v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We currently operate through the following five segments: Private Client Group (“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. For a further discussion of our segments, see Note 25 of our 2025 Form 10-K.

The following tables present information concerning operations in these segments.
$ in millions
Private Client Group
Capital Markets
Asset Management
Bank
Other and intersegment eliminations
Total
Three months ended March 31, 2026
Revenues:
Non-interest revenues (1)
$2,720 $462 $324 $14 $(218)$3,302 
Net interest income
90 2 3 472 (10)557 
Net revenues
2,810 464 327 486 (228)3,859 
Non-interest expenses:
Compensation, commissions and benefits
2,108 293 65 47 28 2,541 
Bank loan provision for credit losses
— — — 5 — 5 
All other (1)
286 120 125 268 (221)578 
Total non-interest expense2,394 413 190 320 (193)3,124 
Total pre-tax income/(loss)
$416 $51 $137 $166 $(35)$735 
Three months ended March 31, 2025
Revenues:
Non-interest revenues (1)
$2,400 $392 $286 $15 $(211)$2,882 
Net interest income86 4 3 419 9 521 
Net revenues
2,486 396 289 434 (202)3,403 
Non-interest expenses:
Compensation, commissions and benefits1,799 262 57 45 41 2,204 
Bank loan provision for credit losses
— — — 16 — 16 
All other (1)
256 98 111 256 (209)512 
Total non-interest expense2,055 360 168 317 (168)2,732 
Total pre-tax income/(loss)
$431 $36 $121 $117 $(34)$671 

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $187 million and $183 million of RJBDP fees paid to PCG for the three months ended March 31, 2026 and 2025, respectively. Such fees were eliminated in consolidation.
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Six months ended March 31, 2026
Revenues:
Non-interest revenues (1)
$5,397 $838 $647 $31 $(442)$6,471 
Net interest income
181 6 6 942 (12)1,123 
Net revenues
5,578 844 653 973 (454)7,594 
Non-interest expenses:
Compensation, commissions and benefits
4,159 554 124 95 59 4,991 
Bank loan provision for credit losses
— — — 2 — 2 
All other (1)
564 230 249 537 (442)1,138 
Total non-interest expense4,723 784 373 634 (383)6,131 
Total pre-tax income/(loss)
$855 $60 $280 $339 $(71)$1,463 
Six months ended March 31, 2025
Revenues:
Non-interest revenues (1)
$4,849 $869 $576 $26 $(430)$5,890 
Net interest income
185 7 7 833 18 1,050 
Net revenues
5,034 876 583 859 (412)6,940 
Non-interest expenses:
Compensation, commissions and benefits
3,630 563 115 91 77 4,476 
Bank loan provision for credit losses
— — — 16 — 16 
All other (1)
511 203 222 517 (425)1,028 
Total non-interest expense4,141 766 337 624 (348)5,520 
Total pre-tax income/(loss)
$893 $110 $246 $235 $(64)$1,420 

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $375 million and $370 million of RJBDP fees paid to PCG for the six months ended March 31, 2026 and 2025, respectively. Such fees were eliminated in consolidation.

No individual client accounted for more than 10% of revenues in any of the periods presented.

The following table presents our total assets on a segment basis.
$ in millionsMarch 31, 2026September 30, 2025
Total assets:
Private Client Group$14,563 $14,007 
Capital Markets
3,775 3,426 
Asset Management595 632 
Bank68,986 65,263 
Other4,025 4,902 
Total$91,944 $88,230 
Substantially all of our operations are located 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.
 Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Net revenues:  
U.S.$3,528 $3,116 $6,937 $6,338 
Canada191 161 376 325 
Europe140 126 281 277 
Total net revenues
$3,859 $3,403 $7,594 $6,940 
Pre-tax income/(loss): 
U.S.$706 $637 $1,399 $1,329 
Canada40 35 79 74 
Europe(11)(1)(15)17 
Total pre-tax income
$735 $671 $1,463 $1,420 
The following table presents our total assets by major geographic area in which they were held.
$ in millionsMarch 31, 2026September 30, 2025
Total assets:
U.S.$85,384 $82,289 
Canada3,492 3,182 
Europe3,068 2,759 
Total$91,944 $88,230