COVER
COVER - shares | 9 Months Ended | |
Jun. 30, 2023 | Aug. 02, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-9109 | |
Entity Registrant Name | RAYMOND JAMES FINANCIAL, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-1517485 | |
Entity Address, Address Line One | 880 Carillon Parkway | |
Entity Address, City or Town | St. Petersburg | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33716 | |
City Area Code | 727 | |
Local Phone Number | 567-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 208,841,543 | |
Entity Central Index Key | 0000720005 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock, $.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | RJF | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | RJF PrB | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Assets: | ||
Cash and cash equivalents | $ 8,375 | $ 6,178 |
Assets segregated for regulatory purposes and restricted cash | 3,839 | 8,481 |
Collateralized agreements | 410 | 704 |
Financial instruments, at fair value: | ||
Trading assets ($980 and $1,188 pledged as collateral) | 1,156 | 1,270 |
Available-for-sale securities ($23 and $74 pledged as collateral) | 9,566 | 9,885 |
Derivative assets | 229 | 188 |
Other investments ($6 and $14 pledged as collateral) | 306 | 292 |
Brokerage client receivables, net | 2,364 | 2,934 |
Other receivables, net | 1,612 | 1,615 |
Bank loans, net | 43,345 | 43,239 |
Loans to financial advisors, net | 1,122 | 1,152 |
Deferred income taxes, net | 612 | 630 |
Goodwill and identifiable intangible assets, net | 1,928 | 1,931 |
Other assets | 2,769 | 2,452 |
Total assets | 77,633 | 80,951 |
Liabilities and shareholders’ equity: | ||
Bank deposits | 53,768 | 51,357 |
Collateralized financings | 181 | 466 |
Financial instrument liabilities, at fair value: | ||
Trading liabilities | 768 | 836 |
Derivative liabilities | 393 | 530 |
Brokerage client payables | 6,035 | 11,446 |
Accrued compensation, commissions and benefits | 1,700 | 1,787 |
Other payables | 1,727 | 1,768 |
Other borrowings | 1,100 | 1,291 |
Senior notes payable | 2,039 | 2,038 |
Total liabilities | 67,711 | 71,519 |
Commitments and contingencies (see Note 16) | ||
Shareholders’ equity | ||
Preferred stock | 79 | 120 |
Common stock; $.01 par value; 650,000,000 shares authorized; 248,561,711 shares issued and 208,498,326 shares outstanding as of June 30, 2023; 248,018,564 shares issued and 215,122,523 shares outstanding as of September 30, 2022 | 2 | 2 |
Additional paid-in capital | 3,099 | 2,987 |
Retained earnings | 9,870 | 8,843 |
Treasury stock, at cost; 40,063,385 and 32,896,041 common shares as of June 30, 2023 and September 30, 2022, respectively | (2,259) | (1,512) |
Accumulated other comprehensive loss | (842) | (982) |
Total equity attributable to Raymond James Financial, Inc. | 9,949 | 9,458 |
Noncontrolling interests | (27) | (26) |
Total shareholders’ equity | 9,922 | 9,432 |
Total liabilities and shareholders’ equity | $ 77,633 | $ 80,951 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Trading assets | $ 1,156 | $ 1,270 |
Available-for-sale securities | 9,566 | 9,885 |
Other investments | $ 306 | $ 292 |
Common stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 650,000,000 | 650,000,000 |
Common stock, shares issued (in shares) | 248,561,711 | 248,018,564 |
Common stock, shares outstanding (in shares) | 208,498,326 | 215,122,523 |
Treasury stock (in shares) | 40,063,385 | 32,896,041 |
Asset pledged as collateral | ||
Trading assets | $ 980 | $ 1,188 |
Available-for-sale securities | 23 | 74 |
Other investments | $ 6 | $ 14 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Principal transactions | $ 105 | $ 128 | $ 364 | $ 403 |
Interest income | 987 | 374 | 2,729 | 841 |
Total revenues | 3,293 | 2,778 | 9,477 | 8,307 |
Interest expense | (386) | (60) | (911) | (135) |
Net revenues | 2,907 | 2,718 | 8,566 | 8,172 |
Non-interest expenses: | ||||
Compensation, commissions and benefits | 1,851 | 1,834 | 5,407 | 5,570 |
Non-compensation expenses: | ||||
Communications and information processing | 149 | 129 | 441 | 368 |
Occupancy and equipment | 68 | 65 | 202 | 186 |
Business development | 66 | 58 | 176 | 127 |
Investment sub-advisory fees | 40 | 38 | 110 | 116 |
Professional fees | 35 | 38 | 105 | 93 |
Bank loan provision for credit losses | 54 | 56 | 96 | 66 |
Other | 158 | 85 | 334 | 240 |
Total non-compensation expenses | 570 | 469 | 1,464 | 1,196 |
Total non-interest expenses | 2,421 | 2,303 | 6,871 | 6,766 |
Pre-tax income | 486 | 415 | 1,695 | 1,406 |
Provision for income taxes | 117 | 114 | 390 | 336 |
Net income | 369 | 301 | 1,305 | 1,070 |
Preferred stock dividends | 0 | 2 | 4 | 2 |
Net income available to common shareholders, basic | 369 | 299 | 1,301 | 1,068 |
Net income available to common shareholders, diluted | $ 369 | $ 299 | $ 1,301 | $ 1,068 |
Earnings per common share – basic (in dollars per share) | $ 1.75 | $ 1.41 | $ 6.09 | $ 5.12 |
Earnings per common share – diluted (in dollars per share) | $ 1.71 | $ 1.38 | $ 5.95 | $ 4.99 |
Weighted-average common shares outstanding – basic (in shares) | 210.1 | 210.7 | 213 | 208.1 |
Weighted-average common and common equivalent shares outstanding – diluted (in shares) | 214.8 | 215.7 | 218 | 213.5 |
Net income | $ 369 | $ 301 | $ 1,305 | $ 1,070 |
Other comprehensive (loss) income, net of tax: | ||||
Available-for-sale securities | (76) | (157) | 68 | (532) |
Currency translations, net of the impact of net investment hedges | 20 | (40) | 73 | (51) |
Cash flow hedges | 12 | 10 | (1) | 48 |
Total other comprehensive income/(loss), net of tax | (44) | (187) | 140 | (535) |
Total comprehensive income | 325 | 114 | 1,445 | 535 |
Asset management and related administrative fees | ||||
Revenues: | ||||
Revenue from contract with customer | 1,373 | 1,427 | 3,917 | 4,273 |
Total brokerage revenues | ||||
Revenues: | ||||
Total brokerage revenues | 461 | 513 | 1,441 | 1,635 |
Securities commissions | ||||
Revenues: | ||||
Revenue from contract with customer | 356 | 385 | 1,077 | 1,232 |
Account and service fees | ||||
Revenues: | ||||
Revenue from contract with customer | 264 | 211 | 811 | 567 |
Investment banking | ||||
Revenues: | ||||
Revenue from contract with customer | 151 | 223 | 446 | 883 |
Other | ||||
Revenues: | ||||
Revenue from contract with customer | $ 57 | $ 30 | $ 133 | $ 108 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Preferred stock, par value $.10 per share | Common stock, par value $.01 per share | Additional paid-in capital | Retained earnings | Treasury stock | Accumulated other comprehensive income/ (loss) | Total equity attributable to Raymond James Financial, Inc. | Noncontrolling interests |
Balance beginning of period at Sep. 30, 2021 | $ 0 | $ 2 | $ 2,088 | $ 7,633 | $ (1,437) | $ (41) | $ 58 | ||
Changes in Shareholders' Equity: | |||||||||
Stock issued for TriState Capital acquisition | 120 | 778 | |||||||
Redemption of preferred stock | 0 | ||||||||
Share issuances | 0 | ||||||||
Restricted stock awards issued for TriState Capital acquisition | 28 | ||||||||
Employee stock purchases | 35 | ||||||||
Reissuances (distributions) due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (125) | 90 | |||||||
Share-based compensation amortization | 144 | ||||||||
Net income | $ 1,070 | 1,070 | |||||||
Common and preferred stock cash dividends declared (see Note 17) | (225) | ||||||||
Purchases/surrenders | (110) | ||||||||
Other comprehensive income/(loss), net of tax | (535) | (535) | |||||||
Net income/(loss) attributable to noncontrolling interests | 1 | ||||||||
Deconsolidations and sales | (82) | ||||||||
Balance end of period at Jun. 30, 2022 | 9,492 | 120 | 2 | 2,948 | 8,478 | (1,457) | (576) | $ 9,515 | (23) |
Balance beginning of period at Mar. 31, 2022 | 0 | 2 | 2,093 | 8,256 | (1,360) | (389) | 7 | ||
Changes in Shareholders' Equity: | |||||||||
Stock issued for TriState Capital acquisition | 120 | 778 | |||||||
Redemption of preferred stock | 0 | ||||||||
Share issuances | 0 | ||||||||
Restricted stock awards issued for TriState Capital acquisition | 28 | ||||||||
Employee stock purchases | 13 | ||||||||
Reissuances (distributions) due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (3) | 3 | |||||||
Share-based compensation amortization | 39 | ||||||||
Net income | 301 | 301 | |||||||
Common and preferred stock cash dividends declared (see Note 17) | (79) | ||||||||
Purchases/surrenders | (100) | ||||||||
Other comprehensive income/(loss), net of tax | (187) | (187) | |||||||
Net income/(loss) attributable to noncontrolling interests | 1 | ||||||||
Deconsolidations and sales | (31) | ||||||||
Balance end of period at Jun. 30, 2022 | 9,492 | 120 | 2 | 2,948 | 8,478 | (1,457) | (576) | 9,515 | (23) |
Balance beginning of period at Sep. 30, 2022 | 9,432 | 120 | 2 | 2,987 | 8,843 | (1,512) | (982) | (26) | |
Changes in Shareholders' Equity: | |||||||||
Stock issued for TriState Capital acquisition | 0 | 0 | |||||||
Redemption of preferred stock | (788) | (41) | |||||||
Share issuances | 0 | ||||||||
Restricted stock awards issued for TriState Capital acquisition | 0 | ||||||||
Employee stock purchases | 35 | ||||||||
Reissuances (distributions) due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (110) | 63 | |||||||
Share-based compensation amortization | 187 | ||||||||
Net income | 1,305 | 1,305 | |||||||
Common and preferred stock cash dividends declared (see Note 17) | (278) | ||||||||
Purchases/surrenders | (810) | ||||||||
Other comprehensive income/(loss), net of tax | 140 | 140 | |||||||
Net income/(loss) attributable to noncontrolling interests | (1) | ||||||||
Deconsolidations and sales | 0 | ||||||||
Balance end of period at Jun. 30, 2023 | 9,922 | 79 | 2 | 3,099 | 9,870 | (2,259) | (842) | 9,949 | (27) |
Balance beginning of period at Mar. 31, 2023 | 120 | 2 | 3,035 | 9,590 | (1,954) | (798) | (26) | ||
Changes in Shareholders' Equity: | |||||||||
Stock issued for TriState Capital acquisition | 0 | 0 | |||||||
Redemption of preferred stock | (300) | (41) | |||||||
Share issuances | 0 | ||||||||
Restricted stock awards issued for TriState Capital acquisition | 0 | ||||||||
Employee stock purchases | 13 | ||||||||
Reissuances (distributions) due to vesting of restricted stock units and exercise of stock options, net of forfeitures | 0 | 0 | |||||||
Share-based compensation amortization | 51 | ||||||||
Net income | 369 | 369 | |||||||
Common and preferred stock cash dividends declared (see Note 17) | (89) | ||||||||
Purchases/surrenders | (305) | ||||||||
Other comprehensive income/(loss), net of tax | (44) | (44) | |||||||
Net income/(loss) attributable to noncontrolling interests | (1) | ||||||||
Deconsolidations and sales | 0 | ||||||||
Balance end of period at Jun. 30, 2023 | $ 9,922 | $ 79 | $ 2 | $ 3,099 | $ 9,870 | $ (2,259) | $ (842) | $ 9,949 | $ (27) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Sep. 30, 2022 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 1,305 | $ 1,070 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 123 | 105 |
Deferred income taxes, net | (22) | 23 |
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments | (37) | 40 |
Provisions for credit losses and legal and regulatory proceedings | 191 | 72 |
Share-based compensation expense | 192 | 149 |
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses | (125) | 136 |
Other | (1) | 25 |
Net change in: | ||
Assets segregated for regulatory purposes excluding cash and cash equivalents | 0 | 101 |
Collateralized agreements, net of collateralized financings | 9 | 10 |
Loans (provided to) financial advisors, net of repayments | 16 | (85) |
Brokerage client receivables and other receivables, net | 456 | (57) |
Trading instruments, net | 62 | 126 |
Derivative instruments, net | (224) | 246 |
Other assets | (43) | (97) |
Brokerage client payables and other payables | (5,764) | 2,985 |
Accrued compensation, commissions and benefits | (95) | (261) |
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | 9 | (18) |
Net cash provided by/(used in) operating activities | (3,948) | 4,570 |
Cash flows from investing activities: | ||
Increase in bank loans, net | (762) | (5,377) |
Proceeds from sales of loans held for investment | 600 | 191 |
Purchases of available-for-sale securities | (561) | (2,743) |
Available-for-sale securities maturations, repayments and redemptions | 977 | 1,346 |
Proceeds from sales of available-for-sale securities | 0 | 2 |
Cash and cash equivalents acquired in business acquisitions, including those segregated for regulatory purposes, net of cash paid for acquisitions | 0 | 1,769 |
Additions to property and equipment | (122) | (68) |
Sales of Federal Home Loan Bank stock, net | 3 | 0 |
Investment in note receivable | 0 | (125) |
Purchases of other investments, net | (6) | (33) |
Other investing activities, net | (61) | (81) |
Net cash provided by/(used in) investing activities | 68 | (5,119) |
Cash flows from financing activities: | ||
Increase in bank deposits | 2,411 | 4,800 |
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements | (860) | (160) |
Dividends on preferred and common stock | (266) | (200) |
Exercise of stock options and employee stock purchases | 37 | 44 |
Redemption of preferred stock | (40) | 0 |
Proceeds from Federal Home Loan Bank advances | 2,550 | 1,025 |
Repayments of Federal Home Loan Bank advances and other borrowed funds | (2,741) | (906) |
Other financing, net | (2) | (5) |
Net cash provided by financing activities | 1,089 | 4,598 |
Currency adjustment: | ||
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes | 346 | (289) |
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | (2,445) | 3,760 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year | 14,659 | 16,449 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | 12,214 | 20,209 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | ||
Cash and cash equivalents | 8,375 | 5,958 |
Cash and cash equivalents segregated for regulatory purposes and restricted cash | 3,839 | 14,251 |
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | 12,214 | 20,209 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 858 | 137 |
Cash paid for income taxes, net | 536 | 386 |
Cash outflows for lease liabilities | 92 | 80 |
Non-cash right-of-use assets recorded for new and modified leases | 112 | 39 |
Restricted stock awards issued as consideration for TriState Capital acquisition | 0 | 28 |
Effective settlement of note receivable for TriState Capital acquisition | 0 | 123 |
Common stock, par value $.01 per share | ||
Supplemental disclosures of cash flow information: | ||
Stock issued for acquisition | 0 | 778 |
Preferred Stock | ||
Supplemental disclosures of cash flow information: | ||
Stock issued for acquisition | $ 0 | $ 120 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization Raymond James Financial, Inc. (“RJF” or the “firm”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services, and trust services. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries. Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2022 Form 10-K”) for the year ended September 30, 2022, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 9 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2022 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. |
UPDATE OF SIGNIFICANT ACCOUNTIN
