GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. See Note 2 for a discussion of our goodwill and intangible assets accounting policies. The following table presents our goodwill and net identifiable intangible asset balances as of the dates indicated.

	September 30,
$ in millions	2024		2023
Goodwill	$	1,451	$	1,437
Identifiable intangible assets, net	435		470
Total goodwill and identifiable intangible assets, net	$	1,886	$	1,907

Goodwill

The following table summarizes our goodwill by segment and the balances and activity for the years indicated.

$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Total
Year ended September 30, 2024
Goodwill as of beginning of year	$	564	$	275	$	69	$	529	$	1,437
Foreign currency translations	14		—		—		—		14
Goodwill as of end of year	$	578	$	275	$	69	$	529	$	1,451
Year ended September 30, 2023
Goodwill as of beginning of year	$	550	$	274	$	69	$	529	$	1,422
Foreign currency translations	14		1		—		—		15
Goodwill as of end of year	$	564	$	275	$	69	$	529	$	1,437

Qualitative assessments

As described in Note 2, we perform goodwill impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We performed our latest annual goodwill impairment testing as of our January 1, 2024 evaluation date, evaluating balances as of December 31, 2023. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since our annual assessment date that would cause us to update this impairment testing.

Identifiable intangible assets, net

The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the years indicated.

$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Total
Year ended September 30, 2024
Net identifiable intangible assets as of beginning of year	$	168	$	50	$	132	$	120	$	470
Amortization expense	(15)		(10)		(7)		(12)		(44)
Foreign currency translations	9		—		—		—		9
Net identifiable intangible assets as of end of year	$	162	$	40	$	125	$	108	$	435
Year ended September 30, 2023
Net identifiable intangible assets as of beginning of year	$	178	$	60	$	139	$	132	$	509
Amortization expense	(16)		(10)		(7)		(12)		(45)
Foreign currency translations	6		—		—		—		6
Net identifiable intangible assets as of end of year	$	168	$	50	$	132	$	120	$	470

The following table summarizes our identifiable intangible assets by type.

	September 30,
	2024				2023
$ in millions	Gross carrying value		Accumulated amortization		Gross carrying value		Accumulated amortization
Customer relationships	$	349	$	(127)	$	365	$	(127)
Core deposit intangible	89		(21)		89		(12)
Trade names	59		(13)		59		(10)
Developed technology	58		(17)		58		(10)
Non-amortizing customer relationships	57		—		57		—
All other	3		(2)		6		(5)
Total	$	615	$	(180)	$	634	$	(164)

The following table sets forth the projected amortization expense by fiscal year associated with our identifiable intangible assets with finite lives.

Fiscal year ended September 30,	$ in millions
2025	$	41
2026	39
2027	38
2028	37
2029	37
Thereafter	186
Total	$	378

Qualitative assessments

As described in Note 2, we perform impairment testing for our non-amortizing customer relationship intangible assets on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of the assets below their carrying value. We performed our latest annual impairment testing as of our January 1, 2024 evaluation date, evaluating the balance as of December 31, 2023. In that testing, we performed qualitative assessments for our non-amortizing customer relationship intangible assets. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since such assessments that would cause us to update this impairment testing.