Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 0	$ 0	$ 0
Adjustments to reconcile net income to net cash provided by operating activities:
Income before allocations	1,981	1,612	1,404
Foreign currency translation	(9)	0	0
Depreciation and amortization	624	567	499
Changes in assets and liabilities:
Investments segregated under federal regulations	358	(66)	2,981
Securities purchased under agreements to resell	(251)	(702)	1,092
Net payable to clients	(485)	(2,660)	(2,592)
Net receivable from brokers, dealers and clearing organizations	16	(290)	93
Receivable from mutual funds, insurance companies and other	(76)	(41)	0
Securities owned	415	248	(515)
Other assets	(170)	(206)	(54)
Lease liabilities	(350)	(338)	(326)
Accrued compensation and employee benefits	638	341	(236)
Accounts payable, accrued expenses and other	63	309	7
Net cash provided by (used in) operating activities	2,754	(1,226)	2,353
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	(573)	(456)	(302)
Cash used in investing activities	(573)	(456)	(302)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of partnership loans	43	58	71
Issuance of partnership interests	76	638	63
Redemption of partnership interests	(307)	(386)	(336)
Distributions from partnership capital	(1,460)	(1,193)	(1,173)
Net cash used in financing activities	(1,648)	(883)	(1,375)
Net increase (decrease) in cash, cash equivalents and restricted cash	533	(2,565)	676
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of year	5,817	8,382	7,706
End of year	$ 6,350	$ 5,817	$ 8,382