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | UPDATE OF SIGNIFICANT ACCOUNTING POLICIESA summary of our significant accounting policies is included in Note 2 of our 2022 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2022. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. For further information about such instruments and our significant accounting policies related to fair value, see Notes 2 and 4 of our 2022 Form 10-K. The following tables present assets and liabilities measured at fair value on a recurring basis. 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 5 for additional information. $ in millions Level 1 Level 2 Level 3 Netting Balance as of June 30, 2023 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 257 $ — $ — $ 257 Corporate obligations 24 598 — — 622 Government and agency obligations 44 105 — — 149 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 19 — — 19 Non-agency CMOs and ABS — 60 — — 60 Total debt securities 68 1,039 — — 1,107 Equity securities 10 2 — — 12 Brokered certificates of deposit — 28 — — 28 Other — — 9 — 9 Total trading assets 78 1,069 9 — 1,156 Available-for-sale securities (1) 1,238 8,328 — — 9,566 Derivative assets: Interest rate 9 414 — (199) 224 Foreign exchange — 5 — — 5 Total derivative assets 9 419 — (199) 229 All other investments: Government and agency obligations (2) 82 — — — 82 Other 93 2 29 — 124 Total all other investments 175 2 29 — 206 Other assets - client-owned fractional shares 100 — — — 100 Subtotal 1,600 9,818 38 (199) 11,257 Other investments - private equity - measured at net asset value (“NAV”) 100 Total assets at fair value on a recurring basis $ 1,600 $ 9,818 $ 38 $ (199) $ 11,357 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 10 $ 2 $ — $ — $ 12 Corporate obligations — 561 — — 561 Government and agency obligations 129 — — — 129 Total debt securities 139 563 — — 702 Equity securities 66 — — — 66 Total trading liabilities 205 563 — — 768 Derivative liabilities: Interest rate 8 461 — (80) 389 Other — — 4 — 4 Total derivative liabilities 8 461 4 (80) 393 Other payables - repurchase liabilities related to client-owned fractional shares 100 — — — 100 Total liabilities at fair value on a recurring basis $ 313 $ 1,024 $ 4 $ (80) $ 1,261 $ in millions Level 1 Level 2 Level 3 Netting Balance as of September 30, 2022 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 269 $ — $ — $ 269 Corporate obligations 16 579 — — 595 Government and agency obligations 86 85 — — 171 Agency MBS, CMOs, and ABS — 123 — — 123 Non-agency CMOs and ABS — 61 — — 61 Total debt securities 102 1,117 — — 1,219 Equity securities 20 — — — 20 Brokered certificates of deposit — 30 — — 30 Other — — 1 — 1 Total trading assets 122 1,147 1 — 1,270 Available-for-sale securities (1) 986 8,899 — — 9,885 Derivative assets: Interest rate 42 484 — (348) 178 Foreign exchange — 10 — — 10 Total derivative assets 42 494 — (348) 188 All other investments: Government and agency obligations (2) 79 — — — 79 Other 92 2 29 — 123 Total all other investments 171 2 29 — 202 Other assets - client-owned fractional shares 78 — — — 78 Subtotal 1,399 10,542 30 (348) 11,623 Other investments - private equity - measured at NAV 90 Total assets at fair value on a recurring basis $ 1,399 $ 10,542 $ 30 $ (348) $ 11,713 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 5 $ — $ — $ — $ 5 Corporate obligations — 555 — — 555 Government and agency obligations 249 — — — 249 Total debt securities 254 555 — — 809 Equity securities 27 — — — 27 Total trading liabilities 281 555 — — 836 Derivative liabilities: Interest rate 40 547 — (65) 522 Foreign exchange — 5 — — 5 Other — — 3 — 3 Total derivative liabilities 40 552 3 (65) 530 Other payables - repurchase liabilities related to client-owned fractional shares 78 — — — 78 Total liabilities at fair value on a recurring basis $ 399 $ 1,107 $ 3 $ (65) $ 1,444 (1) Our available-for-sale securities primarily consist of agency MBS, agency CMOs and U.S. Treasury securities (“U.S. Treasuries”). See Note 4 for further information. (2) These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations. Level 3 recurring fair value measurements The following tables present the changes in fair value for Level 3 assets and 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” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended June 30, 2023 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Other investments Derivative liabilities $ in millions Other All other Other Fair value beginning of period $ 3 $ 28 $ (4) Total gains/(losses) included in earnings (1) 1 — Purchases and contributions 19 — — Sales and distributions (12) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 9 $ 29 $ (4) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ 1 $ 1 $ — Nine Months Ended June 30, 2023 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Other investments Derivative liabilities $ in millions Other All other Other Fair value beginning of period $ 1 $ 29 $ (3) Total gains/(losses) included in earnings (1) — (1) Purchases and contributions 55 — — Sales and distributions (46) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 9 $ 29 $ (4) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ 1 $ — $ (1) Three months ended June 30, 2022 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities $ in millions Other Other All other Other Other Fair value beginning of period $ 13 $ — $ 53 $ (1) $ — Total gains/(losses) included in earnings (1) 2 — 1 (1) Purchases and contributions 37 — — — — Sales, distributions, and deconsolidations (49) — (2) — — Transfers: Into Level 3 — — — — — Out of Level 3 — — — — — Fair value end of period $ — $ 2 $ 51 $ — $ (1) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ 2 $ 5 $ — $ (1) Nine Months Ended June 30, 2022 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets Other investments Derivative liabilities $ in millions Other Other All other Other Fair value beginning of period $ 14 $ — $ 98 $ (1) Total gains/(losses) included in earnings 1 2 — — Purchases and contributions 91 — 7 — Sales, distributions, and deconsolidations (106) — (42) — Transfers: Into Level 3 — — — — Out of Level 3 — — (12) — Fair value end of period $ — $ 2 $ 51 $ (1) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ 2 $ 5 $ (1) As of June 30, 2023, 15% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. In comparison, as of September 30, 2022, 14% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both June 30, 2023 and September 30, 2022, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis. Investments in private equity measured at net asset value per share As more fully described in Note 2 of our 2022 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Our private equity portfolio as of June 30, 2023 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments. Our investments cannot be redeemed directly with the funds. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain. 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, 2023 Private equity investments measured at NAV $ 100 $ 36 Private equity investments not measured at NAV 7 Total private equity investments $ 107 September 30, 2022 Private equity investments measured at NAV $ 90 $ 39 Private equity investments not measured at NAV 5 Total private equity investments $ 95 Financial instruments measured at fair value on a nonrecurring basis 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 June 30, 2023 Bank loans: Residential mortgage loans $ 2 $ 8 $ 10 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.3 yrs.) Corporate loans $ — $ 95 $ 95 Collateral or discounted cash flow (1) Recovery rate 41% - 70% (64%) Loans held for sale $ 28 $ — $ 28 N/A N/A N/A September 30, 2022 Bank loans: Residential mortgage loans $ 2 $ 10 $ 12 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.4 yrs.) Corporate loans $ — $ 57 $ 57 Collateral or discounted cash flow (1) Recovery rate 24% - 66% (47%) Loans held for sale $ 3 $ — $ 3 N/A 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 table. Financial instruments not recorded at fair value Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. 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, 2023 and September 30, 2022. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 4 of our 2022 Form 10-K for a discussion of the fair value hierarchy classifications 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, 2023 Financial assets: Bank loans, net $ 106 $ 42,410 $ 42,516 $ 43,212 Financial liabilities: Bank deposits - certificates of deposit $ 2,732 $ — $ 2,732 $ 2,739 Other borrowings - subordinated notes payable $ 92 $ — $ 92 $ 100 Senior notes payable $ 1,776 $ — $ 1,776 $ 2,039 September 30, 2022 Financial assets: Bank loans, net $ 134 $ 42,336 $ 42,470 $ 43,167 Financial liabilities: Bank deposits - certificates of deposit $ 400 $ 579 $ 979 $ 999 Other borrowings - subordinated notes payable $ 95 $ — $ 95 $ 100 Senior notes payable $ 1,706 $ — $ 1,706 $ 2,038 |
AVAILABLE-FOR-SALE SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 9 Months Ended |
Jun. 30, 2023 | |
Debt Securities, Available-for-Sale [Abstract] | |
AVAILABLE-FOR-SALE SECURITIES | AVAILABLE-FOR-SALE SECURITIES Refer to Note 2 of our 2022 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. The following table details the amortized costs and fair values of our available-for-sale securities. See Note 3 for additional information regarding the fair value of available-for-sale securities. $ in millions Cost basis Gross Gross Fair value June 30, 2023 Agency residential MBS $ 5,064 $ 1 $ (560) $ 4,505 Agency commercial MBS 1,469 — (197) 1,272 Agency CMOs 1,497 — (245) 1,252 Other agency obligations 710 — (28) 682 Non-agency residential MBS 509 — (44) 465 U.S. Treasuries 1,265 — (27) 1,238 Corporate bonds 140 — (6) 134 Other 18 — — 18 Total available-for-sale securities $ 10,672 $ 1 $ (1,107) $ 9,566 September 30, 2022 Agency residential MBS $ 5,662 $ — $ (668) $ 4,994 Agency commercial MBS 1,518 — (208) 1,310 Agency CMOs 1,637 — (233) 1,404 Other agency obligations 613 — (31) 582 Non-agency residential MBS 492 — (41) 451 U.S. Treasuries 1,014 — (28) 986 Corporate bonds 146 — (5) 141 Other 18 — (1) 17 Total available-for-sale securities $ 11,100 $ — $ (1,215) $ 9,885 The amortized costs and fair values in the preceding table exclude $28 million and $24 million of accrued interest on available-for-sale securities as of June 30, 2023 and September 30, 2022, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition. See Note 6 for more information regarding available-for-sale securities pledged with the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Atlanta (“FRB”). The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities. Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. The weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.30 years as of June 30, 2023. June 30, 2023 $ in millions Within one year After one but After five but After ten years Total Agency residential MBS Amortized cost $ — $ 127 $ 2,240 $ 2,697 $ 5,064 Carrying value $ — $ 122 $ 2,011 $ 2,372 $ 4,505 Weighted-average yield — % 2.46 % 1.29 % 1.90 % 1.65 % Agency commercial MBS Amortized cost $ — $ 919 $ 499 $ 51 $ 1,469 Carrying value $ — $ 824 $ 406 $ 42 $ 1,272 Weighted-average yield — % 1.61 % 1.21 % 1.87 % 1.48 % Agency CMOs Amortized cost $ — $ 10 $ 45 $ 1,442 $ 1,497 Carrying value $ — $ 8 $ 40 $ 1,204 $ 1,252 Weighted-average yield — % 2.27 % 1.54 % 1.57 % 1.58 % Other agency obligations Amortized cost $ 60 $ 560 $ 80 $ 10 $ 710 Carrying value $ 59 $ 539 $ 74 $ 10 $ 682 Weighted-average yield 2.54 % 3.24 % 3.44 % 3.07 % 3.20 % Non-agency residential MBS Amortized cost $ — $ — $ — $ 509 $ 509 Carrying value $ — $ — $ — $ 465 $ 465 Weighted-average yield — % — % — % 4.10 % 4.10 % U.S. Treasuries Amortized cost $ 417 $ 848 $ — $ — $ 1,265 Carrying value $ 408 $ 830 $ — $ — $ 1,238 Weighted-average yield 2.40 % 3.51 % — % — % 3.14 % Corporate bonds Amortized cost $ 25 $ 87 $ 28 $ — $ 140 Carrying value $ 25 $ 84 $ 25 $ — $ 134 Weighted-average yield 4.79 % 6.32 % 4.90 % — % 5.76 % Other Amortized cost $ — $ 5 $ 5 $ 8 $ 18 Carrying value $ — $ 5 $ 5 $ 8 $ 18 Weighted-average yield — % 7.05 % 5.23 % 8.05 % 7.06 % Total available-for-sale securities Amortized cost $ 502 $ 2,556 $ 2,897 $ 4,717 $ 10,672 Carrying value $ 492 $ 2,412 $ 2,561 $ 4,101 $ 9,566 Weighted-average yield 2.54 % 2.81 % 1.38 % 2.05 % 2.07 % The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less than 12 months 12 months or more Total $ in millions Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2023 Agency residential MBS $ 190 $ (8) $ 4,274 $ (552) $ 4,464 $ (560) Agency commercial MBS 136 (5) 1,136 (192) 1,272 (197) Agency CMOs 26 (1) 1,226 (244) 1,252 (245) Other agency obligations 208 (3) 474 (25) 682 (28) Non-agency residential MBS 53 (2) 412 (42) 465 (44) U.S. Treasuries 325 (6) 763 (21) 1,088 (27) Corporate bonds 26 (1) 65 (5) 91 (6) Other 5 — 13 — 18 — Total $ 969 $ (26) $ 8,363 $ (1,081) $ 9,332 $ (1,107) September 30, 2022 Agency residential MBS $ 2,165 $ (226) $ 2,829 $ (442) $ 4,994 $ (668) Agency commercial MBS 494 (41) 816 (167) 1,310 (208) Agency CMOs 337 (32) 1,067 (201) 1,404 (233) Other agency obligations 582 (31) — — 582 (31) Non-agency residential MBS 451 (41) — — 451 (41) U.S. Treasuries 982 (28) 4 — 986 (28) Corporate bonds 128 (5) — — 128 (5) Other 17 (1) — — 17 (1) Total $ 5,156 $ (405) $ 4,716 $ (810) $ 9,872 $ (1,215) At June 30, 2023, of the 1,079 available-for-sale securities in an unrealized loss position, 144 were in a continuous unrealized loss position for less than 12 months and 935 securities were in a continuous unrealized loss position for greater than 12 months. At June 30, 2023, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $4.91 billion and $2.95 billion, respectively, and fair values of $4.31 billion and $2.57 billion, respectively. |
DERIVATIVE ASSETS AND DERIVATIV
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES | 9 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES | DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2022 Form 10-K. Derivative balances included on our financial statements The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. June 30, 2023 September 30, 2022 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate - other (1) $ 414 $ 469 $ 17,811 $ 462 $ 535 $ 14,647 Interest rate - matched book (2) — — — 52 52 1,340 Foreign exchange 2 — 1,167 4 5 958 Other — 4 661 — 3 531 Subtotal 416 473 19,639 518 595 17,476 Derivatives designated as hedging instruments Interest rate - other (3) 9 — 1,250 12 — 1,050 Foreign exchange 3 — 1,188 6 — 1,092 Subtotal 12 — 2,438 18 — 2,142 Total gross fair value/notional amount 428 473 $ 22,077 536 595 $ 19,618 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (24) (24) (35) (35) Cash collateral netting (175) (56) (313) (30) Total amounts offset (199) (80) (348) (65) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 229 $ 393 $ 188 $ 530 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (2) (108) — (60) (52) Total $ 121 $ 393 $ 128 $ 478 (1) Relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts that are accounted for as derivatives, as well as our banking operations. (2) Although the matched book derivative arrangements did not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary included terms that were similar to a master netting agreement. As a result, we presented the matched book amounts as of September 30, 2022 net in the preceding table. As of June 30, 2023, we had exited such matched book derivative agreements. (3) During the nine months ended June 30, 2023, we entered into an interest rate swap to manage our risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate. Such interest rate swap has been designated and accounted for as a cash flow hedge. Refer to Note 13 of this Form 10-Q for information regarding these bank deposits. The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Interest rate (cash flow hedges) $ 12 $ 10 $ (1) $ 48 Foreign exchange (net investment hedges) (16) 24 (33) 14 Total gains/(losses) included in AOCI, net of taxes $ (4) $ 34 $ (34) $ 62 There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2023 and 2022. We expect to reclassify $36 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is four years. The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item. $ in millions Three months ended June 30, Nine months ended June 30, Location of gain/(loss) 2023 2022 2023 2022 Interest rate Principal transactions/other revenues $ 6 $ 4 $ 17 $ 14 Foreign exchange Other revenues $ (20) $ 33 $ (56) $ 30 Other Principal transactions $ 1 $ 1 $ — $ 2 Risks associated with our derivatives and related risk mitigation Credit risk We are exposed to credit losses primarily in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis. We may require initial margin or collateral from counterparties, generally in the form of cash or marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. We also enter into derivatives with clients to which Raymond James Bank and TriState Capital Bank have provided loans. Such derivatives are generally collateralized by marketable securities or other assets of the client. Interest rate and foreign exchange risk We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives. On a daily basis, we monitor our risk exposure on our derivatives based on established sensitivity-based and foreign exchange spot limits. Derivatives with credit-risk-related contingent features Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt. If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment, or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was $3 million as of June 30, 2023 and $8 million as of September 30, 2022. |
COLLATERALIZED AGREEMENTS AND F
COLLATERALIZED AGREEMENTS AND FINANCINGS | 9 Months Ended |
Jun. 30, 2023 | |
Offsetting [Abstract] | |
COLLATERALIZED AGREEMENTS AND FINANCINGS | COLLATERALIZED AGREEMENTS AND FINANCINGS Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2022 Form 10-K. Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total June 30, 2023 Gross amounts of recognized assets/liabilities $ 181 $ 229 $ 410 $ 110 $ 71 $ 181 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 181 229 410 110 71 181 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (181) (223) (404) (110) (68) (178) Net amounts $ — $ 6 $ 6 $ — $ 3 $ 3 September 30, 2022 Gross amounts of recognized assets/liabilities $ 367 $ 337 $ 704 $ 294 $ 172 $ 466 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 367 337 704 294 172 466 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (367) (327) (694) (294) (162) (456) Net amounts $ — $ 10 $ 10 $ — $ 10 $ 10 The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition. Repurchase agreements and securities loaned accounted for as secured borrowings The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings. $ in millions Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total June 30, 2023 Repurchase agreements: Government and agency obligations $ 107 $ — $ — $ — $ 107 Agency MBS and agency CMOs 3 — — — 3 Total repurchase agreements 110 — — — 110 Securities loaned: Equity securities 71 — — — 71 Total collateralized financings $ 181 $ — $ — $ — $ 181 September 30, 2022 Repurchase agreements: Government and agency obligations $ 183 $ — $ — $ — $ 183 Agency MBS and agency CMOs 111 — — — 111 Total repurchase agreements 294 — — — 294 Securities loaned: Equity securities 172 — — — 172 Total collateralized financings $ 466 $ — $ — $ — $ 466 Collateral received and pledged We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties. In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements. The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described. $ in millions June 30, 2023 September 30, 2022 Collateral we received that was available to be delivered or repledged $ 3,099 $ 3,812 Collateral that we delivered or repledged $ 776 $ 947 Encumbered assets We pledge certain of our assets to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. We also pledge certain loans and available-for-sale securities with the FRB to be eligible to participate in the Federal Reserve’s discount window program and to participate in certain deposit programs. During the nine months ended June 30, 2023, Raymond James Bank increased its borrowing capacity with the FHLB through the pledge of additional available-for-sale securities. The FHLB does not have the ability to sell or repledge such securities until they are borrowed against. For additional information regarding our outstanding FHLB advances see Note 14. The following table presents information about our assets that have been pledged for one of the purposes previously described. $ in millions June 30, 2023 September 30, 2022 Had the right to deliver or repledge $ 1,009 $ 1,276 Did not have the right to deliver or repledge $ 4,051 $ 63 Bank loans, net pledged with the: FHLB $ 9,267 $ 8,009 FRB 720 791 Total bank loans, net pledged with the FHLB and FRB $ 9,987 $ 8,800 |
