REVENUES

12 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

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. See Note 26 for additional information on our segment results.

	Year ended September 30, 2023
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	4,545	$	2	$	846	$	—	$	(30)	$	5,363
Brokerage revenues:
Securities commissions:
Mutual and other fund products	540		5		6		—		(4)		547
Insurance and annuity products	439		—		—		—		—		439
Equities, ETFs and fixed income products	347		129		—		—		(3)		473
Subtotal securities commissions	1,326		134		6		—		(7)		1,459
Principal transactions (1)	108		341		—		15		(2)		462
Total brokerage revenues	1,434		475		6		15		(9)		1,921
Account and service fees:
Mutual fund and annuity service fees	415		—		1		—		(2)		414
RJBDP fees	1,591		4		—		—		(1,097)		498
Client account and other fees	231		6		20		—		(44)		213
Total account and service fees	2,237		10		21		—		(1,143)		1,125
Investment banking:
Merger & acquisition and advisory	—		418		—		—		—		418
Equity underwriting	35		85		—		—		—		120
Debt underwriting	—		110		—		—		—		110
Total investment banking	35		613		—		—		—		648
Other:
Affordable housing investments business revenues	—		109		—		—		—		109
All other (1)	48		2		2		41		(15)		78
Total other	48		111		2		41		(15)		187
Total non-interest revenues	8,299		1,211		875		56		(1,197)		9,244
Interest income (1)	455		88		10		3,098		97		3,748
Total revenues	8,754		1,299		885		3,154		(1,100)		12,992
Interest expense	(100)		(85)		—		(1,141)		(47)		(1,373)
Net revenues	$	8,654	$	1,214	$	885	$	2,013	$	(1,147)	$	11,619

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

	Year ended September 30, 2022
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	4,710	$	3	$	882	$	—	$	(32)	$	5,563
Brokerage revenues:
Securities commissions:
Mutual and other fund products	620		6		7		—		(2)		631
Insurance and annuity products	438		—		—		—		—		438
Equities, ETFs and fixed income products	382		138		—		—		—		520
Subtotal securities commissions	1,440		144		7		—		(2)		1,589
Principal transactions (1)	76		446		—		5		—		527
Total brokerage revenues	1,516		590		7		5		(2)		2,116
Account and service fees:
Mutual fund and annuity service fees	428		—		1		—		(2)		427
RJBDP fees	559		1		—		—		(358)		202
Client account and other fees	220		7		21		—		(44)		204
Total account and service fees	1,207		8		22		—		(404)		833
Investment banking:
Merger & acquisition and advisory	—		709		—		—		—		709
Equity underwriting	38		210		—		—		—		248
Debt underwriting	—		143		—		—		—		143
Total investment banking	38		1,062		—		—		—		1,100
Other:
Affordable housing investments business revenues	—		127		—		—		—		127
All other (1)	32		10		1		26		(8)		61
Total other	32		137		1		26		(8)		188
Total non-interest revenues	7,503		1,800		912		31		(446)		9,800
Interest income (1)	249		36		2		1,209		12		1,508
Total revenues	7,752		1,836		914		1,240		(434)		11,308
Interest expense	(42)		(27)		—		(156)		(80)		(305)
Net revenues	$	7,710	$	1,809	$	914	$	1,084	$	(514)	$	11,003

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

	Year ended September 30, 2021
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	4,056	$	4	$	837	$	—	$	(29)	$	4,868
Brokerage revenues:
Securities commissions:
Mutual and other fund products	670		6		10		—		(3)		683
Insurance and annuity products	438		—		—		—		—		438
Equities, ETFs and fixed income products	388		143		—		—		(1)		530
Subtotal securities commissions	1,496		149		10		—		(4)		1,651
Principal transactions (1)	50		511		—		—		—		561
Total brokerage revenues	1,546		660		10		—		(4)		2,212
Account and service fees:
Mutual fund and annuity service fees	408		—		—		—		(2)		406
RJBDP fees	259		1		—		—		(184)		76
Client account and other fees	157		7		18		—		(29)		153
Total account and service fees	824		8		18		—		(215)		635
Investment banking:
Merger & acquisition and advisory	—		639		—		—		—		639
Equity underwriting	47		285		—		—		—		332
Debt underwriting	—		172		—		—		—		172
Total investment banking	47		1,096		—		—		—		1,143
Other:
Affordable housing investments business revenues	—		105		—		—		—		105
All other (1)	25		6		2		30		61		124
Total other	25		111		2		30		61		229
Total non-interest revenues	6,498		1,879		867		30		(187)		9,087
Interest income (1)	123		16		—		684		—		823
Total revenues	6,621		1,895		867		714		(187)		9,910
Interest expense	(10)		(10)		—		(42)		(88)		(150)
Net revenues	$	6,611	$	1,885	$	867	$	672	$	(275)	$	9,760

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

At September 30, 2023 and September 30, 2022, net receivables related to contracts with customers were $519 million and $511 million, respectively.