v3.25.2
REVENUES
 9 Months Ended
Jun. 30, 2025
Revenues [Abstract]  
REVENUES REVENUES
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 2024 Form 10-K. See Note 26 of our 2024 Form 10-K and Note 23 of this Form 10-Q for additional information on our segments.
Three months ended June 30, 2025
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,462 $— $280 $— $(9)$1,733 
Brokerage revenues:
Securities commissions:
Mutual and other fund products146 1 1 — — 148 
Insurance and annuity products129 — — — — 129 
Equities, exchange-traded funds (“ETFs”) and fixed income products
115 41 1 — (3)154 
Subtotal securities commissions390 42 2 — (3)431 
Principal transactions (1)
30 96 — 2 — 128 
Total brokerage revenues420 138 2 2 (3)559 
Account and service fees:
Mutual fund and annuity service fees126 — 3 — — 129 
RJBDP fees303 2 — — (195)110 
Client account and other fees72 2 2 — (13)63 
Total account and service fees501 4 5 — (208)302 
Investment banking:
Merger & acquisition and advisory— 105 — — — 105 
Equity underwriting9 38 — — — 47 
Debt underwriting— 60 — — — 60 
Total investment banking9 203 — — — 212 
Other:
Affordable housing investments business revenues— 33 — — — 33 
All other (1)
5 — 1 16 (9)13 
Total other5 33 1 16 (9)46 
Total non-interest revenues2,397 378 288 18 (229)2,852 
Interest income (1)
114 27 3 823 23 990 
Total revenues2,511 405 291 841 (206)3,842 
Interest expense(23)(24)— (383)(14)(444)
Net revenues$2,488 $381 $291 $458 $(220)$3,398 

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
Three months ended June 30, 2024
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,364 $— $254 $— $(7)$1,611 
Brokerage revenues:
Securities commissions:
Mutual and other fund products142 1 1 — — 144 
Insurance and annuity products130 — — — — 130 
Equities, ETFs and fixed income products111 33 — — (2)142 
Subtotal securities commissions383 34 1 — (2)416 
Principal transactions (1)
26 87 — 3 — 116 
Total brokerage revenues409 121 1 3 (2)532 
Account and service fees:
Mutual fund and annuity service fees118 — 2 — — 120 
RJBDP fees347 1 — — (199)149 
Client account and other fees66 1 3 — (11)59 
Total account and service fees531 2 5 — (210)328 
Investment banking:
Merger & acquisition and advisory— 91 — — — 91 
Equity underwriting10 33 — — — 43 
Debt underwriting— 49 — — — 49 
Total investment banking10 173 — — — 183 
Other:
Affordable housing investments business revenues— 30 — — — 30 
All other (1)
13 2 1 9 (4)21 
Total other13 32 1 9 (4)51 
Total non-interest revenues2,327 328 261 12 (223)2,705 
Interest income (1)
121 32 4 867 33 1,057 
Total revenues2,448 360 265 879 (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.
Nine months ended June 30, 2025
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$4,395 $1 $840 $— $(35)$5,201 
Brokerage revenues:
Securities commissions:
Mutual and other fund products450 5 3 — (1)457 
Insurance and annuity products364 — — — — 364 
Equities, ETFs and fixed income products371 117 3 — (10)481 
Subtotal securities commissions1,185 122 6 — (11)1,302 
Principal transactions (1)
87 303 — 6 — 396 
Total brokerage revenues1,272 425 6 6 (11)1,698 
Account and service fees:
Mutual fund and annuity service fees382 — 10 — (1)391 
RJBDP fees947 5 — — (568)384 
Client account and other fees208 6 7 — (31)190 
Total account and service fees1,537 11 17 — (600)965 
Investment banking:
Merger & acquisition and advisory— 460 — — — 460 
Equity underwriting26 104 — — — 130 
Debt underwriting— 163 — — — 163 
Total investment banking26 727 — — — 753 
Other:
Affordable housing investments business revenues— 82 — — — 82 
All other (1)
16 1 1 38 (13)43 
Total other16 83 1 38 (13)125 
Total non-interest revenues7,246 1,247 864 44 (659)8,742 
Interest income (1)
350 84 10 2,472 64 2,980 
Total revenues7,596 1,331 874 2,516 (595)11,722 
Interest expense(74)(74)— (1,199)(37)(1,384)
Net revenues$7,522 $1,257 $874 $1,317 $(632)$10,338 

(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 millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$3,838 $1 $720 $— $(25)$4,534 
Brokerage revenues:
Securities commissions:
Mutual and other fund products419 4 4 — (3)424 
Insurance and annuity products382 — — — — 382 
Equities, ETFs and fixed income products313 101 — — (7)407 
Subtotal securities commissions1,114 105 4 — (10)1,213 
Principal transactions (1)
84 278 — 7 — 369 
Total brokerage revenues1,198 383 4 7 (10)1,582 
Account and service fees:
Mutual fund and annuity service fees339 — 7 — (1)345 
RJBDP fees1,088 4 — — (631)461 
Client account and other fees195 4 9 — (32)176 
Total account and service fees1,622 8 16 — (664)982 
Investment banking:
Merger & acquisition and advisory— 316 — — — 316 
Equity underwriting29 82 — — — 111 
Debt underwriting— 116 — — — 116 
Total investment banking29 514 — — — 543 
Other:
Affordable housing investments business revenues— 75 — — — 75 
All other (1)
23 3 2 31 (14)45 
Total other23 78 2 31 (14)120 
Total non-interest revenues6,710 984 742 38 (713)7,761 
Interest income (1)
361 81 10 2,607 100 3,159 
Total revenues7,071 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.
At June 30, 2025 and September 30, 2024, net receivables related to contracts with customers were $470 million and $600 million, respectively.