BANK LOANS, NET
BANK LOANS, NET | 9 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
BANK LOANS, NET | BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2022 Form 10-K for a discussion of accounting policies related to bank loans and the allowance for credit losses. Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses (“ACL”). As it pertains to TriState Capital Bank’s loans acquired as of June 1, 2022, the amortized cost of such purchased loans reflects the fair value of the loans on the acquisition date, and as described further in Note 3 of our 2022 Form 10-K, the purchase discount on such loans is accreted to interest income over the weighted-average life of the underlying loans, which may vary based on prepayments. The following table presents the balances for held for investment loans by portfolio segment and held for sale loans. $ in millions June 30, 2023 September 30, 2022 SBL $ 14,227 $ 15,297 C&I loans 10,663 11,173 CRE loans 7,091 6,549 REIT loans 1,715 1,592 Residential mortgage loans 8,422 7,386 Tax-exempt loans 1,548 1,501 Total loans held for investment 43,666 43,498 Held for sale loans 135 137 Total loans held for sale and investment 43,801 43,635 Allowance for credit losses (456) (396) Bank loans, net (1) $ 43,345 $ 43,239 ACL as a % of total loans held for investment 1.04 % 0.91 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 197 $ 137 (1) Bank loans, net as of June 30, 2023 and September 30, 2022 are presented net of $68 million and $112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs. The net unamortized discount primarily arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital acquisition. See Note 3 of our 2022 Form 10-K for further information. See Note 6 for more information regarding bank loans, net pledged with the FHLB and FRB and Note 14 for more information regarding borrowings from the FHLB. Held for sale loans We originated or purchased $699 million and $2.13 billion of loans held for sale during the three and nine months ended June 30, 2023, respectively, and, exclusive of the loans acquired on June 1, 2022 in our acquisition of TriState Capital, we originated or purchased $683 million and $2.65 billion of loans held for sale during the three and nine months ended June 30, 2022, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $221 million and $574 million during the three and nine months ended June 30, 2023, respectively, and $345 million and $1.02 billion during the three and nine months ended June 30, 2022, respectively. Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2023 and 2022. Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans CRE loans REIT loans Residential mortgage loans Total Three months ended June 30, 2023 Purchases $ 3 $ — $ — $ 94 $ 97 Sales $ 441 $ — $ — $ — $ 441 Nine months ended June 30, 2023 Purchases $ 360 $ 39 $ 24 $ 394 $ 817 Sales $ 588 $ — $ — $ — $ 588 Three months ended June 30, 2022 Purchases $ 439 $ — $ — $ 383 $ 822 Sales $ 33 $ — $ — $ — $ 33 Nine months ended June 30, 2022 Purchases $ 1,219 $ — $ — $ 790 $ 2,009 Sales $ 145 $ — $ — $ — $ 145 Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2022 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Aging analysis of loans held for investment The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment June 30, 2023 SBL $ — $ — $ — $ — $ — $ 14,227 $ 14,227 C&I loans — — — 75 — 10,588 10,663 CRE loans — — — 29 14 7,048 7,091 REIT loans — — — — — 1,715 1,715 Residential mortgage loans 2 — 2 — 9 8,411 8,422 Tax-exempt loans — — — — — 1,548 1,548 Total loans held for investment $ 2 $ — $ 2 $ 104 $ 23 $ 43,537 $ 43,666 September 30, 2022 SBL $ — $ — $ — $ — $ — $ 15,297 $ 15,297 C&I loans — — — 32 — 11,141 11,173 CRE loans — — — 12 16 6,521 6,549 REIT loans — — — — — 1,592 1,592 Residential mortgage loans 4 — 4 — 14 7,368 7,386 Tax-exempt loans — — — — — 1,501 1,501 Total loans held for investment $ 4 $ — $ 4 $ 44 $ 30 $ 43,420 $ 43,498 The preceding table includes $118 million and $63 million at June 30, 2023 and September 30, 2022, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes troubled debt restructurings of $30 million, $7 million, and $10 million for C&I loans, CRE loans, and residential first mortgage loans, respectively, at June 30, 2023, and $11 million, $9 million, and $10 million for C&I loans, CRE loans and residential first mortgage loans, respectively, at September 30, 2022. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2023 and September 30, 2022. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. Loan type ($ in millions) Nature of collateral June 30, 2023 September 30, 2022 C&I loans Commercial real estate and other business assets $ 9 $ 11 CRE loans Office, healthcare, industrial, and retail real estate $ 42 $ 21 Residential mortgage loans Single family homes $ 4 $ 6 The recorded investments in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process were $4 million and $5 million as of June 30, 2023 and September 30, 2022, respectively. Credit quality indicators The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral and generally are performing in accordance with the contractual terms. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. June 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total SBL Risk rating: Pass $ 20 $ 18 $ 83 $ 44 $ 16 $ 38 $ 13,999 $ 14,218 Special mention (1) — — — — — — 4 4 Substandard (1) — — — — — — 5 5 Doubtful — — — — — — — — Total SBL $ 20 $ 18 $ 83 $ 44 $ 16 $ 38 $ 14,008 $ 14,227 C&I loans Risk rating: Pass $ 551 $ 1,142 $ 1,115 $ 1,109 $ 974 $ 2,904 $ 2,646 $ 10,441 Special mention — 10 29 — — 19 7 65 Substandard — — — 61 18 63 15 157 Doubtful — — — — — — — — Total C&I loans $ 551 $ 1,152 $ 1,144 $ 1,170 $ 992 $ 2,986 $ 2,668 $ 10,663 CRE loans Risk rating: Pass $ 776 $ 2,356 $ 1,151 $ 787 $ 618 $ 1,040 $ 209 $ 6,937 Special mention 7 — 5 34 — 22 — 68 Substandard — — — 2 12 72 — 86 Doubtful — — — — — — — — Total CRE loans $ 783 $ 2,356 $ 1,156 $ 823 $ 630 $ 1,134 $ 209 $ 7,091 REIT loans Risk rating: Pass $ 279 $ 201 $ 211 $ 103 $ 55 $ 175 $ 691 $ 1,715 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 279 $ 201 $ 211 $ 103 $ 55 $ 175 $ 691 $ 1,715 Residential mortgage loans Risk rating: Pass $ 1,407 $ 2,921 $ 1,630 $ 939 $ 446 $ 1,020 $ 33 $ 8,396 Special mention — — 2 — 2 4 — 8 Substandard — 2 — — — 16 — 18 Doubtful — — — — — — — — Total residential mortgage loans $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 Tax-exempt loans Risk rating: Pass $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548 (1) These balances relate to loans which were collateralized by private securities or securities with a limited trading market as of June 30, 2023. September 30, 2022 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total SBL Risk rating: Pass $ 14 $ 27 $ 72 $ 44 $ 36 $ 41 $ 15,063 $ 15,297 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL $ 14 $ 27 $ 72 $ 44 $ 36 $ 41 $ 15,063 $ 15,297 C&I loans Risk rating: Pass $ 1,011 $ 1,448 $ 1,301 $ 1,124 $ 1,389 $ 2,200 $ 2,380 $ 10,853 Special mention 10 28 3 37 — 82 6 166 Substandard 1 — 60 28 40 6 14 149 Doubtful — — — — 5 — — 5 Total C&I loans $ 1,022 $ 1,476 $ 1,364 $ 1,189 $ 1,434 $ 2,288 $ 2,400 $ 11,173 CRE loans Risk rating: Pass $ 1,916 $ 1,345 $ 892 $ 707 $ 816 $ 551 $ 176 $ 6,403 Special mention — 1 — — 36 2 — 39 Substandard — — 14 17 46 30 — 107 Doubtful — — — — — — — — Total CRE loans $ 1,916 $ 1,346 $ 906 $ 724 $ 898 $ 583 $ 176 $ 6,549 REIT loans Risk rating: Pass $ 169 $ 230 $ 96 $ 53 $ 40 $ 222 $ 782 $ 1,592 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 169 $ 230 $ 96 $ 53 $ 40 $ 222 $ 782 $ 1,592 Residential mortgage loans Risk rating: Pass $ 2,984 $ 1,704 $ 1,023 $ 477 $ 290 $ 843 $ 35 $ 7,356 Special mention 1 1 — 2 — 4 — 8 Substandard 1 — — — 1 20 — 22 Doubtful — — — — — — — — Total residential mortgage loans $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 Tax-exempt loans Risk rating: Pass $ 264 $ 169 $ 56 $ 115 $ 192 $ 705 $ — $ 1,501 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 264 $ 169 $ 56 $ 115 $ 192 $ 705 $ — $ 1,501 We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination. June 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total FICO score: Below 600 $ 7 $ 1 $ 3 $ 2 $ 3 $ 55 $ — $ 71 600 - 699 79 155 106 85 30 80 3 538 700 - 799 1,110 2,353 1,239 681 327 624 23 6,357 800 + 209 412 280 170 83 277 6 1,437 FICO score not available 2 2 4 1 5 4 1 19 Total $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 LTV ratio: Below 80% $ 974 $ 2,243 $ 1,276 $ 732 $ 334 $ 801 $ 31 $ 6,391 80%+ 433 680 356 207 114 239 2 2,031 Total $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 September 30, 2022 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total FICO score: Below 600 $ 1 $ 3 $ 2 $ 3 $ 1 $ 54 $ — $ 64 600 - 699 155 112 90 32 20 68 4 481 700 - 799 2,403 1,301 744 353 219 470 22 5,512 800 + 424 284 184 87 48 273 6 1,306 FICO score not available 3 5 3 4 3 2 3 23 Total $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 LTV ratio: Below 80% $ 2,287 $ 1,333 $ 797 $ 358 $ 226 $ 661 $ 31 $ 5,693 80%+ 699 372 226 121 65 206 4 1,693 Total $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total Three months ended June 30, 2023 Balance at beginning of period $ 5 $ 219 $ 100 $ 15 $ 74 $ 2 $ 415 Provision/(benefit) for credit losses — (8) 55 1 6 — 54 Net (charge-offs)/recoveries: Charge-offs — (6) (9) — — — (15) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (9) — — — (15) Foreign exchange translation adjustment — 1 1 — — — 2 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Nine months ended June 30, 2023 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 2 10 66 (5) 23 — 96 Net (charge-offs)/recoveries: Charge-offs — (30) (10) — — — (40) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (30) (7) — — — (37) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Three months ended June 30, 2022 Balance at beginning of period $ 3 $ 195 $ 71 $ 25 $ 32 $ 2 $ 328 Initial allowance on acquired purchased credit deteriorated (“PCD”) loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (1) 17 — (2) 16 — 30 Total provision/(benefit) for credit losses 1 22 19 (2) 16 — 56 Net (charge-offs)/recoveries: Charge-offs — (11) (4) — — — (15) Recoveries — — 5 — — — 5 Net (charge-offs)/recoveries — (11) 1 — — — (10) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % Nine months ended June 30, 2022 Balance at beginning of period $ 4 $ 191 $ 66 $ 22 $ 35 $ 2 $ 320 Initial allowance on acquired PCD loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (2) 24 5 1 12 — 40 Total provision/(benefit) for credit losses — 29 24 1 12 — 66 Net (charge-offs)/recoveries: Charge-offs — (14) (4) — — — (18) Recoveries — — 5 — 1 — 6 Net (charge-offs)/recoveries — (14) 1 — 1 — (12) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % The allowance for credit losses on held for investment bank loans increased $41 million and $60 million during the three and nine months ended June 30, 2023, respectively, primarily resulting from provisions for credit losses of $54 million and $96 million, respectively, partially offset by net charge-offs of certain loans during the period. The provision for credit losses for the three months ended June 30, 2023 largely reflected the impacts of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our Current Expected Credit Losses (“CECL”) model and to a lesser extent loan downgrades. The provision for credit losses for the nine months ended June 30, 2023 primarily reflected the impacts of a weakened macroeconomic outlook for certain loan portfolios, including the aforementioned impact of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our CECL model as well as loan downgrades during the period. These increases were partially offset by the impact of loan repayments and sales, which had a larger impact than provisions on new loans during the period. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $28 million, $21 million, and $19 million at June 30, 2023, March 31, 2023 and September 30, 2022, respectively. The increase in the allowance for credit losses on unfunded lending commitments for the three and nine months ended June 30, 2023 was primarily due to the aforementioned impact of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our CECL model. Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2022 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable. $ in millions June 30, 2023 September 30, 2022 Affiliated with the firm as of period-end (1) $ 1,142 $ 1,173 No longer affiliated with the firm as of period-end (2) 11 8 Total loans to financial advisors 1,153 1,181 Allowance for credit losses (31) (29) Loans to financial advisors, net $ 1,122 $ 1,152 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 5 $ 5 Allowance for credit losses as a percent of total loans to financial advisors 2.69 % 2.46 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. |
LOANS TO FINANCIAL ADVISORS, NE
LOANS TO FINANCIAL ADVISORS, NET | 9 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
LOANS TO FINANCIAL ADVISORS, NET | BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2022 Form 10-K for a discussion of accounting policies related to bank loans and the allowance for credit losses. Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses (“ACL”). As it pertains to TriState Capital Bank’s loans acquired as of June 1, 2022, the amortized cost of such purchased loans reflects the fair value of the loans on the acquisition date, and as described further in Note 3 of our 2022 Form 10-K, the purchase discount on such loans is accreted to interest income over the weighted-average life of the underlying loans, which may vary based on prepayments. The following table presents the balances for held for investment loans by portfolio segment and held for sale loans. $ in millions June 30, 2023 September 30, 2022 SBL $ 14,227 $ 15,297 C&I loans 10,663 11,173 CRE loans 7,091 6,549 REIT loans 1,715 1,592 Residential mortgage loans 8,422 7,386 Tax-exempt loans 1,548 1,501 Total loans held for investment 43,666 43,498 Held for sale loans 135 137 Total loans held for sale and investment 43,801 43,635 Allowance for credit losses (456) (396) Bank loans, net (1) $ 43,345 $ 43,239 ACL as a % of total loans held for investment 1.04 % 0.91 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 197 $ 137 (1) Bank loans, net as of June 30, 2023 and September 30, 2022 are presented net of $68 million and $112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs. The net unamortized discount primarily arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital acquisition. See Note 3 of our 2022 Form 10-K for further information. See Note 6 for more information regarding bank loans, net pledged with the FHLB and FRB and Note 14 for more information regarding borrowings from the FHLB. Held for sale loans We originated or purchased $699 million and $2.13 billion of loans held for sale during the three and nine months ended June 30, 2023, respectively, and, exclusive of the loans acquired on June 1, 2022 in our acquisition of TriState Capital, we originated or purchased $683 million and $2.65 billion of loans held for sale during the three and nine months ended June 30, 2022, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $221 million and $574 million during the three and nine months ended June 30, 2023, respectively, and $345 million and $1.02 billion during the three and nine months ended June 30, 2022, respectively. Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2023 and 2022. Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans CRE loans REIT loans Residential mortgage loans Total Three months ended June 30, 2023 Purchases $ 3 $ — $ — $ 94 $ 97 Sales $ 441 $ — $ — $ — $ 441 Nine months ended June 30, 2023 Purchases $ 360 $ 39 $ 24 $ 394 $ 817 Sales $ 588 $ — $ — $ — $ 588 Three months ended June 30, 2022 Purchases $ 439 $ — $ — $ 383 $ 822 Sales $ 33 $ — $ — $ — $ 33 Nine months ended June 30, 2022 Purchases $ 1,219 $ — $ — $ 790 $ 2,009 Sales $ 145 $ — $ — $ — $ 145 Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2022 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Aging analysis of loans held for investment The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment June 30, 2023 SBL $ — $ — $ — $ — $ — $ 14,227 $ 14,227 C&I loans — — — 75 — 10,588 10,663 CRE loans — — — 29 14 7,048 7,091 REIT loans — — — — — 1,715 1,715 Residential mortgage loans 2 — 2 — 9 8,411 8,422 Tax-exempt loans — — — — — 1,548 1,548 Total loans held for investment $ 2 $ — $ 2 $ 104 $ 23 $ 43,537 $ 43,666 September 30, 2022 SBL $ — $ — $ — $ — $ — $ 15,297 $ 15,297 C&I loans — — — 32 — 11,141 11,173 CRE loans — — — 12 16 6,521 6,549 REIT loans — — — — — 1,592 1,592 Residential mortgage loans 4 — 4 — 14 7,368 7,386 Tax-exempt loans — — — — — 1,501 1,501 Total loans held for investment $ 4 $ — $ 4 $ 44 $ 30 $ 43,420 $ 43,498 The preceding table includes $118 million and $63 million at June 30, 2023 and September 30, 2022, respectively, of nonaccrual loans which were current pursuant to their contractual terms. The table also includes troubled debt restructurings of $30 million, $7 million, and $10 million for C&I loans, CRE loans, and residential first mortgage loans, respectively, at June 30, 2023, and $11 million, $9 million, and $10 million for C&I loans, CRE loans and residential first mortgage loans, respectively, at September 30, 2022. