REVENUES (Tables)

9 Months Ended

Jun. 30, 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 June 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,364	$	—	$	254	$	—	$	(7)	$	1,611
Brokerage revenues:
Securities commissions:
Mutual and other fund products	142		1		1		—		—		144
Insurance and annuity products	130		—		—		—		—		130
Equities, exchange-traded funds (“ETFs”) and fixed income products	111		33		—		—		(2)		142
Subtotal securities commissions	383		34		1		—		(2)		416
Principal transactions (1)	26		87		—		3		—		116
Total brokerage revenues	409		121		1		3		(2)		532
Account and service fees:
Mutual fund and annuity service fees	118		—		2		—		—		120
RJBDP fees	347		1		—		—		(199)		149
Client account and other fees	66		1		3		—		(11)		59
Total account and service fees	531		2		5		—		(210)		328
Investment banking:
Merger & acquisition and advisory	—		91		—		—		—		91
Equity underwriting	10		33		—		—		—		43
Debt underwriting	—		49		—		—		—		49
Total investment banking	10		173		—		—		—		183
Other:
Affordable housing investments business revenues	—		30		—		—		—		30
All other (1)	13		2		1		9		(4)		21
Total other	13		32		1		9		(4)		51
Total non-interest revenues	2,327		328		261		12		(223)		2,705
Interest income (1)	121		32		4		867		33		1,057
Total revenues	2,448		360		265		879		(190)		3,762
Interest expense	(32)		(30)		—		(461)		(11)		(534)
Net revenues	$	2,416	$	330	$	265	$	418	$	(201)	$	3,228

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


	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, 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.


	Nine months ended June 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,838	$	1	$	720	$	—	$	(25)	$	4,534
Brokerage revenues:
Securities commissions:
Mutual and other fund products	419		4		4		—		(3)		424
Insurance and annuity products	382		—		—		—		—		382
Equities, ETFs and fixed income products	313		101		—		—		(7)		407
Subtotal securities commissions	1,114		105		4		—		(10)		1,213
Principal transactions (1)	84		278		—		7		—		369
Total brokerage revenues	1,198		383		4		7		(10)		1,582
Account and service fees:
Mutual fund and annuity service fees	339		—		7		—		(1)		345
RJBDP fees	1,088		4		—		—		(631)		461
Client account and other fees	195		4		9		—		(32)		176
Total account and service fees	1,622		8		16		—		(664)		982
Investment banking:
Merger & acquisition and advisory	—		316		—		—		—		316
Equity underwriting	29		82		—		—		—		111
Debt underwriting	—		116		—		—		—		116
Total investment banking	29		514		—		—		—		543
Other:
Affordable housing investments business revenues	—		75		—		—		—		75
All other (1)	23		3		2		31		(14)		45
Total other	23		78		2		31		(14)		120
Total non-interest revenues	6,710		984		742		38		(713)		7,761
Interest income (1)	361		81		10		2,607		100		3,159
Total revenues	7,071		1,065		752		2,645		(613)		10,920
Interest expense	(88)		(76)		—		(1,362)		(35)		(1,561)
Net revenues	$	6,983	$	989	$	752	$	1,283	$	(648)	$	9,359

(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.