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FAIR VALUE (Tables)

9 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis.

$ in millions						Level 1						Level 2						Level 3						Netting adjustments (1)						Balance as of June 30, 2026
Assets at fair value on a recurring basis:
Trading assets:
Municipal and provincial obligations						$	13					$	394					$	—					$	—					$	407
Corporate obligations						14						539						—						—						553
Government and agency obligations						45						75						—						—						120
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)						—						379						—						—						379
Non-agency CMOs and ABS						—						93						—						—						93
Total debt securities						72						1,480						—						—						1,552
Equity securities						10						4						—						—						14
Brokered certificates of deposit						—						58						—						—						58
Other						—						—						3						—						3
Total trading assets						82						1,542						3						—						1,627
Available-for-sale securities (2)						531						5,965						—						—						6,496
Derivative assets:
Interest rate						3						257						—						(229)						31
Foreign exchange						—						1						—						—						1
Total derivative assets						3						258						—						(229)						32
All other investments:
Government and agency obligations (3)						60						—						—						—						60
Other						199						5						7						—						211
Total all other investments						259						5						7						—						271
Other assets – client-owned fractional shares						216						—						—						—						216
Subtotal						1,091						7,770						10						(229)						8,642
Other investments – private equity – measured at net asset value (“NAV”)																														112
Total assets at fair value on a recurring basis						$	1,091					$	7,770					$	10					$	(229)					$	8,754
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations						$	4					$	—					$	—					$	—					$	4
Corporate obligations						—						481						—						—						481
Government and agency obligations						215						—						—						—						215
Agency MBS and CMOs						—						123						—						—						123
Total debt securities						219						604						—						—						823
Equity securities						68						—						—						—						68
Total trading liabilities						287						604						—						—						891
Derivative liabilities:
Interest rate						3						268						—						(57)						214
Foreign exchange						—						1						—						—						1
Total derivative liabilities						3						269						—						(57)						215
Other payables:
Repurchase liabilities related to client-owned fractional shares						216						—						—						—						216
Acquisition-related contingent consideration						—						—						180						—						180
Total other payables						216						—						180						—						396
Total liabilities at fair value on a recurring basis						$	506					$	873					$	180					$	(57)					$	1,502

$ in millions						Level 1						Level 2						Level 3						Netting adjustments (1)						Balance as of September 30, 2025
Assets at fair value on a recurring basis:
Trading assets:
Municipal and provincial obligations						$	6					$	403					$	—					$	—					$	409
Corporate obligations						11						659						—						—						670
Government and agency obligations						41						108						—						—						149
Agency MBS, CMOs, and ABS						—						231						—						—						231
Non-agency CMOs and ABS						—						36						—						—						36
Total debt securities						58						1,437						—						—						1,495
Equity securities						17						3						—						—						20
Brokered certificates of deposit						—						19						—						—						19
Other						—						—						4						—						4
Total trading assets						75						1,459						4						—						1,538
Available-for-sale securities (2)						430						6,458						—						—						6,888
Derivative assets:
Interest rate						2						304						—						(239)						67
Foreign exchange						—						1						—						—						1
Total derivative assets						2						305						—						(239)						68
All other investments:
Government and agency obligations (3)						92						—						—						—						92
Other						185						1						7						—						193
Total all other investments						277						1						7						—						285
Other assets – client-owned fractional shares						171						—						—						—						171
Subtotal						955						8,223						11						(239)						8,950
Other investments – private equity – measured at NAV																														105
Total assets at fair value on a recurring basis						$	955					$	8,223					$	11					$	(239)					$	9,055
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations						$	3					$	—					$	—					$	—					$	3
Corporate obligations						—						651						—						—						651
Government and agency obligations						164						—						—						—						164
Agency MBS and CMOs						—						42						—						—						42
Total debt securities						167						693						—						—						860
Equity securities						31						—						—						—						31
Total trading liabilities						198						693						—						—						891
Derivative liabilities:
Interest rate						3						306						—						(123)						186
Foreign exchange						—						2						—						—						2
Other						—						—						2						—						2
Total derivative liabilities						3						308						2						(123)						190
Other payables – repurchase liabilities related to client-owned fractional shares						171						—						—						—						171
Total liabilities at fair value on a recurring basis						$	372					$	1,001					$	2					$	(123)					$	1,252

(1)Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information.

(2)Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S. Treasury securities (“U.S. Treasuries”). See Note 5 for further information.

(3)These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations.

Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis, Roll Forward Table of Change in Balances

The following tables present the changes in fair value for Level 3 financial assets and financial liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions,” gains/(losses) on other investments are reported in “Other” revenues, and gains/(losses) on acquisition-related contingent consideration are reported in “Other” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.