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2023 and September 30, 2022. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. Loan type ($ in millions) Nature of collateral June 30, 2023 September 30, 2022 C&I loans Commercial real estate and other business assets $ 9 $ 11 CRE loans Office, healthcare, industrial, and retail real estate $ 42 $ 21 Residential mortgage loans Single family homes $ 4 $ 6 The recorded investments in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process were $4 million and $5 million as of June 30, 2023 and September 30, 2022, respectively. Credit quality indicators The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral and generally are performing in accordance with the contractual terms. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. June 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total SBL Risk rating: Pass $ 20 $ 18 $ 83 $ 44 $ 16 $ 38 $ 13,999 $ 14,218 Special mention (1) — — — — — — 4 4 Substandard (1) — — — — — — 5 5 Doubtful — — — — — — — — Total SBL $ 20 $ 18 $ 83 $ 44 $ 16 $ 38 $ 14,008 $ 14,227 C&I loans Risk rating: Pass $ 551 $ 1,142 $ 1,115 $ 1,109 $ 974 $ 2,904 $ 2,646 $ 10,441 Special mention — 10 29 — — 19 7 65 Substandard — — — 61 18 63 15 157 Doubtful — — — — — — — — Total C&I loans $ 551 $ 1,152 $ 1,144 $ 1,170 $ 992 $ 2,986 $ 2,668 $ 10,663 CRE loans Risk rating: Pass $ 776 $ 2,356 $ 1,151 $ 787 $ 618 $ 1,040 $ 209 $ 6,937 Special mention 7 — 5 34 — 22 — 68 Substandard — — — 2 12 72 — 86 Doubtful — — — — — — — — Total CRE loans $ 783 $ 2,356 $ 1,156 $ 823 $ 630 $ 1,134 $ 209 $ 7,091 REIT loans Risk rating: Pass $ 279 $ 201 $ 211 $ 103 $ 55 $ 175 $ 691 $ 1,715 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 279 $ 201 $ 211 $ 103 $ 55 $ 175 $ 691 $ 1,715 Residential mortgage loans Risk rating: Pass $ 1,407 $ 2,921 $ 1,630 $ 939 $ 446 $ 1,020 $ 33 $ 8,396 Special mention — — 2 — 2 4 — 8 Substandard — 2 — — — 16 — 18 Doubtful — — — — — — — — Total residential mortgage loans $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 Tax-exempt loans Risk rating: Pass $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548 (1) These balances relate to loans which were collateralized by private securities or securities with a limited trading market as of June 30, 2023. September 30, 2022 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total SBL Risk rating: Pass $ 14 $ 27 $ 72 $ 44 $ 36 $ 41 $ 15,063 $ 15,297 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL $ 14 $ 27 $ 72 $ 44 $ 36 $ 41 $ 15,063 $ 15,297 C&I loans Risk rating: Pass $ 1,011 $ 1,448 $ 1,301 $ 1,124 $ 1,389 $ 2,200 $ 2,380 $ 10,853 Special mention 10 28 3 37 — 82 6 166 Substandard 1 — 60 28 40 6 14 149 Doubtful — — — — 5 — — 5 Total C&I loans $ 1,022 $ 1,476 $ 1,364 $ 1,189 $ 1,434 $ 2,288 $ 2,400 $ 11,173 CRE loans Risk rating: Pass $ 1,916 $ 1,345 $ 892 $ 707 $ 816 $ 551 $ 176 $ 6,403 Special mention — 1 — — 36 2 — 39 Substandard — — 14 17 46 30 — 107 Doubtful — — — — — — — — Total CRE loans $ 1,916 $ 1,346 $ 906 $ 724 $ 898 $ 583 $ 176 $ 6,549 REIT loans Risk rating: Pass $ 169 $ 230 $ 96 $ 53 $ 40 $ 222 $ 782 $ 1,592 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 169 $ 230 $ 96 $ 53 $ 40 $ 222 $ 782 $ 1,592 Residential mortgage loans Risk rating: Pass $ 2,984 $ 1,704 $ 1,023 $ 477 $ 290 $ 843 $ 35 $ 7,356 Special mention 1 1 — 2 — 4 — 8 Substandard 1 — — — 1 20 — 22 Doubtful — — — — — — — — Total residential mortgage loans $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 Tax-exempt loans Risk rating: Pass $ 264 $ 169 $ 56 $ 115 $ 192 $ 705 $ — $ 1,501 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 264 $ 169 $ 56 $ 115 $ 192 $ 705 $ — $ 1,501 We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by FICO score and by LTV ratio at origination. June 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total FICO score: Below 600 $ 7 $ 1 $ 3 $ 2 $ 3 $ 55 $ — $ 71 600 - 699 79 155 106 85 30 80 3 538 700 - 799 1,110 2,353 1,239 681 327 624 23 6,357 800 + 209 412 280 170 83 277 6 1,437 FICO score not available 2 2 4 1 5 4 1 19 Total $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 LTV ratio: Below 80% $ 974 $ 2,243 $ 1,276 $ 732 $ 334 $ 801 $ 31 $ 6,391 80%+ 433 680 356 207 114 239 2 2,031 Total $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 September 30, 2022 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total FICO score: Below 600 $ 1 $ 3 $ 2 $ 3 $ 1 $ 54 $ — $ 64 600 - 699 155 112 90 32 20 68 4 481 700 - 799 2,403 1,301 744 353 219 470 22 5,512 800 + 424 284 184 87 48 273 6 1,306 FICO score not available 3 5 3 4 3 2 3 23 Total $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 LTV ratio: Below 80% $ 2,287 $ 1,333 $ 797 $ 358 $ 226 $ 661 $ 31 $ 5,693 80%+ 699 372 226 121 65 206 4 1,693 Total $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total Three months ended June 30, 2023 Balance at beginning of period $ 5 $ 219 $ 100 $ 15 $ 74 $ 2 $ 415 Provision/(benefit) for credit losses — (8) 55 1 6 — 54 Net (charge-offs)/recoveries: Charge-offs — (6) (9) — — — (15) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (9) — — — (15) Foreign exchange translation adjustment — 1 1 — — — 2 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Nine months ended June 30, 2023 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 2 10 66 (5) 23 — 96 Net (charge-offs)/recoveries: Charge-offs — (30) (10) — — — (40) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (30) (7) — — — (37) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Three months ended June 30, 2022 Balance at beginning of period $ 3 $ 195 $ 71 $ 25 $ 32 $ 2 $ 328 Initial allowance on acquired purchased credit deteriorated (“PCD”) loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (1) 17 — (2) 16 — 30 Total provision/(benefit) for credit losses 1 22 19 (2) 16 — 56 Net (charge-offs)/recoveries: Charge-offs — (11) (4) — — — (15) Recoveries — — 5 — — — 5 Net (charge-offs)/recoveries — (11) 1 — — — (10) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % Nine months ended June 30, 2022 Balance at beginning of period $ 4 $ 191 $ 66 $ 22 $ 35 $ 2 $ 320 Initial allowance on acquired PCD loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (2) 24 5 1 12 — 40 Total provision/(benefit) for credit losses — 29 24 1 12 — 66 Net (charge-offs)/recoveries: Charge-offs — (14) (4) — — — (18) Recoveries — — 5 — 1 — 6 Net (charge-offs)/recoveries — (14) 1 — 1 — (12) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % The allowance for credit losses on held for investment bank loans increased $41 million and $60 million during the three and nine months ended June 30, 2023, respectively, primarily resulting from provisions for credit losses of $54 million and $96 million, respectively, partially offset by net charge-offs of certain loans during the period. The provision for credit losses for the three months ended June 30, 2023 largely reflected the impacts of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our Current Expected Credit Losses (“CECL”) model and to a lesser extent loan downgrades. The provision for credit losses for the nine months ended June 30, 2023 primarily reflected the impacts of a weakened macroeconomic outlook for certain loan portfolios, including the aforementioned impact of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our CECL model as well as loan downgrades during the period. These increases were partially offset by the impact of loan repayments and sales, which had a larger impact than provisions on new loans during the period. The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $28 million, $21 million, and $19 million at June 30, 2023, March 31, 2023 and September 30, 2022, respectively. The increase in the allowance for credit losses on unfunded lending commitments for the three and nine months ended June 30, 2023 was primarily due to the aforementioned impact of a weaker economic outlook for the CRE portfolio as reflected in Moody’s CRE Price Index utilized in our CECL model. Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2022 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable. $ in millions June 30, 2023 September 30, 2022 Affiliated with the firm as of period-end (1) $ 1,142 $ 1,173 No longer affiliated with the firm as of period-end (2) 11 8 Total loans to financial advisors 1,153 1,181 Allowance for credit losses (31) (29) Loans to financial advisors, net $ 1,122 $ 1,152 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 5 $ 5 Allowance for credit losses as a percent of total loans to financial advisors 2.69 % 2.46 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2022 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs. VIEs where we are the primary beneficiary Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. $ in millions Aggregate assets Aggregate liabilities June 30, 2023 LIHTC funds $ 53 $ 6 Restricted Stock Trust Fund 27 27 Total $ 80 $ 33 September 30, 2022 LIHTC funds $ 59 $ 6 Restricted Stock Trust Fund 17 17 Total $ 76 $ 23 The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table. $ in millions June 30, 2023 September 30, 2022 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 5 $ 5 Other assets 48 54 Total assets $ 53 $ 59 Liabilities: Other payables $ — $ — Total liabilities $ — $ — Noncontrolling interests $ (27) $ (26) VIEs where we hold a variable interest but are not the primary beneficiary As discussed in Note 2 of our 2022 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs include certain LIHTC funds, our interests in certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs. Aggregate assets, liabilities, and risk of loss The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table. June 30, 2023 September 30, 2022 $ in millions Aggregate Aggregate Our risk Aggregate Aggregate Our risk LIHTC funds $ 8,187 $ 2,846 $ 79 $ 7,752 $ 2,584 $ 136 Private Equity Interests 2,416 640 100 2,177 448 90 Other 114 75 3 159 101 8 Total $ 10,717 $ 3,561 $ 182 $ 10,088 $ 3,133 $ 234 |
GOODWILL AND IDENTIFIABLE INTAN
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET | 9 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET Our goodwill and identifiable intangible assets result from various acquisitions. See Notes 2 and 11 of our 2022 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies. We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired. We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2023 evaluation date, evaluating balances as of December 31, 2022. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets. |
OTHER ASSETS
OTHER ASSETS | 9 Months Ended |
Jun. 30, 2023 | |
Prepaid Expense and Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS The following table details the components of other assets. See Note 2 of our 2022 Form 10-K for a discussion of the accounting polices related to certain of these components. $ in millions June 30, 2023 September 30, 2022 Investments in company-owned life insurance policies $ 1,133 $ 944 Property and equipment, net 542 503 Lease right of use (“ROU”) assets 519 480 Prepaid expenses 223 173 Investments in FHLB and FRB stock 85 88 Client-owned fractional shares 100 78 All other 167 186 Total other assets $ 2,769 $ 2,452 See Note 13 of our 2022 Form 10-K for further information regarding our property and equipment and Note 12 of this Form 10-Q and Note 14 of our 2022 Form 10-K for further information regarding our leases. |
LEASES
LEASES | 9 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | LEASES The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 14 of our 2022 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions June 30, 2023 September 30, 2022 ROU assets (included in Other assets) $ 519 $ 480 Lease liabilities (included in Other payables) $ 521 $ 482 Lease liabilities as of June 30, 2023 excluded $46 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence between dates later in fiscal year 2023 through fiscal year 2025 with lease terms ranging from four Lease expense The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Lease costs $ 35 $ 30 $ 98 $ 87 Variable lease costs $ 9 $ 7 $ 24 $ 22 Variable lease costs in the preceding table include payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU assets and lease liabilities. |
BANK DEPOSITS
BANK DEPOSITS | 9 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
BANK DEPOSITS | BANK DEPOSITS Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits. The following table presents a summary of bank deposits, excluding affiliated deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end. June 30, 2023 September 30, 2022 $ in millions Balance Weighted-average rate Balance Weighted-average rate Money market and savings accounts $ 33,636 1.54 % $ 44,446 1.01 % Interest-bearing demand deposits 16,661 4.86 % 5,286 2.77 % Certificates of deposit 2,739 4.23 % 999 1.85 % Non-interest-bearing demand deposits 732 — 626 — Total bank deposits $ 53,768 2.72 % $ 51,357 1.21 % Money market and savings accounts in the preceding table included $27.92 billion and $38.71 billion as of June 30, 2023 and September 30, 2022, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”). Money market and savings accounts also included direct accounts held by TriState Capital Bank on behalf of third-party clients. Interest-bearing demand deposits in the preceding table included $11.23 billion of deposits as of June 30, 2023 associated with our Enhanced Savings Program, in which Private Client Group clients deposit cash in a high-yield Raymond James Bank account. The following table details the estimated amount of total bank deposits, excluding affiliated deposits, that are FDIC-insured, as well as the estimated amount that exceeded the FDIC insurance limit at each respective period. $ in millions June 30, 2023 September 30, 2022 FDIC-insured bank deposits $ 46,884 $ 43,520 Bank deposits exceeding FDIC insurance limit 6,884 7,837 Total bank deposits $ 53,768 $ 51,357 FDIC-insured bank deposits as a % of total bank deposits 87 % 85 % The following table sets forth the estimated amount of certificates of deposit, excluding affiliated deposits, that exceeded the FDIC insurance limit by time remaining until maturity as of June 30, 2023. $ in millions June 30, 2023 Three months or less $ 40 Over three through six months 25 Over six through twelve months 31 Over twelve months 12 Total estimated certificates of deposit that exceeded the FDIC insurance limit $ 108 Interest expense on deposits, excluding interest expense related to affiliated deposits, is summarized in the following table. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Money market and savings accounts $ 125 $ 11 $ 370 $ 13 Interest-bearing demand deposits 157 6 266 8 Certificates of deposit 30 3 54 10 Total interest expense on deposits $ 312 $ 20 $ 690 $ 31 We use an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate. Refer to Note 5 of this Form 10-Q for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge. |
OTHER BORROWINGS
