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SEGMENT INFORMATION
 12 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other.

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. The financial results of our segments are presented using the same policies as those described in Note 2. Segment results include allocations of most corporate expenses to each segment. Refer to the following discussion of the Other segment for a description of the corporate expenses that are not allocated to segments. Intersegment revenues, expenses, receivables, and payables are eliminated upon consolidation.

The PCG segment provides financial planning, investment advisory, and securities transaction services in the U.S., Canada, and the U.K. for which we generally charge either asset-based fees or sales commissions. The PCG segment also earns revenues for distribution and related support services performed related to mutual and other funds, fixed and variable annuities, and insurance products. The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose products we distribute and from banks to which we sweep a portion of our clients’ cash deposits as part of the RJBDP, our multi-bank sweep program. The segment also includes net interest earnings primarily on assets segregated for regulatory purposes, margin loans provided to clients, cash balances, and securities borrowing transactions, net of interest paid on client cash balances in the Client Interest Program and securities lending transactions.

Our Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature. We primarily conduct these activities in the U.S., Canada, and Europe.

Our Asset Management segment earns asset management and related administrative fees for providing asset management, portfolio management, and related administrative services to retail and institutional clients. This segment oversees a portion of our fee-based assets under administration for our PCG clients through our Asset Management Services division. This segment also provides asset management services through Raymond James Investment Management for certain retail accounts managed on behalf of third-party institutions, institutional accounts and proprietary mutual funds that we manage. This segment also earns asset management and related administrative fees through services provided by Raymond James Trust, N.A. and Raymond James Trust Company of New Hampshire.

Our Bank segment provides various types of loans, including SBL, corporate loans, residential mortgage loans, and tax-exempt loans. This segment is active in corporate loan syndications and participations and lending directly to clients. This segment also provides FDIC-insured deposit accounts, including to clients of our broker-dealer subsidiaries, and other retail and corporate deposit and liquidity management products and services. This segment generates net interest income principally through the interest income earned on loans and an investment portfolio of available-for-sale securities, which is offset by the interest expense it pays on client deposits and on its borrowings.

The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to operating segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.
The following table presents information concerning operations in these segments, inclusive of our acquisitions.
Year ended September 30,
$ in millions202420232022
Net revenues:
Private Client Group
$9,459 $8,654 $7,710 
Capital Markets
1,472 1,214 1,809 
Asset Management
1,027 885 914 
Bank1,716 2,013 1,084 
Other
99 59 (50)
Intersegment eliminations
(952)(1,206)(464)
Total net revenues$12,821 $11,619 $11,003 
Pre-tax income/(loss):
Private Client Group
$1,785 $1,763 $1,030 
Capital Markets67 (91)415 
Asset Management
421 351 386 
Bank380 371 382 
Other(10)(114)(191)
Total pre-tax income
$2,643 $2,280 $2,022 

No individual client accounted for more than ten percent of revenues in any of the years presented.

The following table presents our net interest income on a segment basis.
Year ended September 30,
$ in millions202420232022
Net interest income/(expense):
Private Client Group
$361 $355 $207 
Capital Markets
6 3 9 
Asset Management
14 10 2 
Bank1,656 1,957 1,053 
Other93 50 (68)
Net interest income$2,130 $2,375 $1,203 

The following table presents our total assets on a segment basis.
September 30,
$ in millions20242023
Total assets:
Private Client Group $13,413 $12,375 
Capital Markets 3,518 3,087 
Asset Management 616 567 
Bank62,367 60,041 
Other3,078 2,290 
Total$82,992 $78,360 

The following table presents goodwill, which was included in our total assets, on a segment basis.
September 30,
$ in millions20242023
Goodwill: 
Private Client Group $578 $564 
Capital Markets
275 275 
Asset Management69 69 
Bank 529 529 
Total$1,451 $1,437 
We have operations in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S.  The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.
 Year ended September 30,
$ in millions202420232022
Net revenues:  
U.S.$11,728 $10,609 $10,065 
Canada599 563 542 
Europe494 447 396 
Total net revenues
$12,821 $11,619 $11,003 
Pre-tax income/(loss):  
U.S.$2,534 $2,193 $1,907 
Canada125 108 83 
Europe(16)(21)32 
Total pre-tax income
$2,643 $2,280 $2,022 

The following table presents our total assets by major geographic area in which they were held.
September 30,
$ in millions20242023
Total assets: 
U.S. $77,033 $72,506 
Canada3,347 3,404 
Europe2,612 2,450 
Total$82,992 $78,360 

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
September 30,
$ in millions20242023
Goodwill: 
U.S. $1,250 $1,250 
Canada25 25 
Europe 176 162 
Total$1,451 $1,437