Three months ended June 30, 2026 Level 3 instruments at fair value
						Financial assets																		Financial liabilities
						Trading assets																								All other investments									Trading liabilities																		Acquisition-related contingent consideration
$ in millions
Fair value beginning of period						$	2																							$	7								$	(1)																	$	(28)
Total gains/(losses) included in earnings						—																								—									1																		(3)
Purchases and contributions						9																								—									—																		(149)
Sales and distributions						(8)																								—									—																		—
Transfers:
Into Level 3						—																								—									—																		—
Out of Level 3						—																								—									—																		—
Fair value end of period						$	3																							$	7								$	—																	$	(180)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period						$	—																							$	—								$	—																	$	(3)

Nine months ended June 30, 2026 Level 3 instruments at fair value
						Financial assets																											Financial liabilities
						Trading assets																		All other investments																		Derivative liabilities									Acquisition-related contingent consideration
$ in millions
Fair value beginning of period						$	4																	$	7																	$	(2)								$	—
Total gains/(losses) included in earnings						1																		—																		1									(3)
Purchases and contributions						59																		—																		—									(177)
Sales and distributions						(61)																		—																		1									—
Transfers:
Into Level 3						—																		—																		—									—
Out of Level 3						—																		—																		—									—
Fair value end of period						$	3																	$	7																	$	—								$	(180)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period						$	—																	$	—																	$	—								$	(3)

Three months ended June 30, 2025 Level 3 instruments at fair value
						Financial assets
$ in millions						Trading assets									Derivative assets															All other investments
Fair value beginning of period						$	1								$	6														$	7
Total gains/(losses) included in earnings						1									(5)															—
Purchases and contributions						27									—															—
Sales and distributions						(27)									—															—
Transfers:
Into Level 3						—									—															—
Out of Level 3						—									—															—
Fair value end of period						$	2								$	1														$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period						$	—								$	(5)														$	—

Nine months ended June 30, 2025 Level 3 instruments at fair value
						Financial assets
$ in millions						Trading assets												Derivative assets																		All other investments
Fair value beginning of period						$	3											$	4																	$	7
Total gains/(losses) included in earnings						2												(3)																		—
Purchases and contributions						66												—																		—
Sales and distributions						(69)												—																		—
Transfers:
Into Level 3						—												—																		—
Out of Level 3						—												—																		—
Fair value end of period						$	2											$	1																	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period						$	—											$	(2)																	$	—

Net Asset Value of Recorded Value and Unfunded Commitments

The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.

$ in millions						Recorded value						Unfunded commitment
June 30, 2026
Private equity investments measured at NAV						$	112					$	34
Private equity investments not measured at NAV						7
Total private equity investments						$	119
September 30, 2025
Private equity investments measured at NAV						$	105					$	38
Private equity investments not measured at NAV						7
Total private equity investments						$	112

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as Level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.

$ in millions												Level 2						Level 3						Total fair value						Valuation technique(s)						Unobservable input						Range (weighted-average)
June 30, 2026
Bank loans:
Residential mortgage loans												$	1					$	7					$	8					Collateral or discounted cash flow (1)						Prepayment rate						7 yrs. - 12 yrs. (10.6 yrs.)
Corporate loans												$	—					$	133					$	133					Collateral or  discounted cash flow (1)						Recovery rate						38% - 87% (70%)
Loans held for sale												$	38					$	—					$	38					N/A (2)						N/A						N/A
September 30, 2025
Bank loans:
Residential mortgage loans												$	5					$	7					$	12					Collateral or discounted cash flow (1)						Prepayment rate						7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans												$	—					$	179					$	179					Collateral or  discounted cash flow (1)						Recovery rate						24% - 96% (76%)
Loans held for sale												$	31					$	—					$	31					N/A (2)						N/A						N/A

(1)The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the preceding table.

(2)See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2025 Form 10-K for information on the valuation techniques used in the valuation of our loans held for sale measured at fair value on a nonrecurring basis.

Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at June 30, 2026 and September 30, 2025. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 3 of our 2025 Form 10-K for a discussion of our financial instruments that are not recorded at fair value.

$ in millions												Level 2						Level 3						Total estimated fair value						Carrying amount
June 30, 2026
Financial assets:
Bank loans, net												$	96					$	55,529					$	55,625					$	56,048
Financial liabilities:
Bank deposits - certificates of deposit												$	3,312					$	—					$	3,312					$	3,326
Senior notes payable												$	3,216					$	—					$	3,216					$	3,522
September 30, 2025
Financial assets:
Bank loans, net												$	386					$	50,362					$	50,748					$	51,345
Financial liabilities:
Bank deposits - certificates of deposit												$	1,943					$	—					$	1,943					$	1,937
Senior notes payable												$	3,299					$	—					$	3,299					$	3,520

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