OTHER BORROWINGS | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | OTHER BORROWINGS The following table details the components of our other borrowings, which are primarily comprised of short-term and long-term FHLB advances and subordinated notes. June 30, 2023 September 30, 2022 $ in millions Weighted average interest rate Maturity date Balance Weighted average interest rate Maturity date Balance FHLB advances: Floating rate - term (1) 5.36 % December 2023 - March 2025 $ 850 3.32 % December 2023 $ 850 Floating rate - overnight (1) — % Overnight — 3.11 % Overnight 140 Fixed rate 5.59 % September 2023 150 3.45 % December 2022 200 Total FHLB advances 1,000 1,190 Subordinated notes - fixed-to-floating (including an unaccreted premium of $2 and $2, respectively) 5.75 % May 2030 100 5.75 % May 2030 100 Other — 1 Total other borrowings $ 1,100 $ 1,291 (1) Interest rates on these advances reset daily. We use interest rate swaps to manage the risk of increases in interest rates associated with the majority our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. Refer to Note 2 of our 2022 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. Refer to Note 6 for more information regarding bank loans, net and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings. Subordinated notes Our subordinated notes incur interest at a fixed rate of 5.75% until May 2025 and thereafter at a variable interest rate equal to 3-month CME Term SOFR plus a spread adjustment of 5.62% per annum. Refer to Note 16 of our 2022 Form 10-K for additional information regarding these borrowings. Credit Facility In April 2023, we amended and extended our revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow. As a result of the extension, the Credit Facility reflects a term through April 2028 and provides for maximum borrowings of up to $750 million. The interest rates on borrowings under the Credit Facility are variable and based on the Secured Overnight Financing Rate (“SOFR”), as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of June 30, 2023 or September 30, 2022. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating. Based upon RJF’s credit rating as of June 30, 2023, the variable rate facility fee, which is applied to the committed amount, was 0.125% per annum. For further information on our other borrowing arrangements refer to Note 16 of our 2022 Form 10-K. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 18 of our 2022 Form 10-K. Effective tax rate Our effective income tax rate of 23.0% for the nine months ended June 30, 2023 was lower than the 25.4% effective tax rate for our fiscal year 2022. The decrease in the effective income tax rate was primarily due to nontaxable valuation gains associated with our company-owned life insurance policies that were recognized during the current period compared to fiscal year 2022 which had nondeductible losses. Uncertain tax positions Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $10 million due to expirations of statutes of limitations and the completion of tax examinations. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 9 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments and contingencies Underwriting commitments In the normal course of business, we enter into commitments for debt and equity underwritings. As of June 30, 2023, we had one such open underwriting commitment, which was subsequently settled in an open market transaction that had an insignificant impact on our results of operations. Lending commitments and other credit-related financial instruments We have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which then extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments. The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment. $ in millions June 30, 2023 September 30, 2022 SBL and other consumer lines of credit $ 37,868 $ 33,641 Commercial lines of credit $ 4,036 $ 3,792 Unfunded lending commitments $ 1,087 $ 1,255 Standby letters of credit $ 132 $ 94 SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are primarily uncommitted, as we reserve the right to not make any advances or may terminate these lines at any time. Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the CECL model provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2022 Form 10-K and Note 7 of this Form 10-Q for further information on this allowance for credit losses related to unfunded lending commitments. RJ&A enters into margin lending arrangements which allow customers to borrow against the value of qualifying securities. Margin loans are collateralized by the securities held in the customer’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require customers to deposit additional collateral or reduce balances as necessary. We offer loans to prospective financial advisors for recruiting and retention purposes (see Note 2 of our 2022 Form 10-K and Note 8 of this Form 10-Q for further discussion of our loans to financial advisors). These offers are contingent upon certain events occurring, including the individuals joining us and meeting certain other conditions outlined in their offer. Investment commitments We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $74 million as of June 30, 2023. Other commitments Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of June 30, 2023, RJAHI had committed approximately $265 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds. For information regarding our lease commitments see Note 12 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 14 of our 2022 Form 10-K. Guarantees Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $500 thousand per client for securities and cash held in client accounts, including a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies. Legal and regulatory matters contingencies In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution. RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and self-regulatory organizations institute investigations from time to time, among other things, into industry practices, which can also result in the imposition of such sanctions. For example, the firm is continuing its cooperation with the SEC in connection with an investigation of the firm’s investment advisory business’ compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by the firm. The SEC is reportedly conducting similar investigations of record preservation practices at other financial institutions. We may contest liability and/or the amount of damages, as appropriate, in each pending matter. The level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material. For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period. There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2023, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $100 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2022 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred stock The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2022 Form 10-K. $ in millions, except share count June 30, 2023 September 30, 2022 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”): Shares outstanding — 40,250 Carrying value $ — $ 41 Aggregate liquidation preference $ — $ 40 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”): Shares outstanding 80,500 80,500 Carrying value $ 79 $ 79 Aggregate liquidation preference $ 81 $ 81 On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock with a carrying value of $41 million, which triggered the redemption of the related depositary shares (“Series A Depositary Shares”), each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $40 million. The following table details dividends declared and dividends paid on our Series A and Series B preferred stock for the three and nine months ended June 30, 2023. Dividends declared Dividends paid $ in millions, except per share amounts Total dividends Per preferred Total dividends Per preferred Three months ended June 30, 2023 Series A Preferred Stock (1) $ — $ — $ 1 $ 16.88 Series B Preferred Stock 1 $ 15.94 1 $ 15.94 Total preferred stock dividends (1) $ 1 $ 2 Nine Months Ended June 30, 2023 Series A Preferred Stock (1) $ 2 $ 33.76 $ 3 $ 50.64 Series B Preferred Stock 3 $ 47.82 3 $ 47.82 Total preferred stock dividends (1) $ 5 $ 6 Three months ended June 30, 2022 Series A Preferred Stock $ 1 $ 16.88 $ — $ — Series B Preferred Stock 1 $ 15.94 — $ — Total preferred stock dividends $ 2 $ — Nine months ended June 30, 2022 Series A Preferred Stock $ 1 $ 16.88 $ — Series B Preferred Stock 1 $ 15.94 — $ — Total preferred stock dividends $ 2 $ — (1) Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2023 included dividends declared during the periods, as well as the $1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders. Dividends on Series B Preferred Stock are payable quarterly at a rate of 6.375% per annum from original issue date up to, but excluding, July 1, 2026, and thereafter at a floating rate equal to 3-month CME Term SOFR plus a spread adjustment of 4.35% per annum. Refer to Note 20 of our 2022 Form 10-K for additional information regarding our Series B Preferred Stock. Common equity Common stock issuance We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs. See Note 20 of this Form 10-Q and Note 23 of our 2022 Form 10-K for additional information on these programs. We may also reissue treasury shares for such purposes. Share repurchases We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution from share-based compensation. In December 2022, our Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable law and regulatory constraints, general market conditions, and the price and trading volumes of our common stock. During the three months ended June 30, 2023, under the Board of Directors’ common stock repurchase authorization, we repurchased 3.31 million shares of our common stock for $300 million at an average price of $90.51 per share. During the nine months ended June 30, 2023, we repurchased 8.35 million shares of our common stock for $788 million at an average price of $94.30 per share. As of June 30, 2023, $750 million remained available under the Board of Directors’ common stock repurchase authorization. We incurred $5 million of excise tax on share repurchases during the nine months ended June 30, 2023 which is included in “Treasury stock” on the Condensed Consolidated Statements of Changes in Shareholders’ Equity. Common stock dividends Dividends per common share declared and paid are detailed in the following table for each respective period. Three months ended June 30, Nine months ended June 30, 2023 2022 2023 2022 Dividends per common share - declared $ 0.42 $ 0.34 $ 1.26 $ 1.02 Dividends per common share - paid $ 0.42 $ 0.34 $ 1.18 $ 0.94 Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share. Three months ended June 30, Nine months ended June 30, 2023 2022 2023 2022 Dividend payout ratio 24.6 % 24.6 % 21.2 % 20.4 % RJF expects to continue paying cash dividends. However, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by bank regulators on dividends to the parent from Raymond James Bank and TriState Capital Bank. See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements. Accumulated other comprehensive income/(loss) All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI. $ in millions Net investment hedges Currency translations Subtotal: net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total Three months ended June 30, 2023 AOCI as of beginning of period $ 136 $ (206) $ (70) $ (758) $ 30 $ (798) OCI: OCI before reclassifications and taxes (22) 36 14 (102) 26 (62) Amounts reclassified from AOCI, before tax — — — — (9) (9) Pre-tax net OCI (22) 36 14 (102) 17 (71) Income tax effect 6 — 6 26 (5) 27 OCI for the period, net of tax (16) 36 20 (76) 12 (44) AOCI as of end of period $ 120 $ (170) $ (50) $ (834) $ 42 $ (842) Nine months ended June 30, 2023 AOCI as of beginning of period $ 153 $ (276) $ (123) $ (902) $ 43 $ (982) OCI: OCI before reclassifications and taxes (45) 107 62 109 21 192 Amounts reclassified from AOCI, before tax — — — — (22) (22) Pre-tax net OCI (45) 107 62 109 (1) 170 Income tax effect 12 (1) 11 (41) — (30) OCI for the period, net of tax (33) 106 73 68 (1) 140 AOCI as of end of period $ 120 $ (170) $ (50) $ (834) $ 42 $ (842) Three months ended June 30, 2022 AOCI as of beginning of period $ 71 $ (91) $ (20) $ (380) $ 11 $ (389) OCI: OCI before reclassifications and taxes 32 (64) (32) (206) 12 (226) Amounts reclassified from AOCI, before tax — — — — 2 2 Pre-tax net OCI 32 (64) (32) (206) 14 (224) Income tax effect (8) — (8) 49 (4) 37 OCI for the period, net of tax 24 (64) (40) (157) 10 (187) AOCI as of end of period $ 95 $ (155) $ (60) $ (537) $ 21 $ (576) Nine months ended June 30, 2022 AOCI as of beginning of period $ 81 $ (90) $ (9) $ (5) $ (27) $ (41) OCI: OCI before reclassifications and taxes 18 (65) (47) (711) 55 (703) Amounts reclassified from AOCI, before tax — — — — 10 10 Pre-tax net OCI 18 (65) (47) (711) 65 (693) Income tax effect (4) — (4) 179 (17) 158 OCI for the period, net of tax 14 (65) (51) (532) 48 (535) AOCI as of end of period $ 95 $ (155) $ (60) $ (537) $ 21 $ (576) Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2023 and 2022 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2022 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives. |
REVENUES
REVENUES | 9 Months Ended |
Jun. 30, 2023 | |
Revenues [Abstract] | |
REVENUES | REVENUESThe 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 2022 Form 10-K. See Note 26 of our 2022 Form 10-K and Note 23 of this Form 10-Q for additional information on our segment results. Three months ended June 30, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,164 $ 1 $ 217 $ — $ (9) $ 1,373 Brokerage revenues: Securities commissions: Mutual and other fund products 135 1 2 — (1) 137 Insurance and annuity products 103 — — — — 103 Equities, exchange traded funds (“ETFs”) and fixed income products 86 31 — — (1) 116 Subtotal securities commissions 324 32 2 — (2) 356 Principal transactions (1) 25 78 — 3 (1) 105 Total brokerage revenues 349 110 2 3 (3) 461 Account and service fees: Mutual fund and annuity service fees 103 — — — — 103 RJBDP fees 384 1 — — (278) 107 Client account and other fees 59 2 5 — (12) 54 Total account and service fees 546 3 5 — (290) 264 Investment banking: Merger & acquisition and advisory — 88 — — — 88 Equity underwriting 9 25 — — 1 35 Debt underwriting — 28 — — — 28 Total investment banking 9 141 — — 1 151 Other: Affordable housing investments business revenues — 21 — — — 21 All other (1) 25 — — 14 (3) 36 Total other 25 21 — 14 (3) 57 Total non-interest revenues 2,093 276 224 17 (304) 2,306 Interest income (1) 114 21 2 826 24 987 Total revenues 2,207 297 226 843 (280) 3,293 Interest expense (25) (21) — (329) (11) (386) Net revenues $ 2,182 $ 276 $ 226 $ 514 $ (291) $ 2,907 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Three months ended June 30, 2022 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,214 $ — $ 220 $ — $ (7) $ 1,427 Brokerage revenues: Securities commissions: Mutual and other fund products 149 1 2 — (1) 151 Insurance and annuity products 109 — — — — 109 Equities, ETFs and fixed income products 90 35 — — — 125 Subtotal securities commissions 348 36 2 — (1) 385 Principal transactions (1) 25 103 — — — 128 Total brokerage revenues 373 139 2 — (1) 513 Account and service fees: Mutual fund and annuity service fees 102 — — — — 102 RJBDP fees 135 1 — — (80) 56 Client account and other fees 59 1 5 — (12) 53 Total account and service fees 296 2 5 — (92) 211 Investment banking: Merger & acquisition and advisory — 147 — — — 147 Equity underwriting 6 36 — — — 42 Debt underwriting — 34 — — — 34 Total investment banking 6 217 — — — 223 Other: Affordable housing investments business revenues — 21 — — — 21 All other (1) 11 1 — 6 (9) 9 Total other 11 22 — 6 (9) 30 Total non-interest revenues 1,900 380 227 6 (109) 2,404 Interest income (1) 68 6 1 296 3 374 Total revenues 1,968 386 228 302 (106) 2,778 Interest expense (10) (3) — (26) (21) (60) Net revenues $ 1,958 $ 383 $ 228 $ 276 $ (127) $ 2,718 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Nine Months Ended June 30, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 3,319 $ 2 $ 620 $ — $ (24) $ 3,917 Brokerage revenues: Securities commissions: Mutual and other fund products 398 4 4 — (2) 404 Insurance and annuity products 320 — — — — 320 Equities, ETFs and fixed income products 259 96 — — (2) 353 Subtotal securities commissions 977 100 4 — (4) 1,077 Principal transactions (1) 81 274 — 11 (2) 364 Total brokerage revenues 1,058 374 4 11 (6) 1,441 Account and service fees: Mutual fund and annuity service fees 306 — 1 — (1) 306 RJBDP fees 1,200 3 — — (859) 344 Client account and other fees 175 5 15 — (34) 161 Total account and service fees 1,681 8 16 — (894) 811 Investment banking: Merger & acquisition and advisory — 277 — — — 277 Equity underwriting 27 69 — — — 96 Debt underwriting — 73 — — — 73 Total investment banking 27 419 — — — 446 Other: Affordable housing investments business revenues — 68 — — — 68 All other (1) 40 1 2 33 (11) 65 Total other 40 69 2 33 (11) 133 Total non-interest revenues 6,125 872 642 44 (935) 6,748 Interest income (1) 340 65 7 2,251 66 2,729 Total revenues 6,465 937 649 2,295 (869) 9,477 Interest expense (76) (64) — (733) (38) (911) Net revenues $ 6,389 $ 873 $ 649 $ 1,562 $ (907) $ 8,566 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Nine Months Ended June 30, 2022 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 3,621 $ 2 $ 673 $ — $ (23) $ 4,273 Brokerage revenues: Securities commissions: Mutual and other fund products 486 5 6 — (2) 495 Insurance and annuity products 330 — — — — 330 Equities, ETFs and fixed income products 299 108 — — — 407 Subtotal securities commissions 1,115 113 6 — (2) 1,232 Principal transactions (1) 52 351 — — — 403 Total brokerage revenues 1,167 464 6 — (2) 1,635 Account and service fees: Mutual fund and annuity service fees 325 — — — (1) 324 RJBDP fees 271 1 — — (179) 93 Client account and other fees 161 5 17 — (33) 150 Total account and service fees 757 6 17 — (213) 567 Investment banking: Merger & acquisition and advisory — 557 — — — 557 Equity underwriting 28 185 — — — 213 Debt underwriting — 113 — — — 113 Total investment banking 28 855 — — — 883 Other: Affordable housing investments business revenues — 71 — — — 71 All other (1) 24 4 1 20 (12) 37 Total other 24 75 1 20 (12) 108 Total non-interest revenues 5,597 1,402 697 20 (250) 7,466 Interest income (1) 138 16 1 682 4 841 Total revenues 5,735 1,418 698 702 (246) 8,307 Interest expense (16) (8) — (46) (65) (135) Net revenues $ 5,719 $ 1,410 $ 698 $ 656 $ (311) $ 8,172 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. |
INTEREST INCOME AND INTEREST EX
INTEREST INCOME AND INTEREST EXPENSE | 9 Months Ended |
Jun. 30, 2023 | |
Interest Income (Expense), Net [Abstract] | |
