REVENUES (Tables)

6 Months Ended

Mar. 31, 2024

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 2023 Form 10-K. See Note 26 of our 2023 Form 10-K and Note 23 of this Form 10-Q for additional information on our segments.


	Three months ended March 31, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,283	$	1	$	242	$	—	$	(10)	$	1,516
Brokerage revenues:
Securities commissions:
Mutual and other fund products	141		1		1		—		—		143
Insurance and annuity products	127		—		—		—		—		127
Equities, exchange-traded funds (“ETFs”) and fixed income products	113		35		—		—		(4)		144
Subtotal securities commissions	381		36		1		—		(4)		414
Principal transactions (1)	26		86		—		2		—		114
Total brokerage revenues	407		122		1		2		(4)		528
Account and service fees:
Mutual fund and annuity service fees	115		—		4		—		—		119
RJBDP fees	366		2		—		—		(208)		160
Client account and other fees	64		1		1		—		(10)		56
Total account and service fees	545		3		5		—		(218)		335
Investment banking:
Merger & acquisition and advisory	—		107		—		—		—		107
Equity underwriting	8		23		—		—		—		31
Debt underwriting	—		41		—		—		—		41
Total investment banking	8		171		—		—		—		179
Other:
Affordable housing investments business revenues	—		22		—		—		—		22
All other (1)	6		—		1		9		(7)		9
Total other	6		22		1		9		(7)		31
Total non-interest revenues	2,249		319		249		11		(239)		2,589
Interest income (1)	122		26		3		868		30		1,049
Total revenues	2,371		345		252		879		(209)		3,638
Interest expense	(30)		(24)		—		(455)		(11)		(520)
Net revenues	$	2,341	$	321	$	252	$	424	$	(220)	$	3,118

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


	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, 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.


	Six months ended March 31, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,474	$	1	$	466	$	—	$	(18)	$	2,923
Brokerage revenues:
Securities commissions:
Mutual and other fund products	277		3		3		—		(3)		280
Insurance and annuity products	252		—		—		—		—		252
Equities, ETFs and fixed income products	202		68		—		—		(5)		265
Subtotal securities commissions	731		71		3		—		(8)		797
Principal transactions (1)	58		191		—		4		—		253
Total brokerage revenues	789		262		3		4		(8)		1,050
Account and service fees:
Mutual fund and annuity service fees	221		—		5		—		(1)		225
RJBDP fees	741		3		—		—		(432)		312
Client account and other fees	129		3		6		—		(21)		117
Total account and service fees	1,091		6		11		—		(454)		654
Investment banking:
Merger & acquisition and advisory	—		225		—		—		—		225
Equity underwriting	19		49		—		—		—		68
Debt underwriting	—		67		—		—		—		67
Total investment banking	19		341		—		—		—		360
Other:
Affordable housing investments business revenues	—		45		—		—		—		45
All other (1)	10		1		1		22		(10)		24
Total other	10		46		1		22		(10)		69
Total non-interest revenues	4,383		656		481		26		(490)		5,056
Interest income (1)	240		49		6		1,740		67		2,102
Total revenues	4,623		705		487		1,766		(423)		7,158
Interest expense	(56)		(46)		—		(901)		(24)		(1,027)
Net revenues	$	4,567	$	659	$	487	$	865	$	(447)	$	6,131

(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.