REVENUES

12 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

The following tables present our sources of revenues by segment. See Note 2 for additional information about our significant accounting policies related to revenue recognition. See Note 25 for additional information on our segments.

	Year ended September 30, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	5,980	$	1	$	1,143	$	—	$	(46)	$	7,078
Brokerage revenues:
Securities commissions:
Mutual and other fund products	605		7		4		—		(2)		614
Insurance and annuity products	511		—		—		—		—		511
Equities, ETFs and fixed income products	501		159		3		—		(13)		650
Subtotal securities commissions	1,617		166		7		—		(15)		1,775
Principal transactions (1)	120		399		—		10		—		529
Total brokerage revenues	1,737		565		7		10		(15)		2,304
Account and service fees:
Mutual fund and other investment products	518		—		13		—		(1)		530
RJBDP fees	1,240		6		—		—		(760)		486
Client account and other fees	275		8		10		—		(47)		246
Total account and service fees	2,033		14		23		—		(808)		1,262
Investment banking:
Merger & acquisition and advisory	—		623		—		—		—		623
Equity underwriting	35		150		—		—		—		185
Debt underwriting	—		263		—		—		(2)		261
Total investment banking	35		1,036		—		—		(2)		1,069
Other:
Affordable housing investments business revenues	—		140		—		—		—		140
All other (1)	29		2		2		51		(19)		65
Total other	29		142		2		51		(19)		205
Total non-interest revenues	9,814		1,758		1,175		61		(890)		11,918
Interest income (1)	468		111		13		3,315		87		3,994
Total revenues	10,282		1,869		1,188		3,376		(803)		15,912
Interest expense	(100)		(99)		—		(1,600)		(48)		(1,847)
Net revenues	$	10,182	$	1,770	$	1,188	$	1,776	$	(851)	$	14,065

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

	Year ended September 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	5,246	$	1	$	983	$	—	$	(34)	$	6,196
Brokerage revenues:
Securities commissions:
Mutual and other fund products	567		6		5		—		(3)		575
Insurance and annuity products	519		—		—		—		—		519
Equities, ETFs and fixed income products	433		133		—		—		(9)		557
Subtotal securities commissions	1,519		139		5		—		(12)		1,651
Principal transactions (1)	112		371		—		9		—		492
Total brokerage revenues	1,631		510		5		9		(12)		2,143
Account and service fees:
Mutual fund and other investment products	461		—		10		—		(1)		470
RJBDP fees	1,431		5		—		—		(829)		607
Client account and other fees	264		8		12		—		(47)		237
Total account and service fees	2,156		13		22		—		(877)		1,314
Investment banking:
Merger & acquisition and advisory	—		521		—		—		—		521
Equity underwriting	38		131		—		—		—		169
Debt underwriting	—		168		—		—		—		168
Total investment banking	38		820		—		—		—		858
Other:
Affordable housing investments business revenues	—		118		—		—		—		118
All other (1)	27		4		3		51		(23)		62
Total other	27		122		3		51		(23)		180
Total non-interest revenues	9,098		1,466		1,013		60		(946)		10,691
Interest income (1)	480		109		14		3,494		135		4,232
Total revenues	9,578		1,575		1,027		3,554		(811)		14,923
Interest expense	(119)		(103)		—		(1,838)		(42)		(2,102)
Net revenues	$	9,459	$	1,472	$	1,027	$	1,716	$	(853)	$	12,821

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

	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 other investment products	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.

At September 30, 2025 and September 30, 2024, net receivables related to contracts with customers were $532 million and $600 million, respectively.