INTEREST INCOME AND INTEREST EXPENSE | INTEREST INCOME AND INTEREST EXPENSE The following table details the components of interest income and interest expense. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Interest income: Cash and cash equivalents $ 109 $ 10 $ 239 $ 16 Assets segregated for regulatory purposes and restricted cash 47 28 152 39 Trading assets — debt securities 13 4 40 13 Available-for-sale securities 56 37 163 84 Brokerage client receivables 42 24 124 66 Bank loans, net 698 255 1,954 590 All other 22 16 57 33 Total interest income $ 987 $ 374 $ 2,729 $ 841 Interest expense: Bank deposits $ 312 $ 20 690 $ 31 Trading liabilities — debt securities 9 1 26 3 Brokerage client payables 17 3 57 4 Other borrowings 12 6 30 15 Senior notes payable 23 23 69 69 All other 13 7 39 13 Total interest expense $ 386 $ 60 $ 911 $ 135 Net interest income $ 601 $ 314 $ 1,818 $ 706 Bank loan provision for credit losses (54) (56) (96) (66) Net interest income after bank loan provision for credit losses $ 547 $ 258 $ 1,722 $ 640 Interest expense related to bank deposits in the preceding table excludes interest expense associated with affiliate deposits, which has been eliminated in consolidation. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION We have one share-based compensation plan, the Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, directors, and independent contractor financial advisors. On February 23, 2023, our shareholders approved an amendment to the Plan to increase the number of shares available for grant by 18 million. Following this amendment, the Plan authorizes us to grant 96.4 million shares (including the shares available for grant under six predecessor plans). As of June 30, 2023, 20.9 million shares remained available for grant under the Plan. We may utilize treasury shares for grants under the Plan; though we are also permitted to issue new shares. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2022 Form 10-K. Other information related to our share-based awards is presented in Note 23 of our 2022 Form 10-K. Restricted stock units During the three and nine months ended June 30, 2023, we granted approximately 47 thousand and 2.1 million RSUs, respectively, with a weighted-average grant-date fair value of $90.86 and $116.18, respectively, compared with approximately 222 thousand and 3.1 million RSUs granted during the three and nine months ended June 30, 2022, respectively, with a weighted-average grant-date fair value of $97.64 and $98.77, respectively. For the three and nine months ended June 30, 2023, total share-based compensation amortization related to RSUs was $50 million and $180 million, respectively, compared with $36 million and $141 million for the three and nine months ended June 30, 2022, respectively. As of June 30, 2023, there were $385 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2023. These costs are expected to be recognized over a weighted-average period of 2.7 years. Restricted stock awards Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition. See Note 23 of our 2022 Form 10-K for further discussion of these awards. For the three and nine months ended June 30, 2023 total share-based compensation amortization related to these RSAs was $2 million and $7 million, respectively. As of June 30, 2023, there were $14 million of total pre-tax compensation costs not yet recognized for these RSAs. These costs are expected to be recognized over a weighted-average period of 2.3 years. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 9 Months Ended |
Jun. 30, 2023 | |
Regulatory Capital Requirement [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results. As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”) that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FDIC’s capital rules, which are substantially similar to the Fed’s rules, applied to TriState Capital Bank as of June 30, 2023 and September 30, 2022. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”). Under these rules, minimum requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”), and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of June 30, 2023, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirement and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2022 Form 10-K. To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum Tier 1 leverage, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following table. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio RJF as of June 30, 2023: Tier 1 leverage $ 8,928 11.4 % $ 3,135 4.0 % $ 3,919 5.0 % Tier 1 capital $ 8,928 20.6 % $ 2,607 6.0 % $ 3,476 8.0 % CET1 $ 8,852 20.4 % $ 1,955 4.5 % $ 2,824 6.5 % Total capital $ 9,540 22.0 % $ 3,476 8.0 % $ 4,345 10.0 % RJF as of September 30, 2022: Tier 1 leverage $ 8,480 10.3 % $ 3,304 4.0 % $ 4,130 5.0 % Tier 1 capital $ 8,480 19.2 % $ 2,651 6.0 % $ 3,534 8.0 % CET1 $ 8,380 19.0 % $ 1,988 4.5 % $ 2,871 6.5 % Total capital $ 9,031 20.4 % $ 3,534 8.0 % $ 4,418 10.0 % As of June 30, 2023, RJF’s regulatory capital increase compared with September 30, 2022 was driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends. RJF’s Tier 1 capital and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital and a decrease in risk-weighted assets. The decrease in risk-weighted assets was primarily driven by a decrease in assets segregated for regulatory purposes, partially offset by an increase in our bank loan portfolio. RJF’s Tier 1 leverage ratio at June 30, 2023 increased compared to September 30, 2022 due to the increase in regulatory capital and lower average assets, primarily driven by a decrease in assets segregated for regulatory purposes. To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank and TriState Capital Bank must maintain Tier 1 leverage, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following tables. Our intention is to maintain Raymond James Bank’s and TriState Capital Bank’s “well-capitalized” status. In the unlikely event that Raymond James Bank or TriState Capital Bank failed to maintain their “well-capitalized” status, the consequences could include a requirement to obtain a waiver from the FDIC prior to acceptance, renewal, or rollover of brokered deposits and result in higher FDIC premiums, but would not significantly impact our operations. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio Raymond James Bank as of June 30, 2023: Tier 1 leverage $ 3,349 7.6 % $ 1,768 4.0 % $ 2,210 5.0 % Tier 1 capital $ 3,349 13.6 % $ 1,476 6.0 % $ 1,967 8.0 % CET1 $ 3,349 13.6 % $ 1,107 4.5 % $ 1,599 6.5 % Total capital $ 3,658 14.9 % $ 1,967 8.0 % $ 2,459 10.0 % Raymond James Bank as of September 30, 2022: Tier 1 leverage $ 2,998 7.1 % $ 1,695 4.0 % $ 2,119 5.0 % Tier 1 capital $ 2,998 12.1 % $ 1,485 6.0 % $ 1,979 8.0 % CET1 $ 2,998 12.1 % $ 1,113 4.5 % $ 1,608 6.5 % Total capital $ 3,308 13.4 % $ 1,979 8.0 % $ 2,474 10.0 % Raymond James Bank’s regulatory capital increased compared with September 30, 2022, driven by positive earnings, partially offset by dividends paid to RJF. Raymond James Bank’s Tier 1 capital and Total capital ratios increased compared with September 30, 2022 resulting from the increase in regulatory capital and a decrease in risk-weighted assets largely due to a decrease in the bank loan and available-for-sale securities portfolios. Raymond James Bank’s Tier 1 leverage ratio at June 30, 2023 increased compared with September 30, 2022 due to the increase in regulatory capital, partially offset by an increase in average assets, primarily driven by higher cash balances. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio TriState Capital Bank as of June 30, 2023: Tier 1 leverage $ 1,243 7.2 % $ 695 4.0 % $ 868 5.0 % Tier 1 capital $ 1,243 14.7 % $ 507 6.0 % $ 676 8.0 % CET1 $ 1,243 14.7 % $ 380 4.5 % $ 549 6.5 % Total capital $ 1,283 15.2 % $ 676 8.0 % $ 845 10.0 % TriState Capital Bank as of September 30, 2022: Tier 1 leverage $ 1,093 7.3 % $ 601 4.0 % $ 752 5.0 % Tier 1 capital $ 1,093 14.1 % $ 463 6.0 % $ 618 8.0 % CET1 $ 1,093 14.1 % $ 348 4.5 % $ 502 6.5 % Total capital $ 1,122 14.5 % $ 618 8.0 % $ 772 10.0 % TriState Capital Bank’s regulatory capital increased compared with September 30, 2022, driven by positive earnings. TriState Capital Bank’s Tier 1 capital and Total capital ratios increased compared with September 30, 2022, due to the increase in regulatory capital, partially offset by an increase in risk-weighted assets primarily resulting from increases in bank loans and available-for-sale securities. TriState Capital Bank’s Tier 1 leverage ratio at June 30, 2023 decreased slightly compared with September 30, 2022 as the increase in regulatory capital was offset by an increase in average assets, primarily driven by higher cash balances, as well as the increases in bank loans and available-for-sale securities. Our banking subsidiaries may pay dividends to RJF without prior approval of their respective regulators subject to certain restrictions including retained net income and targeted regulatory capital ratios. Dividends paid to RJF from our banking subsidiaries may be limited to the extent that capital is needed to support their balance sheet growth. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A. $ in millions June 30, 2023 September 30, 2022 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 43.4 % 40.9 % Net capital $ 1,065 $ 1,152 Less: required net capital (49) (56) Excess net capital $ 1,016 $ 1,096 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table presents the computation of basic and diluted earnings per common share. Three months ended June 30, Nine months ended June 30, in millions, except per share amounts 2023 2022 2023 2022 Income for basic earnings per common share: Net income available to common shareholders $ 369 $ 299 $ 1,301 $ 1,068 Less allocation of earnings and dividends to participating securities (1) (1) (4) (2) Net income available to common shareholders after participating securities $ 368 $ 298 $ 1,297 $ 1,066 Income for diluted earnings per common share: Net income available to common shareholders $ 369 $ 299 $ 1,301 $ 1,068 Less allocation of earnings and dividends to participating securities (1) (1) (4) (2) Net income available to common shareholders after participating securities $ 368 $ 298 $ 1,297 $ 1,066 Common shares: Average common shares in basic computation 210.1 210.7 213.0 208.1 Dilutive effect of outstanding stock options and certain RSUs 4.7 5.0 5.0 5.4 Average common and common equivalent shares used in diluted computation 214.8 215.7 218.0 213.5 Earnings per common share: Basic $ 1.75 $ 1.41 $ 6.09 $ 5.12 Diluted $ 1.71 $ 1.38 $ 5.95 $ 4.99 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive 1.8 0.5 1.4 0.4 The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, as well as the RSAs granted as part of our acquisition of TriState Capital, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2023 and 2022. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 26 of our 2022 Form 10-K. The following table presents information concerning operations in these segments. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net revenues: Private Client Group $ 2,182 $ 1,958 $ 6,389 $ 5,719 Capital Markets 276 383 873 1,410 Asset Management 226 228 649 698 Bank 514 276 1,562 656 Other 15 (21) 34 (54) Intersegment eliminations (306) (106) (941) (257) Total net revenues $ 2,907 $ 2,718 $ 8,566 $ 8,172 Pre-tax income/(loss): Private Client Group $ 411 $ 251 $ 1,286 $ 659 Capital Markets (34) 61 (84) 349 Asset Management 89 93 251 303 Bank 66 74 293 259 Other (1) (46) (64) (51) (164) Total pre-tax income $ 486 $ 415 $ 1,695 $ 1,406 (1) The nine months ended June 30, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income. No individual client accounted for more than ten percent of revenues in any of the periods presented. The following table presents our net interest income on a segment basis. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net interest income/(expense): Private Client Group $ 89 $ 58 $ 264 $ 122 Capital Markets — 3 1 8 Asset Management 2 1 7 1 Bank 497 270 1,518 636 Other 13 (18) 28 (61) Net interest income $ 601 $ 314 $ 1,818 $ 706 The following table presents our total assets on a segment basis. $ in millions June 30, 2023 September 30, 2022 Total assets: Private Client Group $ 12,287 $ 17,770 Capital Markets 2,926 3,951 Asset Management 545 556 Bank 59,506 56,737 Other 2,369 1,937 Total $ 77,633 $ 80,951 The following table presents goodwill, which was included in our total assets, on a segment basis. $ in millions June 30, 2023 September 30, 2022 Goodwill: Private Client Group $ 570 $ 550 Capital Markets 275 274 Asset Management 69 69 Bank 529 529 Total $ 1,443 $ 1,422 We have operations in the U.S., Canada, and Europe. Substantially all long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net revenues: U.S. $ 2,652 $ 2,472 $ 7,819 $ 7,491 Canada 140 138 418 404 Europe 115 108 329 277 Total $ 2,907 $ 2,718 $ 8,566 $ 8,172 Pre-tax income/(loss): U.S. $ 492 $ 393 $ 1,625 $ 1,330 Canada 17 20 84 52 Europe (23) 2 (14) 24 Total $ 486 $ 415 $ 1,695 $ 1,406 The following table presents our total assets by major geographic area in which they were held. $ in millions June 30, 2023 September 30, 2022 Total assets: U.S. $ 71,653 $ 74,428 Canada 3,397 3,631 Europe 2,583 2,892 Total $ 77,633 $ 80,951 The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held. $ in millions June 30, 2023 September 30, 2022 Goodwill: U.S. $ 1,250 $ 1,250 Canada 24 23 Europe 169 149 Total $ 1,443 $ 1,422 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 369 | $ 301 | $ 1,305 | $ 1,070 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
UPDATE OF SIGNIFICANT ACCOUNT_2
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentationThe accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2022 Form 10-K”) for the year ended September 30, 2022, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 9 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. |
Accounting estimates and assumptions | Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2022 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
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. 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 5 for additional information. $ in millions Level 1 Level 2 Level 3 Netting Balance as of June 30, 2023 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 257 $ — $ — $ 257 Corporate obligations 24 598 — — 622 Government and agency obligations 44 105 — — 149 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 19 — — 19 Non-agency CMOs and ABS — 60 — — 60 Total debt securities 68 1,039 — — 1,107 Equity securities 10 2 — — 12 Brokered certificates of deposit — 28 — — 28 Other — — 9 — 9 Total trading assets 78 1,069 9 — 1,156 Available-for-sale securities (1) 1,238 8,328 — — 9,566 Derivative assets: Interest rate 9 414 — (199) 224 Foreign exchange — 5 — — 5 Total derivative assets 9 419 — (199) 229 All other investments: Government and agency obligations (2) 82 — — — 82 Other 93 2 29 — 124 Total all other investments 175 2 29 — 206 Other assets - client-owned fractional shares 100 — — — 100 Subtotal 1,600 9,818 38 (199) 11,257 Other investments - private equity - measured at net asset value (“NAV”) 100 Total assets at fair value on a recurring basis $ 1,600 $ 9,818 $ 38 $ (199) $ 11,357 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 10 $ 2 $ — $ — $ 12 Corporate obligations — 561 — — 561 Government and agency obligations 129 — — — 129 Total debt securities 139 563 — — 702 Equity securities 66 — — — 66 Total trading liabilities 205 563 — — 768 Derivative liabilities: Interest rate 8 461 — (80) 389 Other — — 4 — 4 Total derivative liabilities 8 461 4 (80) 393 Other payables - repurchase liabilities related to client-owned fractional shares 100 — — — 100 Total liabilities at fair value on a recurring basis $ 313 $ 1,024 $ 4 $ (80) $ 1,261 $ in millions Level 1 Level 2 Level 3 Netting Balance as of September 30, 2022 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 269 $ — $ — $ 269 Corporate obligations 16 579 — — 595 Government and agency obligations 86 85 — — 171 Agency MBS, CMOs, and ABS — 123 — — 123 Non-agency CMOs and ABS — 61 — — 61 Total debt securities 102 1,117 — — 1,219 Equity securities 20 — — — 20 Brokered certificates of deposit — 30 — — 30 Other — — 1 — 1 Total trading assets 122 1,147 1 — 1,270 Available-for-sale securities (1) 986 8,899 — — 9,885 Derivative assets: Interest rate 42 484 — (348) 178 Foreign exchange — 10 — — 10 Total derivative assets 42 494 — (348) 188 All other investments: Government and agency obligations (2) 79 — — — 79 Other 92 2 29 — 123 Total all other investments 171 2 29 — 202 Other assets - client-owned fractional shares 78 — — — 78 Subtotal 1,399 10,542 30 (348) 11,623 Other investments - private equity - measured at NAV 90 Total assets at fair value on a recurring basis $ 1,399 $ 10,542 $ 30 $ (348) $ 11,713 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 5 $ — $ — $ — $ 5 Corporate obligations — 555 — — 555 Government and agency obligations 249 — — — 249 Total debt securities 254 555 — — 809 Equity securities 27 — — — 27 Total trading liabilities 281 555 — — 836 Derivative liabilities: Interest rate 40 547 — (65) 522 Foreign exchange — 5 — — 5 Other — — 3 — 3 Total derivative liabilities 40 552 3 (65) 530 Other payables - repurchase liabilities related to client-owned fractional shares 78 — — — 78 Total liabilities at fair value on a recurring basis $ 399 $ 1,107 $ 3 $ (65) $ 1,444 (1) Our available-for-sale securities primarily consist of agency MBS, agency CMOs and U.S. Treasury securities (“U.S. Treasuries”). See Note 4 for further information. (2) 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 assets and 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” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended June 30, 2023 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Other investments Derivative liabilities $ in millions Other All other Other Fair value beginning of period $ 3 $ 28 $ (4) Total gains/(losses) included in earnings (1) 1 — Purchases and contributions 19 — — Sales and distributions (12) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 9 $ 29 $ (4) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ 1 $ 1 $ — Nine Months Ended June 30, 2023 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Other investments Derivative liabilities $ in millions Other All other Other Fair value beginning of period $ 1 $ 29 $ (3) Total gains/(losses) included in earnings (1) — (1) Purchases and contributions 55 — — Sales and distributions (46) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 9 $ 29 $ (4) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ 1 $ — $ (1) Three months ended June 30, 2022 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets Other investments Trading liabilities Derivative liabilities $ in millions Other Other All other Other Other Fair value beginning of period $ 13 $ — $ 53 $ (1) $ — Total gains/(losses) included in earnings (1) 2 — 1 (1) Purchases and contributions 37 — — — — Sales, distributions, and deconsolidations (49) — (2) — — Transfers: Into Level 3 — — — — — Out of Level 3 — — — — — Fair value end of period $ — $ 2 $ 51 $ — $ (1) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ 2 $ 5 $ — $ (1) Nine Months Ended June 30, 2022 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets Other investments Derivative liabilities $ in millions Other Other All other Other Fair value beginning of period $ 14 $ — $ 98 $ (1) Total gains/(losses) included in earnings 1 2 — — Purchases and contributions 91 — 7 — Sales, distributions, and deconsolidations (106) — (42) — Transfers: Into Level 3 — — — — Out of Level 3 — — (12) — Fair value end of period $ — $ 2 $ 51 $ (1) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ 2 $ 5 $ (1) |
