| Disaggregation of Revenue |
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 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 24 of this Form 10-Q for additional information on our segments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2026 | | $ in millions | | Private Client Group | | Capital Markets | | Asset Management | | Bank | | Other and intersegment eliminations | | Total | | Revenues: | | | | | | | | | | | | | | Asset management and related administrative fees | | $ | 1,734 | | | $ | — | | | $ | 352 | | | $ | — | | | $ | (11) | | | $ | 2,075 | | | Brokerage revenues: | | | | | | | | | | | | | | Securities commissions: | | | | | | | | | | | | | | Mutual and other fund products | | 170 | | | 2 | | | 1 | | | — | | | — | | | 173 | | | Insurance and annuity products | | 142 | | | — | | | — | | | — | | | — | | | 142 | | Equities, exchange-traded funds (“ETFs”) and fixed income products | | 145 | | | 48 | | | — | | | — | | | (5) | | | 188 | | | Subtotal securities commissions | | 457 | | | 50 | | | 1 | | | — | | | (5) | | | 503 | | Principal transactions (1) | | 28 | | | 99 | | | — | | | — | | | (1) | | | 126 | | | Total brokerage revenues | | 485 | | | 149 | | | 1 | | | — | | | (6) | | | 629 | | | Account and service fees: | | | | | | | | | | | | | Mutual fund and other investment products | | 149 | | | 1 | | | 3 | | | — | | | — | | | 153 | | | RJBDP fees | | 283 | | | 2 | | | — | | | — | | | (187) | | | 98 | | | Client account and other fees | | 78 | | | 2 | | | 3 | | | — | | | (18) | | | 65 | | | Total account and service fees | | 510 | | | 5 | | | 6 | | | — | | | (205) | | | 316 | | | Investment banking: | | | | | | | | | | | | | | Merger & acquisition and advisory | | — | | | 150 | | | — | | | — | | | (3) | | | 147 | | | Equity underwriting | | 9 | | | 50 | | | — | | | — | | | — | | | 59 | | | Debt underwriting | | — | | | 85 | | | — | | | — | | | — | | | 85 | | | Total investment banking | | 9 | | | 285 | | | — | | | — | | | (3) | | | 291 | | | Other: | | | | | | | | | | | | | | Affordable housing investments business revenues | | — | | | 35 | | | — | | | — | | | — | | | 35 | | All other (1) | | 8 | | | 1 | | | 1 | | | 16 | | | (4) | | | 22 | | | Total other | | 8 | | | 36 | | | 1 | | | 16 | | | (4) | | | 57 | | | Total non-interest revenues | | 2,746 | | | 475 | | | 360 | | | 16 | | | (229) | | | 3,368 | | Interest income (1) | | 115 | | | 25 | | | 2 | | | 831 | | | 21 | | | 994 | | | Total revenues | | 2,861 | | | 500 | | | 362 | | | 847 | | | (208) | | | 4,362 | | | Interest expense | | (20) | | | (23) | | | — | | | (359) | | | (32) | | | (434) | | | Net revenues | | $ | 2,841 | | | $ | 477 | | | $ | 362 | | | $ | 488 | | | $ | (240) | | | $ | 3,928 | |
(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 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 other investment products | | 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 | |
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended June 30, 2026 | | $ in millions | | Private Client Group | | Capital Markets | | Asset Management | | Bank | | Other and intersegment eliminations | | Total | | Revenues: | | | | | | | | | | | | | | Asset management and related administrative fees | | $ | 5,138 | | | $ | 1 | | | $ | 983 | | | $ | — | | | $ | (32) | | | $ | 6,090 | | | Brokerage revenues: | | | | | | | | | | | | | | Securities commissions: | | | | | | | | | | | | | | Mutual and other fund products | | 510 | | | 6 | | | 3 | | | — | | | (1) | | | 518 | | | Insurance and annuity products | | 406 | | | — | | | — | | | — | | | — | | | 406 | | | Equities, ETFs and fixed income products | | 440 | | | 144 | | | — | | | — | | | (12) | | | 572 | | | Subtotal securities commissions | | 1,356 | | | 150 | | | 3 | | | — | | | (13) | | | 1,496 | | Principal transactions (1) | | 87 | | | 296 | | | — | | | 7 | | | (2) | | | 388 | | | Total brokerage revenues | | 1,443 | | | 446 | | | 3 | | | 7 | | | (15) | | | 1,884 | | | Account and service fees: | | | | | | | | | | | | | Mutual fund and other investment products | | 443 | | | 2 | | | 11 | | | — | | | (2) | | | 454 | | | RJBDP fees | | 852 | | | 5 | | | — | | | — | | | (565) | | | 292 | | | Client account and other fees | | 223 | | | 6 | | | 8 | | | — | | | (48) | | | 189 | | | Total account and service fees | | 1,518 | | | 13 | | | 19 | | | — | | | (615) | | | 935 | | | Investment banking: | | | | | | | | | | | | | | Merger & acquisition and advisory | | — | | | 408 | | | — | | | — | | | (3) | | | 405 | | | Equity underwriting | | 24 | | | 137 | | | — | | | — | | | — | | | 161 | | | Debt underwriting | | — | | | 212 | | | — | | | — | | | — | | | 212 | | | Total investment banking | | 24 | | | 757 | | | — | | | — | | | (3) | | | 778 | | | Other: | | | | | | | | | | | | | | Affordable housing investments business revenues | | — | | | 94 | | | — | | | — | | | — | | | 94 | | All other (1) | | 20 | | | 2 | | | 2 | | | 40 | | | (6) | | | 58 | | | Total other | | 20 | | | 96 | | | 2 | | | 40 | | | (6) | | | 152 | | | Total non-interest revenues | | 8,143 | | | 1,313 | | | 1,007 | | | 47 | | | (671) | | | 9,839 | | Interest income (1) | | 336 | | | 80 | | | 8 | | | 2,464 | | | 73 | | | 2,961 | | | Total revenues | | 8,479 | | | 1,393 | | | 1,015 | | | 2,511 | | | (598) | | | 12,800 | | | Interest expense | | (60) | | | (72) | | | — | | | (1,050) | | | (96) | | | (1,278) | | | Net revenues | | $ | 8,419 | | | $ | 1,321 | | | $ | 1,015 | | | $ | 1,461 | | | $ | (694) | | | $ | 11,522 | |
(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 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 other investment products | | 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 | |
(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
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