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


	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


	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


	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