REVENUES (Tables)

9 Months Ended

Jun. 30, 2023

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 June 30, 2023
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,164	$	1	$	217	$	—	$	(9)	$	1,373
Brokerage revenues:
Securities commissions:
Mutual and other fund products	135		1		2		—		(1)		137
Insurance and annuity products	103		—		—		—		—		103
Equities, exchange traded funds (“ETFs”) and fixed income products	86		31		—		—		(1)		116
Subtotal securities commissions	324		32		2		—		(2)		356
Principal transactions (1)	25		78		—		3		(1)		105
Total brokerage revenues	349		110		2		3		(3)		461
Account and service fees:
Mutual fund and annuity service fees	103		—		—		—		—		103
RJBDP fees	384		1		—		—		(278)		107
Client account and other fees	59		2		5		—		(12)		54
Total account and service fees	546		3		5		—		(290)		264
Investment banking:
Merger & acquisition and advisory	—		88		—		—		—		88
Equity underwriting	9		25		—		—		1		35
Debt underwriting	—		28		—		—		—		28
Total investment banking	9		141		—		—		1		151
Other:
Affordable housing investments business revenues	—		21		—		—		—		21
All other (1)	25		—		—		14		(3)		36
Total other	25		21		—		14		(3)		57
Total non-interest revenues	2,093		276		224		17		(304)		2,306
Interest income (1)	114		21		2		826		24		987
Total revenues	2,207		297		226		843		(280)		3,293
Interest expense	(25)		(21)		—		(329)		(11)		(386)
Net revenues	$	2,182	$	276	$	226	$	514	$	(291)	$	2,907

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


	Three months ended June 30, 2022
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,214	$	—	$	220	$	—	$	(7)	$	1,427
Brokerage revenues:
Securities commissions:
Mutual and other fund products	149		1		2		—		(1)		151
Insurance and annuity products	109		—		—		—		—		109
Equities, ETFs and fixed income products	90		35		—		—		—		125
Subtotal securities commissions	348		36		2		—		(1)		385
Principal transactions (1)	25		103		—		—		—		128
Total brokerage revenues	373		139		2		—		(1)		513
Account and service fees:
Mutual fund and annuity service fees	102		—		—		—		—		102
RJBDP fees	135		1		—		—		(80)		56
Client account and other fees	59		1		5		—		(12)		53
Total account and service fees	296		2		5		—		(92)		211
Investment banking:
Merger & acquisition and advisory	—		147		—		—		—		147
Equity underwriting	6		36		—		—		—		42
Debt underwriting	—		34		—		—		—		34
Total investment banking	6		217		—		—		—		223
Other:
Affordable housing investments business revenues	—		21		—		—		—		21
All other (1)	11		1		—		6		(9)		9
Total other	11		22		—		6		(9)		30
Total non-interest revenues	1,900		380		227		6		(109)		2,404
Interest income (1)	68		6		1		296		3		374
Total revenues	1,968		386		228		302		(106)		2,778
Interest expense	(10)		(3)		—		(26)		(21)		(60)
Net revenues	$	1,958	$	383	$	228	$	276	$	(127)	$	2,718

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


	Nine Months Ended June 30, 2023
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,319	$	2	$	620	$	—	$	(24)	$	3,917
Brokerage revenues:
Securities commissions:
Mutual and other fund products	398		4		4		—		(2)		404
Insurance and annuity products	320		—		—		—		—		320
Equities, ETFs and fixed income products	259		96		—		—		(2)		353
Subtotal securities commissions	977		100		4		—		(4)		1,077
Principal transactions (1)	81		274		—		11		(2)		364
Total brokerage revenues	1,058		374		4		11		(6)		1,441
Account and service fees:
Mutual fund and annuity service fees	306		—		1		—		(1)		306
RJBDP fees	1,200		3		—		—		(859)		344
Client account and other fees	175		5		15		—		(34)		161
Total account and service fees	1,681		8		16		—		(894)		811
Investment banking:
Merger & acquisition and advisory	—		277		—		—		—		277
Equity underwriting	27		69		—		—		—		96
Debt underwriting	—		73		—		—		—		73
Total investment banking	27		419		—		—		—		446
Other:
Affordable housing investments business revenues	—		68		—		—		—		68
All other (1)	40		1		2		33		(11)		65
Total other	40		69		2		33		(11)		133
Total non-interest revenues	6,125		872		642		44		(935)		6,748
Interest income (1)	340		65		7		2,251		66		2,729
Total revenues	6,465		937		649		2,295		(869)		9,477
Interest expense	(76)		(64)		—		(733)		(38)		(911)
Net revenues	$	6,389	$	873	$	649	$	1,562	$	(907)	$	8,566

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


	Nine Months Ended June 30, 2022
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,621	$	2	$	673	$	—	$	(23)	$	4,273
Brokerage revenues:
Securities commissions:
Mutual and other fund products	486		5		6		—		(2)		495
Insurance and annuity products	330		—		—		—		—		330
Equities, ETFs and fixed income products	299		108		—		—		—		407
Subtotal securities commissions	1,115		113		6		—		(2)		1,232
Principal transactions (1)	52		351		—		—		—		403
Total brokerage revenues	1,167		464		6		—		(2)		1,635
Account and service fees:
Mutual fund and annuity service fees	325		—		—		—		(1)		324
RJBDP fees	271		1		—		—		(179)		93
Client account and other fees	161		5		17		—		(33)		150
Total account and service fees	757		6		17		—		(213)		567
Investment banking:
Merger & acquisition and advisory	—		557		—		—		—		557
Equity underwriting	28		185		—		—		—		213
Debt underwriting	—		113		—		—		—		113
Total investment banking	28		855		—		—		—		883
Other:
Affordable housing investments business revenues	—		71		—		—		—		71
All other (1)	24		4		1		20		(12)		37
Total other	24		75		1		20		(12)		108
Total non-interest revenues	5,597		1,402		697		20		(250)		7,466
Interest income (1)	138		16		1		682		4		841
Total revenues	5,735		1,418		698		702		(246)		8,307
Interest expense	(16)		(8)		—		(46)		(65)		(135)
Net revenues	$	5,719	$	1,410	$	698	$	656	$	(311)	$	8,172

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