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 millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,462	$	—	$	280	$	—	$	(9)	$	1,733
Brokerage revenues:
Securities commissions:
Mutual and other fund products	146		1		1		—		—		148
Insurance and annuity products	129		—		—		—		—		129
Equities, exchange-traded funds (“ETFs”) and fixed income products	115		41		1		—		(3)		154
Subtotal securities commissions	390		42		2		—		(3)		431
Principal transactions (1)	30		96		—		2		—		128
Total brokerage revenues	420		138		2		2		(3)		559
Account and service fees:
Mutual fund and annuity service fees	126		—		3		—		—		129
RJBDP fees	303		2		—		—		(195)		110
Client account and other fees	72		2		2		—		(13)		63
Total account and service fees	501		4		5		—		(208)		302
Investment banking:
Merger & acquisition and advisory	—		105		—		—		—		105
Equity underwriting	9		38		—		—		—		47
Debt underwriting	—		60		—		—		—		60
Total investment banking	9		203		—		—		—		212
Other:
Affordable housing investments business revenues	—		33		—		—		—		33
All other (1)	5		—		1		16		(9)		13
Total other	5		33		1		16		(9)		46
Total non-interest revenues	2,397		378		288		18		(229)		2,852
Interest income (1)	114		27		3		823		23		990
Total revenues	2,511		405		291		841		(206)		3,842
Interest expense	(23)		(24)		—		(383)		(14)		(444)
Net revenues	$	2,488	$	381	$	291	$	458	$	(220)	$	3,398


	Three months ended June 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,364	$	—	$	254	$	—	$	(7)	$	1,611
Brokerage revenues:
Securities commissions:
Mutual and other fund products	142		1		1		—		—		144
Insurance and annuity products	130		—		—		—		—		130
Equities, ETFs and fixed income products	111		33		—		—		(2)		142
Subtotal securities commissions	383		34		1		—		(2)		416
Principal transactions (1)	26		87		—		3		—		116
Total brokerage revenues	409		121		1		3		(2)		532
Account and service fees:
Mutual fund and annuity service fees	118		—		2		—		—		120
RJBDP fees	347		1		—		—		(199)		149
Client account and other fees	66		1		3		—		(11)		59
Total account and service fees	531		2		5		—		(210)		328
Investment banking:
Merger & acquisition and advisory	—		91		—		—		—		91
Equity underwriting	10		33		—		—		—		43
Debt underwriting	—		49		—		—		—		49
Total investment banking	10		173		—		—		—		183
Other:
Affordable housing investments business revenues	—		30		—		—		—		30
All other (1)	13		2		1		9		(4)		21
Total other	13		32		1		9		(4)		51
Total non-interest revenues	2,327		328		261		12		(223)		2,705
Interest income (1)	121		32		4		867		33		1,057
Total revenues	2,448		360		265		879		(190)		3,762
Interest expense	(32)		(30)		—		(461)		(11)		(534)
Net revenues	$	2,416	$	330	$	265	$	418	$	(201)	$	3,228


	Nine months ended June 30, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	4,395	$	1	$	840	$	—	$	(35)	$	5,201
Brokerage revenues:
Securities commissions:
Mutual and other fund products	450		5		3		—		(1)		457
Insurance and annuity products	364		—		—		—		—		364
Equities, ETFs and fixed income products	371		117		3		—		(10)		481
Subtotal securities commissions	1,185		122		6		—		(11)		1,302
Principal transactions (1)	87		303		—		6		—		396
Total brokerage revenues	1,272		425		6		6		(11)		1,698
Account and service fees:
Mutual fund and annuity service fees	382		—		10		—		(1)		391
RJBDP fees	947		5		—		—		(568)		384
Client account and other fees	208		6		7		—		(31)		190
Total account and service fees	1,537		11		17		—		(600)		965
Investment banking:
Merger & acquisition and advisory	—		460		—		—		—		460
Equity underwriting	26		104		—		—		—		130
Debt underwriting	—		163		—		—		—		163
Total investment banking	26		727		—		—		—		753
Other:
Affordable housing investments business revenues	—		82		—		—		—		82
All other (1)	16		1		1		38		(13)		43
Total other	16		83		1		38		(13)		125
Total non-interest revenues	7,246		1,247		864		44		(659)		8,742
Interest income (1)	350		84		10		2,472		64		2,980
Total revenues	7,596		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


	Nine months ended June 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,838	$	1	$	720	$	—	$	(25)	$	4,534
Brokerage revenues:
Securities commissions:
Mutual and other fund products	419		4		4		—		(3)		424
Insurance and annuity products	382		—		—		—		—		382
Equities, ETFs and fixed income products	313		101		—		—		(7)		407
Subtotal securities commissions	1,114		105		4		—		(10)		1,213
Principal transactions (1)	84		278		—		7		—		369
Total brokerage revenues	1,198		383		4		7		(10)		1,582
Account and service fees:
Mutual fund and annuity service fees	339		—		7		—		(1)		345
RJBDP fees	1,088		4		—		—		(631)		461
Client account and other fees	195		4		9		—		(32)		176
Total account and service fees	1,622		8		16		—		(664)		982
Investment banking:
Merger & acquisition and advisory	—		316		—		—		—		316
Equity underwriting	29		82		—		—		—		111
Debt underwriting	—		116		—		—		—		116
Total investment banking	29		514		—		—		—		543
Other:
Affordable housing investments business revenues	—		75		—		—		—		75
All other (1)	23		3		2		31		(14)		45
Total other	23		78		2		31		(14)		120
Total non-interest revenues	6,710		984		742		38		(713)		7,761
Interest income (1)	361		81		10		2,607		100		3,159
Total revenues	7,071		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