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, 2023 Private equity investments measured at NAV $ 100 $ 36 Private equity investments not measured at NAV 7 Total private equity investments $ 107 September 30, 2022 Private equity investments measured at NAV $ 90 $ 39 Private equity investments not measured at NAV 5 Total private equity investments $ 95 |
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 June 30, 2023 Bank loans: Residential mortgage loans $ 2 $ 8 $ 10 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.3 yrs.) Corporate loans $ — $ 95 $ 95 Collateral or discounted cash flow (1) Recovery rate 41% - 70% (64%) Loans held for sale $ 28 $ — $ 28 N/A N/A N/A September 30, 2022 Bank loans: Residential mortgage loans $ 2 $ 10 $ 12 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. (10.4 yrs.) Corporate loans $ — $ 57 $ 57 Collateral or discounted cash flow (1) Recovery rate 24% - 66% (47%) Loans held for sale $ 3 $ — $ 3 N/A 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 table. |
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, 2023 and September 30, 2022. This table excludes financial instruments that are carried at amounts which approximate fair value. Refer to Note 4 of our 2022 Form 10-K for a discussion of the fair value hierarchy classifications 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, 2023 Financial assets: Bank loans, net $ 106 $ 42,410 $ 42,516 $ 43,212 Financial liabilities: Bank deposits - certificates of deposit $ 2,732 $ — $ 2,732 $ 2,739 Other borrowings - subordinated notes payable $ 92 $ — $ 92 $ 100 Senior notes payable $ 1,776 $ — $ 1,776 $ 2,039 September 30, 2022 Financial assets: Bank loans, net $ 134 $ 42,336 $ 42,470 $ 43,167 Financial liabilities: Bank deposits - certificates of deposit $ 400 $ 579 $ 979 $ 999 Other borrowings - subordinated notes payable $ 95 $ — $ 95 $ 100 Senior notes payable $ 1,706 $ — $ 1,706 $ 2,038 |
AVAILABLE-FOR-SALE SECURITIES (
AVAILABLE-FOR-SALE SECURITIES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Debt Securities, Available-for-Sale [Abstract] | |
Amortized Cost and Estimated Fair Values of Available-For-Sale Securities, and Continuous Unrealized Loss Position | The following table details the amortized costs and fair values of our available-for-sale securities. See Note 3 for additional information regarding the fair value of available-for-sale securities. $ in millions Cost basis Gross Gross Fair value June 30, 2023 Agency residential MBS $ 5,064 $ 1 $ (560) $ 4,505 Agency commercial MBS 1,469 — (197) 1,272 Agency CMOs 1,497 — (245) 1,252 Other agency obligations 710 — (28) 682 Non-agency residential MBS 509 — (44) 465 U.S. Treasuries 1,265 — (27) 1,238 Corporate bonds 140 — (6) 134 Other 18 — — 18 Total available-for-sale securities $ 10,672 $ 1 $ (1,107) $ 9,566 September 30, 2022 Agency residential MBS $ 5,662 $ — $ (668) $ 4,994 Agency commercial MBS 1,518 — (208) 1,310 Agency CMOs 1,637 — (233) 1,404 Other agency obligations 613 — (31) 582 Non-agency residential MBS 492 — (41) 451 U.S. Treasuries 1,014 — (28) 986 Corporate bonds 146 — (5) 141 Other 18 — (1) 17 Total available-for-sale securities $ 11,100 $ — $ (1,215) $ 9,885 The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less than 12 months 12 months or more Total $ in millions Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30, 2023 Agency residential MBS $ 190 $ (8) $ 4,274 $ (552) $ 4,464 $ (560) Agency commercial MBS 136 (5) 1,136 (192) 1,272 (197) Agency CMOs 26 (1) 1,226 (244) 1,252 (245) Other agency obligations 208 (3) 474 (25) 682 (28) Non-agency residential MBS 53 (2) 412 (42) 465 (44) U.S. Treasuries 325 (6) 763 (21) 1,088 (27) Corporate bonds 26 (1) 65 (5) 91 (6) Other 5 — 13 — 18 — Total $ 969 $ (26) $ 8,363 $ (1,081) $ 9,332 $ (1,107) September 30, 2022 Agency residential MBS $ 2,165 $ (226) $ 2,829 $ (442) $ 4,994 $ (668) Agency commercial MBS 494 (41) 816 (167) 1,310 (208) Agency CMOs 337 (32) 1,067 (201) 1,404 (233) Other agency obligations 582 (31) — — 582 (31) Non-agency residential MBS 451 (41) — — 451 (41) U.S. Treasuries 982 (28) 4 — 986 (28) Corporate bonds 128 (5) — — 128 (5) Other 17 (1) — — 17 (1) Total $ 5,156 $ (405) $ 4,716 $ (810) $ 9,872 $ (1,215) |
Contractual Maturities, Amortized Cost, Carrying Values, and Current Yields for Available-For-Sales Securities | The following table details the contractual maturities, amortized costs, carrying values and current yields for our available-for-sale securities. Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. The weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.30 years as of June 30, 2023. June 30, 2023 $ in millions Within one year After one but After five but After ten years Total Agency residential MBS Amortized cost $ — $ 127 $ 2,240 $ 2,697 $ 5,064 Carrying value $ — $ 122 $ 2,011 $ 2,372 $ 4,505 Weighted-average yield — % 2.46 % 1.29 % 1.90 % 1.65 % Agency commercial MBS Amortized cost $ — $ 919 $ 499 $ 51 $ 1,469 Carrying value $ — $ 824 $ 406 $ 42 $ 1,272 Weighted-average yield — % 1.61 % 1.21 % 1.87 % 1.48 % Agency CMOs Amortized cost $ — $ 10 $ 45 $ 1,442 $ 1,497 Carrying value $ — $ 8 $ 40 $ 1,204 $ 1,252 Weighted-average yield — % 2.27 % 1.54 % 1.57 % 1.58 % Other agency obligations Amortized cost $ 60 $ 560 $ 80 $ 10 $ 710 Carrying value $ 59 $ 539 $ 74 $ 10 $ 682 Weighted-average yield 2.54 % 3.24 % 3.44 % 3.07 % 3.20 % Non-agency residential MBS Amortized cost $ — $ — $ — $ 509 $ 509 Carrying value $ — $ — $ — $ 465 $ 465 Weighted-average yield — % — % — % 4.10 % 4.10 % U.S. Treasuries Amortized cost $ 417 $ 848 $ — $ — $ 1,265 Carrying value $ 408 $ 830 $ — $ — $ 1,238 Weighted-average yield 2.40 % 3.51 % — % — % 3.14 % Corporate bonds Amortized cost $ 25 $ 87 $ 28 $ — $ 140 Carrying value $ 25 $ 84 $ 25 $ — $ 134 Weighted-average yield 4.79 % 6.32 % 4.90 % — % 5.76 % Other Amortized cost $ — $ 5 $ 5 $ 8 $ 18 Carrying value $ — $ 5 $ 5 $ 8 $ 18 Weighted-average yield — % 7.05 % 5.23 % 8.05 % 7.06 % Total available-for-sale securities Amortized cost $ 502 $ 2,556 $ 2,897 $ 4,717 $ 10,672 Carrying value $ 492 $ 2,412 $ 2,561 $ 4,101 $ 9,566 Weighted-average yield 2.54 % 2.81 % 1.38 % 2.05 % 2.07 % |
DERIVATIVE ASSETS AND DERIVAT_2
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. June 30, 2023 September 30, 2022 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate - other (1) $ 414 $ 469 $ 17,811 $ 462 $ 535 $ 14,647 Interest rate - matched book (2) — — — 52 52 1,340 Foreign exchange 2 — 1,167 4 5 958 Other — 4 661 — 3 531 Subtotal 416 473 19,639 518 595 17,476 Derivatives designated as hedging instruments Interest rate - other (3) 9 — 1,250 12 — 1,050 Foreign exchange 3 — 1,188 6 — 1,092 Subtotal 12 — 2,438 18 — 2,142 Total gross fair value/notional amount 428 473 $ 22,077 536 595 $ 19,618 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (24) (24) (35) (35) Cash collateral netting (175) (56) (313) (30) Total amounts offset (199) (80) (348) (65) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 229 $ 393 $ 188 $ 530 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (2) (108) — (60) (52) Total $ 121 $ 393 $ 128 $ 478 (1) Relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts that are accounted for as derivatives, as well as our banking operations. (2) Although the matched book derivative arrangements did not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary included terms that were similar to a master netting agreement. As a result, we presented the matched book amounts as of September 30, 2022 net in the preceding table. As of June 30, 2023, we had exited such matched book derivative agreements. |
Schedule of Derivative Liabilities at Fair Value | The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. June 30, 2023 September 30, 2022 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate - other (1) $ 414 $ 469 $ 17,811 $ 462 $ 535 $ 14,647 Interest rate - matched book (2) — — — 52 52 1,340 Foreign exchange 2 — 1,167 4 5 958 Other — 4 661 — 3 531 Subtotal 416 473 19,639 518 595 17,476 Derivatives designated as hedging instruments Interest rate - other (3) 9 — 1,250 12 — 1,050 Foreign exchange 3 — 1,188 6 — 1,092 Subtotal 12 — 2,438 18 — 2,142 Total gross fair value/notional amount 428 473 $ 22,077 536 595 $ 19,618 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (24) (24) (35) (35) Cash collateral netting (175) (56) (313) (30) Total amounts offset (199) (80) (348) (65) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 229 $ 393 $ 188 $ 530 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (2) (108) — (60) (52) Total $ 121 $ 393 $ 128 $ 478 (1) Relates to interest rate derivatives entered into as part of our fixed income business operations, including to-be-announced security contracts that are accounted for as derivatives, as well as our banking operations. (2) Although the matched book derivative arrangements did not meet the definition of a master netting arrangement as specified by GAAP, the agreement with the third-party intermediary included terms that were similar to a master netting agreement. As a result, we presented the matched book amounts as of September 30, 2022 net in the preceding table. As of June 30, 2023, we had exited such matched book derivative agreements. |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Interest rate (cash flow hedges) $ 12 $ 10 $ (1) $ 48 Foreign exchange (net investment hedges) (16) 24 (33) 14 Total gains/(losses) included in AOCI, net of taxes $ (4) $ 34 $ (34) $ 62 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Interest rate (cash flow hedges) $ 12 $ 10 $ (1) $ 48 Foreign exchange (net investment hedges) (16) 24 (33) 14 Total gains/(losses) included in AOCI, net of taxes $ (4) $ 34 $ (34) $ 62 |
Amount of Gain (Loss) on Derivatives Recognized in Income | The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item. $ in millions Three months ended June 30, Nine months ended June 30, Location of gain/(loss) 2023 2022 2023 2022 Interest rate Principal transactions/other revenues $ 6 $ 4 $ 17 $ 14 Foreign exchange Other revenues $ (20) $ 33 $ (56) $ 30 Other Principal transactions $ 1 $ 1 $ — $ 2 |
COLLATERALIZED AGREEMENTS AND_2
COLLATERALIZED AGREEMENTS AND FINANCINGS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Offsetting [Abstract] | |
Offsetting assets | Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total June 30, 2023 Gross amounts of recognized assets/liabilities $ 181 $ 229 $ 410 $ 110 $ 71 $ 181 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 181 229 410 110 71 181 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (181) (223) (404) (110) (68) (178) Net amounts $ — $ 6 $ 6 $ — $ 3 $ 3 September 30, 2022 Gross amounts of recognized assets/liabilities $ 367 $ 337 $ 704 $ 294 $ 172 $ 466 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 367 337 704 294 172 466 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (367) (327) (694) (294) (162) (456) Net amounts $ — $ 10 $ 10 $ — $ 10 $ 10 |
Offsetting liabilities | Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total June 30, 2023 Gross amounts of recognized assets/liabilities $ 181 $ 229 $ 410 $ 110 $ 71 $ 181 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 181 229 410 110 71 181 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (181) (223) (404) (110) (68) (178) Net amounts $ — $ 6 $ 6 $ — $ 3 $ 3 September 30, 2022 Gross amounts of recognized assets/liabilities $ 367 $ 337 $ 704 $ 294 $ 172 $ 466 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 367 337 704 294 172 466 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (367) (327) (694) (294) (162) (456) Net amounts $ — $ 10 $ 10 $ — $ 10 $ 10 |
Transfer of certain financial assets accounted for as secured borrowings | The following table presents the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings. $ in millions Overnight and continuous Up to 30 days 30-90 days Greater than 90 days Total June 30, 2023 Repurchase agreements: Government and agency obligations $ 107 $ — $ — $ — $ 107 Agency MBS and agency CMOs 3 — — — 3 Total repurchase agreements 110 — — — 110 Securities loaned: Equity securities 71 — — — 71 Total collateralized financings $ 181 $ — $ — $ — $ 181 September 30, 2022 Repurchase agreements: Government and agency obligations $ 183 $ — $ — $ — $ 183 Agency MBS and agency CMOs 111 — — — 111 Total repurchase agreements 294 — — — 294 Securities loaned: Equity securities 172 — — — 172 Total collateralized financings $ 466 $ — $ — $ — $ 466 |
Collateral | The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described. $ in millions June 30, 2023 September 30, 2022 Collateral we received that was available to be delivered or repledged $ 3,099 $ 3,812 Collateral that we delivered or repledged $ 776 $ 947 |
Encumbered assets | The following table presents information about our assets that have been pledged for one of the purposes previously described. $ in millions June 30, 2023 September 30, 2022 Had the right to deliver or repledge $ 1,009 $ 1,276 Did not have the right to deliver or repledge $ 4,051 $ 63 Bank loans, net pledged with the: FHLB $ 9,267 $ 8,009 FRB 720 791 Total bank loans, net pledged with the FHLB and FRB $ 9,987 $ 8,800 |
BANK LOANS, NET (Tables)
BANK LOANS, NET (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the balances for held for investment loans by portfolio segment and held for sale loans. $ in millions June 30, 2023 September 30, 2022 SBL $ 14,227 $ 15,297 C&I loans 10,663 11,173 CRE loans 7,091 6,549 REIT loans 1,715 1,592 Residential mortgage loans 8,422 7,386 Tax-exempt loans 1,548 1,501 Total loans held for investment 43,666 43,498 Held for sale loans 135 137 Total loans held for sale and investment 43,801 43,635 Allowance for credit losses (456) (396) Bank loans, net (1) $ 43,345 $ 43,239 ACL as a % of total loans held for investment 1.04 % 0.91 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 197 $ 137 (1) Bank loans, net as of June 30, 2023 and September 30, 2022 are presented net of $68 million and $112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs. The net unamortized discount primarily arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital acquisition. See Note 3 of our 2022 Form 10-K for further information. $ in millions June 30, 2023 September 30, 2022 Affiliated with the firm as of period-end (1) $ 1,142 $ 1,173 No longer affiliated with the firm as of period-end (2) 11 8 Total loans to financial advisors 1,153 1,181 Allowance for credit losses (31) (29) Loans to financial advisors, net $ 1,122 $ 1,152 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 5 $ 5 Allowance for credit losses as a percent of total loans to financial advisors 2.69 % 2.46 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. |
Loan Purchases and Sales | The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans CRE loans REIT loans Residential mortgage loans Total Three months ended June 30, 2023 Purchases $ 3 $ — $ — $ 94 $ 97 Sales $ 441 $ — $ — $ — $ 441 Nine months ended June 30, 2023 Purchases $ 360 $ 39 $ 24 $ 394 $ 817 Sales $ 588 $ — $ — $ — $ 588 Three months ended June 30, 2022 Purchases $ 439 $ — $ — $ 383 $ 822 Sales $ 33 $ — $ — $ — $ 33 Nine months ended June 30, 2022 Purchases $ 1,219 $ — $ — $ 790 $ 2,009 Sales $ 145 $ — $ — $ — $ 145 |
Analysis of the Payment Status of Loans Held for Investment | The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment June 30, 2023 SBL $ — $ — $ — $ — $ — $ 14,227 $ 14,227 C&I loans — — — 75 — 10,588 10,663 CRE loans — — — 29 14 7,048 7,091 REIT loans — — — — — 1,715 1,715 Residential mortgage loans 2 — 2 — 9 8,411 8,422 Tax-exempt loans — — — — — 1,548 1,548 Total loans held for investment $ 2 $ — $ 2 $ 104 $ 23 $ 43,537 $ 43,666 September 30, 2022 SBL $ — $ — $ — $ — $ — $ 15,297 $ 15,297 C&I loans — — — 32 — 11,141 11,173 CRE loans — — — 12 16 6,521 6,549 REIT loans — — — — — 1,592 1,592 Residential mortgage loans 4 — 4 — 14 7,368 7,386 Tax-exempt loans — — — — — 1,501 1,501 Total loans held for investment $ 4 $ — $ 4 $ 44 $ 30 $ 43,420 $ 43,498 |
Loans Pledged as Collateral | Loan type ($ in millions) Nature of collateral June 30, 2023 September 30, 2022 C&I loans Commercial real estate and other business assets $ 9 $ 11 CRE loans Office, healthcare, industrial, and retail real estate $ 42 $ 21 Residential mortgage loans Single family homes $ 4 $ 6 |
