v3.26.1
SEGMENT INFORMATION
 9 Months Ended
Jun. 30, 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 June 30, 2026
Revenues:
Non-interest revenues (1)
$2,746 $475 $360 $16 $(229)$3,368 
Net interest income
95 2 2 472 (11)560 
Net revenues
2,841 477 362 488 (240)3,928 
Non-interest expenses:
Compensation, commissions and benefits
2,124 300 76 47 32 2,579 
Bank loan benefit for credit losses— — — (26)— (26)
All other (1)
294 129 143 261 (202)625 
Total non-interest expense2,418 429 219 282 (170)3,178 
Total pre-tax income/(loss)
$423 $48 $143 $206 $(70)$750 
Three months ended June 30, 2025
Revenues:
Non-interest revenues (1)
$2,397 $378 $288 $18 $(229)$2,852 
Net interest income91 3 3 440 9 546 
Net revenues
2,488 381 291 458 (220)3,398 
Non-interest expenses:
Compensation, commissions and benefits1,803 262 54 47 36 2,202 
Bank loan provision for credit losses
— — — 15 — 15 
All other (1)
274 173 112 273 (214)618 
Total non-interest expense2,077 435 166 335 (178)2,835 
Total pre-tax income/(loss)
$411 $(54)$125 $123 $(42)$563 

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $185 million and $193 million of RJBDP fees paid to PCG for the three months ended June 30, 2026 and 2025, respectively. Such fees were eliminated in consolidation.
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Nine months ended June 30, 2026
Revenues:
Non-interest revenues (1)
$8,143 $1,313 $1,007 $47 $(671)$9,839 
Net interest income
276 8 8 1,414 (23)1,683 
Net revenues
8,419 1,321 1,015 1,461 (694)11,522 
Non-interest expenses:
Compensation, commissions and benefits
6,283 854 200 142 91 7,570 
Bank loan benefit for credit losses— — — (24)— (24)
All other (1)
858 359 392 798 (644)1,763 
Total non-interest expense7,141 1,213 592 916 (553)9,309 
Total pre-tax income/(loss)
$1,278 $108 $423 $545 $(141)$2,213 
Nine months ended June 30, 2025
Revenues:
Non-interest revenues (1)
$7,246 $1,247 $864 $44 $(659)$8,742 
Net interest income
276 10 10 1,273 27 1,596 
Net revenues
7,522 1,257 874 1,317 (632)10,338 
Non-interest expenses:
Compensation, commissions and benefits
5,433 825 169 138 113 6,678 
Bank loan provision for credit losses
— — — 31 — 31 
All other (1)
785 376 334 790 (639)1,646 
Total non-interest expense6,218 1,201 503 959 (526)8,355 
Total pre-tax income/(loss)
$1,304 $56 $371 $358 $(106)$1,983 

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $560 million and $563 million of RJBDP fees paid to PCG for the nine months ended June 30, 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 millionsJune 30, 2026September 30, 2025
Total assets:
Private Client Group$14,975 $14,007 
Capital Markets
3,912 3,426 
Asset Management1,263 632 
Bank70,054 65,263 
Other4,033 4,902 
Total$94,237 $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 June 30,Nine months ended June 30,
$ in millions2026202520262025
Net revenues:
U.S.$3,589 $3,107 $10,526 $9,445 
Canada189 149 565 474 
Europe150 142 431 419 
Total net revenues
$3,928 $3,398 $11,522 $10,338 
Pre-tax income/(loss):
U.S.$715 $546 $2,114 $1,875 
Canada41 23 120 97 
Europe(6)(6)(21)11 
Total pre-tax income
$750 $563 $2,213 $1,983 
The following table presents our total assets by major geographic area in which they were held.
$ in millionsJune 30, 2026September 30, 2025
Total assets:
U.S.$87,770 $82,289 
Canada3,596 3,182 
Europe2,871 2,759 
Total$94,237 $88,230