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REVENUES
 9 Months Ended
Jun. 30, 2026
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 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 millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,734 $— $352 $— $(11)$2,075 
Brokerage revenues:
Securities commissions:
Mutual and other fund products170 2 1 — — 173 
Insurance and annuity products142 — — — — 142 
Equities, exchange-traded funds (“ETFs”) and fixed income products
145 48 — — (5)188 
Subtotal securities commissions457 50 1 — (5)503 
Principal transactions (1)
28 99 — — (1)126 
Total brokerage revenues485 149 1 — (6)629 
Account and service fees:
Mutual fund and other investment products
149 1 3 — — 153 
RJBDP fees283 2 — — (187)98 
Client account and other fees78 2 3 — (18)65 
Total account and service fees510 5 6 — (205)316 
Investment banking:
Merger & acquisition and advisory— 150 — — (3)147 
Equity underwriting9 50 — — — 59 
Debt underwriting— 85 — — — 85 
Total investment banking9 285 — — (3)291 
Other:
Affordable housing investments business revenues— 35 — — — 35 
All other (1)
8 1 1 16 (4)22 
Total other8 36 1 16 (4)57 
Total non-interest revenues2,746 475 360 16 (229)3,368 
Interest income (1)
115 25 2 831 21 994 
Total revenues2,861 500 362 847 (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 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, ETFs and fixed income products115 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 other investment products
126 — 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.
Nine months ended June 30, 2026
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$5,138 $1 $983 $— $(32)$6,090 
Brokerage revenues:
Securities commissions:
Mutual and other fund products510 6 3 — (1)518 
Insurance and annuity products406 — — — — 406 
Equities, ETFs and fixed income products440 144 — — (12)572 
Subtotal securities commissions1,356 150 3 — (13)1,496 
Principal transactions (1)
87 296 — 7 (2)388 
Total brokerage revenues1,443 446 3 7 (15)1,884 
Account and service fees:
Mutual fund and other investment products
443 2 11 — (2)454 
RJBDP fees852 5 — — (565)292 
Client account and other fees223 6 8 — (48)189 
Total account and service fees1,518 13 19 — (615)935 
Investment banking:
Merger & acquisition and advisory— 408 — — (3)405 
Equity underwriting24 137 — — — 161 
Debt underwriting— 212 — — — 212 
Total investment banking24 757 — — (3)778 
Other:
Affordable housing investments business revenues— 94 — — — 94 
All other (1)
20 2 2 40 (6)58 
Total other20 96 2 40 (6)152 
Total non-interest revenues8,143 1,313 1,007 47 (671)9,839 
Interest income (1)
336 80 8 2,464 73 2,961 
Total revenues8,479 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 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 other investment products
382 — 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.
At June 30, 2026 and September 30, 2025, net receivables related to contracts with customers were $564 million and $532 million, respectively.