274
Asset Management	69		69
Bank	529		529
Total	$	1,443	$	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 June 30,				Nine months ended June 30,
$ in millions	2023		2022		2023		2022
Net revenues:
U.S.	$	2,652	$	2,472	$	7,819	$	7,491
Canada	140		138		418		404
Europe	115		108		329		277
Total	$	2,907	$	2,718	$	8,566	$	8,172
Pre-tax income/(loss):
U.S.	$	492	$	393	$	1,625	$	1,330
Canada	17		20		84		52
Europe	(23)		2		(14)		24
Total	$	486	$	415	$	1,695	$	1,406

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

$ in millions	June 30, 2023		September 30, 2022
Total assets:
U.S.	$	71,653	$	74,428
Canada	3,397		3,631
Europe	2,583		2,892
Total	$	77,633	$	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	June 30, 2023		September 30, 2022
Goodwill:
U.S.	$	1,250	$	1,250
Canada	24		23
Europe	169		149
Total	$	1,443	$	1,422