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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Revenues:        
Principal transactions $ 114 $ 127 $ 253 $ 259
Interest income 1,049 915 2,102 1,742
Total revenues 3,638 3,157 7,158 6,184 Close
Interest expense (520) (284) (1,027) (525) Close
Net revenues 3,118 2,873 6,131 5,659
Non-interest expenses:        
Compensation, commissions and benefits 2,043 1,820 3,964 3,556
Non-compensation expenses:        
Communications and information processing 165 153 315 292
Occupancy and equipment 73 68 145 134
Business development 60 54 121 110
Investment sub-advisory fees 44 36 84 70
Professional fees 33 38 65 70
Bank loan provision for credit losses 21 28 33 42
Other 70 119 165 176
Total non-compensation expenses 466 496 928 894
Total non-interest expenses 2,509 2,316 4,892 4,450 Close
Pre-tax income 609 557 1,239 1,209
Provision for income taxes 133 130 265 273 Close
Net income 476 427 974 936 Close
Preferred stock dividends 2 2 3 4
Net income available to common shareholders, basic 474 425 971 932
Net income available to common shareholders, diluted $ 474 $ 425 $ 971 $ 932
Earnings per common share – basic (in usd per share) $ 2.27 $ 1.97 $ 4.65 $ 4.33
Earnings per common share – diluted (in usd per share) $ 2.22 $ 1.93 $ 4.54 $ 4.23
Weighted-average common shares outstanding – basic (in shares) 208.3 214.3 208.4 214.5
Weighted-average common and common equivalent shares outstanding – diluted (in shares) 213.4 219.2 213.5 219.7
Net income $ 476 $ 427 $ 974 $ 936
Other comprehensive income/(loss), net of tax:        
Available-for-sale securities (26) 97 244 144
Currency translations, net of the impact of net investment hedges (11) 7 18 53
Cash flow hedges 6 (11) (15) (13)
Total other comprehensive income/(loss), net of tax (31) 93 247 184
Total comprehensive income 445 520 1,221 1,120
Asset management and related administrative fees        
Revenues:        
Revenue from contract with customer 1,516 1,302 2,923 2,544
Total brokerage revenues        
Revenues:        
Total brokerage revenues 528 496 1,050 980
Securities commissions        
Revenues:        
Revenue from contract with customer 414 369 797 721
Account and service fees        
Revenues:        
Revenue from contract with customer 335 258 654 547
Investment banking        
Revenues:        
Revenue from contract with customer 179 154 360 295
Other        
Revenues:        
Revenue from contract with customer $ 31 $ 32 $ 69 $ 76