Credit Quality of Held for Investment Loan Portfolio | The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. June 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total SBL Risk rating: Pass $ 20 $ 18 $ 83 $ 44 $ 16 $ 38 $ 13,999 $ 14,218 Special mention (1) — — — — — — 4 4 Substandard (1) — — — — — — 5 5 Doubtful — — — — — — — — Total SBL $ 20 $ 18 $ 83 $ 44 $ 16 $ 38 $ 14,008 $ 14,227 C&I loans Risk rating: Pass $ 551 $ 1,142 $ 1,115 $ 1,109 $ 974 $ 2,904 $ 2,646 $ 10,441 Special mention — 10 29 — — 19 7 65 Substandard — — — 61 18 63 15 157 Doubtful — — — — — — — — Total C&I loans $ 551 $ 1,152 $ 1,144 $ 1,170 $ 992 $ 2,986 $ 2,668 $ 10,663 CRE loans Risk rating: Pass $ 776 $ 2,356 $ 1,151 $ 787 $ 618 $ 1,040 $ 209 $ 6,937 Special mention 7 — 5 34 — 22 — 68 Substandard — — — 2 12 72 — 86 Doubtful — — — — — — — — Total CRE loans $ 783 $ 2,356 $ 1,156 $ 823 $ 630 $ 1,134 $ 209 $ 7,091 REIT loans Risk rating: Pass $ 279 $ 201 $ 211 $ 103 $ 55 $ 175 $ 691 $ 1,715 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 279 $ 201 $ 211 $ 103 $ 55 $ 175 $ 691 $ 1,715 Residential mortgage loans Risk rating: Pass $ 1,407 $ 2,921 $ 1,630 $ 939 $ 446 $ 1,020 $ 33 $ 8,396 Special mention — — 2 — 2 4 — 8 Substandard — 2 — — — 16 — 18 Doubtful — — — — — — — — Total residential mortgage loans $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 Tax-exempt loans Risk rating: Pass $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 90 $ 297 $ 162 $ 56 $ 100 $ 843 $ — $ 1,548 (1) These balances relate to loans which were collateralized by private securities or securities with a limited trading market as of June 30, 2023. September 30, 2022 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total SBL Risk rating: Pass $ 14 $ 27 $ 72 $ 44 $ 36 $ 41 $ 15,063 $ 15,297 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL $ 14 $ 27 $ 72 $ 44 $ 36 $ 41 $ 15,063 $ 15,297 C&I loans Risk rating: Pass $ 1,011 $ 1,448 $ 1,301 $ 1,124 $ 1,389 $ 2,200 $ 2,380 $ 10,853 Special mention 10 28 3 37 — 82 6 166 Substandard 1 — 60 28 40 6 14 149 Doubtful — — — — 5 — — 5 Total C&I loans $ 1,022 $ 1,476 $ 1,364 $ 1,189 $ 1,434 $ 2,288 $ 2,400 $ 11,173 CRE loans Risk rating: Pass $ 1,916 $ 1,345 $ 892 $ 707 $ 816 $ 551 $ 176 $ 6,403 Special mention — 1 — — 36 2 — 39 Substandard — — 14 17 46 30 — 107 Doubtful — — — — — — — — Total CRE loans $ 1,916 $ 1,346 $ 906 $ 724 $ 898 $ 583 $ 176 $ 6,549 REIT loans Risk rating: Pass $ 169 $ 230 $ 96 $ 53 $ 40 $ 222 $ 782 $ 1,592 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 169 $ 230 $ 96 $ 53 $ 40 $ 222 $ 782 $ 1,592 Residential mortgage loans Risk rating: Pass $ 2,984 $ 1,704 $ 1,023 $ 477 $ 290 $ 843 $ 35 $ 7,356 Special mention 1 1 — 2 — 4 — 8 Substandard 1 — — — 1 20 — 22 Doubtful — — — — — — — — Total residential mortgage loans $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 Tax-exempt loans Risk rating: Pass $ 264 $ 169 $ 56 $ 115 $ 192 $ 705 $ — $ 1,501 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 264 $ 169 $ 56 $ 115 $ 192 $ 705 $ — $ 1,501 June 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total FICO score: Below 600 $ 7 $ 1 $ 3 $ 2 $ 3 $ 55 $ — $ 71 600 - 699 79 155 106 85 30 80 3 538 700 - 799 1,110 2,353 1,239 681 327 624 23 6,357 800 + 209 412 280 170 83 277 6 1,437 FICO score not available 2 2 4 1 5 4 1 19 Total $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 LTV ratio: Below 80% $ 974 $ 2,243 $ 1,276 $ 732 $ 334 $ 801 $ 31 $ 6,391 80%+ 433 680 356 207 114 239 2 2,031 Total $ 1,407 $ 2,923 $ 1,632 $ 939 $ 448 $ 1,040 $ 33 $ 8,422 September 30, 2022 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total FICO score: Below 600 $ 1 $ 3 $ 2 $ 3 $ 1 $ 54 $ — $ 64 600 - 699 155 112 90 32 20 68 4 481 700 - 799 2,403 1,301 744 353 219 470 22 5,512 800 + 424 284 184 87 48 273 6 1,306 FICO score not available 3 5 3 4 3 2 3 23 Total $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 LTV ratio: Below 80% $ 2,287 $ 1,333 $ 797 $ 358 $ 226 $ 661 $ 31 $ 5,693 80%+ 699 372 226 121 65 206 4 1,693 Total $ 2,986 $ 1,705 $ 1,023 $ 479 $ 291 $ 867 $ 35 $ 7,386 Allowance for credit losses The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total Three months ended June 30, 2023 Balance at beginning of period $ 5 $ 219 $ 100 $ 15 $ 74 $ 2 $ 415 Provision/(benefit) for credit losses — (8) 55 1 6 — 54 Net (charge-offs)/recoveries: Charge-offs — (6) (9) — — — (15) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (9) — — — (15) Foreign exchange translation adjustment — 1 1 — — — 2 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Nine months ended June 30, 2023 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 2 10 66 (5) 23 — 96 Net (charge-offs)/recoveries: Charge-offs — (30) (10) — — — (40) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (30) (7) — — — (37) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Three months ended June 30, 2022 Balance at beginning of period $ 3 $ 195 $ 71 $ 25 $ 32 $ 2 $ 328 Initial allowance on acquired purchased credit deteriorated (“PCD”) loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (1) 17 — (2) 16 — 30 Total provision/(benefit) for credit losses 1 22 19 (2) 16 — 56 Net (charge-offs)/recoveries: Charge-offs — (11) (4) — — — (15) Recoveries — — 5 — — — 5 Net (charge-offs)/recoveries — (11) 1 — — — (10) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % Nine months ended June 30, 2022 Balance at beginning of period $ 4 $ 191 $ 66 $ 22 $ 35 $ 2 $ 320 Initial allowance on acquired PCD loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (2) 24 5 1 12 — 40 Total provision/(benefit) for credit losses — 29 24 1 12 — 66 Net (charge-offs)/recoveries: Charge-offs — (14) (4) — — — (18) Recoveries — — 5 — 1 — 6 Net (charge-offs)/recoveries — (14) 1 — 1 — (12) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % |
Changes in the Allowance for Loan Losses | The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment. $ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total Three months ended June 30, 2023 Balance at beginning of period $ 5 $ 219 $ 100 $ 15 $ 74 $ 2 $ 415 Provision/(benefit) for credit losses — (8) 55 1 6 — 54 Net (charge-offs)/recoveries: Charge-offs — (6) (9) — — — (15) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (9) — — — (15) Foreign exchange translation adjustment — 1 1 — — — 2 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Nine months ended June 30, 2023 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 2 10 66 (5) 23 — 96 Net (charge-offs)/recoveries: Charge-offs — (30) (10) — — — (40) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (30) (7) — — — (37) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456 ACL by loan portfolio segment as a % of total ACL 1.1 % 45.3 % 32.2 % 3.5 % 17.5 % 0.4 % 100.0 % Three months ended June 30, 2022 Balance at beginning of period $ 3 $ 195 $ 71 $ 25 $ 32 $ 2 $ 328 Initial allowance on acquired purchased credit deteriorated (“PCD”) loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (1) 17 — (2) 16 — 30 Total provision/(benefit) for credit losses 1 22 19 (2) 16 — 56 Net (charge-offs)/recoveries: Charge-offs — (11) (4) — — — (15) Recoveries — — 5 — — — 5 Net (charge-offs)/recoveries — (11) 1 — — — (10) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % Nine months ended June 30, 2022 Balance at beginning of period $ 4 $ 191 $ 66 $ 22 $ 35 $ 2 $ 320 Initial allowance on acquired PCD loans — 1 2 — — — 3 Provision/(benefit) for credit losses: Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26 Provision/(benefit) for credit losses (2) 24 5 1 12 — 40 Total provision/(benefit) for credit losses — 29 24 1 12 — 66 Net (charge-offs)/recoveries: Charge-offs — (14) (4) — — — (18) Recoveries — — 5 — 1 — 6 Net (charge-offs)/recoveries — (14) 1 — 1 — (12) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 207 $ 93 $ 23 $ 48 $ 2 $ 377 ACL by loan portfolio segment as a % of total ACL 1.1 % 54.9 % 24.7 % 6.1 % 12.7 % 0.5 % 100.0 % |
LOANS TO FINANCIAL ADVISORS, _2
LOANS TO FINANCIAL ADVISORS, NET (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the balances for held for investment loans by portfolio segment and held for sale loans. $ in millions June 30, 2023 September 30, 2022 SBL $ 14,227 $ 15,297 C&I loans 10,663 11,173 CRE loans 7,091 6,549 REIT loans 1,715 1,592 Residential mortgage loans 8,422 7,386 Tax-exempt loans 1,548 1,501 Total loans held for investment 43,666 43,498 Held for sale loans 135 137 Total loans held for sale and investment 43,801 43,635 Allowance for credit losses (456) (396) Bank loans, net (1) $ 43,345 $ 43,239 ACL as a % of total loans held for investment 1.04 % 0.91 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 197 $ 137 (1) Bank loans, net as of June 30, 2023 and September 30, 2022 are presented net of $68 million and $112 million, respectively, of net unamortized discount, unearned income, and deferred loan fees and costs. The net unamortized discount primarily arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital acquisition. See Note 3 of our 2022 Form 10-K for further information. $ in millions June 30, 2023 September 30, 2022 Affiliated with the firm as of period-end (1) $ 1,142 $ 1,173 No longer affiliated with the firm as of period-end (2) 11 8 Total loans to financial advisors 1,153 1,181 Allowance for credit losses (31) (29) Loans to financial advisors, net $ 1,122 $ 1,152 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 5 $ 5 Allowance for credit losses as a percent of total loans to financial advisors 2.69 % 2.46 % (1) These loans were predominantly current. (2) These loans were predominantly past due for a period of 180 days or more. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
VIEs where we are the primary beneficiary - aggregate assets and liabilities | The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. $ in millions Aggregate assets Aggregate liabilities June 30, 2023 LIHTC funds $ 53 $ 6 Restricted Stock Trust Fund 27 27 Total $ 80 $ 33 September 30, 2022 LIHTC funds $ 59 $ 6 Restricted Stock Trust Fund 17 17 Total $ 76 $ 23 |
VIEs where we are the primary beneficiary - carrying value of assets, liabilities and equity | The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table. $ in millions June 30, 2023 September 30, 2022 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 5 $ 5 Other assets 48 54 Total assets $ 53 $ 59 Liabilities: Other payables $ — $ — Total liabilities $ — $ — Noncontrolling interests $ (27) $ (26) |
VIEs where we hold a variable interest but we are not the primary beneficiary - aggregate assets, liabilities and exposure to loss | The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table. June 30, 2023 September 30, 2022 $ in millions Aggregate Aggregate Our risk Aggregate Aggregate Our risk LIHTC funds $ 8,187 $ 2,846 $ 79 $ 7,752 $ 2,584 $ 136 Private Equity Interests 2,416 640 100 2,177 448 90 Other 114 75 3 159 101 8 Total $ 10,717 $ 3,561 $ 182 $ 10,088 $ 3,133 $ 234 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Prepaid Expense and Other Assets [Abstract] | |
Other Assets | The following table details the components of other assets. See Note 2 of our 2022 Form 10-K for a discussion of the accounting polices related to certain of these components. $ in millions June 30, 2023 September 30, 2022 Investments in company-owned life insurance policies $ 1,133 $ 944 Property and equipment, net 542 503 Lease right of use (“ROU”) assets 519 480 Prepaid expenses 223 173 Investments in FHLB and FRB stock 85 88 Client-owned fractional shares 100 78 All other 167 186 Total other assets $ 2,769 $ 2,452 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Assets And Liabilities, Lessee | The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 14 of our 2022 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions June 30, 2023 September 30, 2022 ROU assets (included in Other assets) $ 519 $ 480 Lease liabilities (included in Other payables) $ 521 $ 482 |
Schedule of Lease Costs | The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Lease costs $ 35 $ 30 $ 98 $ 87 Variable lease costs $ 9 $ 7 $ 24 $ 22 |
BANK DEPOSITS (Tables)
BANK DEPOSITS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Summary of Bank Deposits | The following table presents a summary of bank deposits, excluding affiliated deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end. June 30, 2023 September 30, 2022 $ in millions Balance Weighted-average rate Balance Weighted-average rate Money market and savings accounts $ 33,636 1.54 % $ 44,446 1.01 % Interest-bearing demand deposits 16,661 4.86 % 5,286 2.77 % Certificates of deposit 2,739 4.23 % 999 1.85 % Non-interest-bearing demand deposits 732 — 626 — Total bank deposits $ 53,768 2.72 % $ 51,357 1.21 % |
Bank Deposits by Insured and Uninsured | The following table details the estimated amount of total bank deposits, excluding affiliated deposits, that are FDIC-insured, as well as the estimated amount that exceeded the FDIC insurance limit at each respective period. $ in millions June 30, 2023 September 30, 2022 FDIC-insured bank deposits $ 46,884 $ 43,520 Bank deposits exceeding FDIC insurance limit 6,884 7,837 Total bank deposits $ 53,768 $ 51,357 FDIC-insured bank deposits as a % of total bank deposits 87 % 85 % |
Scheduled Maturities of Certificates of Deposit | The following table sets forth the estimated amount of certificates of deposit, excluding affiliated deposits, that exceeded the FDIC insurance limit by time remaining until maturity as of June 30, 2023. $ in millions June 30, 2023 Three months or less $ 40 Over three through six months 25 Over six through twelve months 31 Over twelve months 12 Total estimated certificates of deposit that exceeded the FDIC insurance limit $ 108 |
Interest Expense on Deposits | Interest expense on deposits, excluding interest expense related to affiliated deposits, is summarized in the following table. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Money market and savings accounts $ 125 $ 11 $ 370 $ 13 Interest-bearing demand deposits 157 6 266 8 Certificates of deposit 30 3 54 10 Total interest expense on deposits $ 312 $ 20 $ 690 $ 31 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table details the components of our other borrowings, which are primarily comprised of short-term and long-term FHLB advances and subordinated notes. June 30, 2023 September 30, 2022 $ in millions Weighted average interest rate Maturity date Balance Weighted average interest rate Maturity date Balance FHLB advances: Floating rate - term (1) 5.36 % December 2023 - March 2025 $ 850 3.32 % December 2023 $ 850 Floating rate - overnight (1) — % Overnight — 3.11 % Overnight 140 Fixed rate 5.59 % September 2023 150 3.45 % December 2022 200 Total FHLB advances 1,000 1,190 Subordinated notes - fixed-to-floating (including an unaccreted premium of $2 and $2, respectively) 5.75 % May 2030 100 5.75 % May 2030 100 Other — 1 Total other borrowings $ 1,100 $ 1,291 (1) Interest rates on these advances reset daily. |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding | The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment. $ in millions June 30, 2023 September 30, 2022 SBL and other consumer lines of credit $ 37,868 $ 33,641 Commercial lines of credit $ 4,036 $ 3,792 Unfunded lending commitments $ 1,087 $ 1,255 Standby letters of credit $ 132 $ 94 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2022 Form 10-K. $ in millions, except share count June 30, 2023 September 30, 2022 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”): Shares outstanding — 40,250 Carrying value $ — $ 41 Aggregate liquidation preference $ — $ 40 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”): Shares outstanding 80,500 80,500 Carrying value $ 79 $ 79 Aggregate liquidation preference $ 81 $ 81 |
Dividends Declared and Paid | The following table details dividends declared and dividends paid on our Series A and Series B preferred stock for the three and nine months ended June 30, 2023. Dividends declared Dividends paid $ in millions, except per share amounts Total dividends Per preferred Total dividends Per preferred Three months ended June 30, 2023 Series A Preferred Stock (1) $ — $ — $ 1 $ 16.88 Series B Preferred Stock 1 $ 15.94 1 $ 15.94 Total preferred stock dividends (1) $ 1 $ 2 Nine Months Ended June 30, 2023 Series A Preferred Stock (1) $ 2 $ 33.76 $ 3 $ 50.64 Series B Preferred Stock 3 $ 47.82 3 $ 47.82 Total preferred stock dividends (1) $ 5 $ 6 Three months ended June 30, 2022 Series A Preferred Stock $ 1 $ 16.88 $ — $ — Series B Preferred Stock 1 $ 15.94 — $ — Total preferred stock dividends $ 2 $ — Nine months ended June 30, 2022 Series A Preferred Stock $ 1 $ 16.88 $ — Series B Preferred Stock 1 $ 15.94 — $ — Total preferred stock dividends $ 2 $ — (1) Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2023 included dividends declared during the periods, as well as the $1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders. Dividends per common share declared and paid are detailed in the following table for each respective period. Three months ended June 30, Nine months ended June 30, 2023 2022 2023 2022 Dividends per common share - declared $ 0.42 $ 0.34 $ 1.26 $ 1.02 Dividends per common share - paid $ 0.42 $ 0.34 $ 1.18 $ 0.94 Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share. Three months ended June 30, Nine months ended June 30, 2023 2022 2023 2022 Dividend payout ratio 24.6 % 24.6 % 21.2 % 20.4 % |
Schedule of AOCI | The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI. $ in millions Net investment hedges Currency translations Subtotal: net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total Three months ended June 30, 2023 AOCI as of beginning of period $ 136 $ (206) $ (70) $ (758) $ 30 $ (798) OCI: OCI before reclassifications and taxes (22) 36 14 (102) 26 (62) Amounts reclassified from AOCI, before tax — — — — (9) (9) Pre-tax net OCI (22) 36 14 (102) 17 (71) Income tax effect 6 — 6 26 (5) 27 OCI for the period, net of tax (16) 36 20 (76) 12 (44) AOCI as of end of period $ 120 $ (170) $ (50) $ (834) $ 42 $ (842) Nine months ended June 30, 2023 AOCI as of beginning of period $ 153 $ (276) $ (123) $ (902) $ 43 $ (982) OCI: OCI before reclassifications and taxes (45) 107 62 109 21 192 Amounts reclassified from AOCI, before tax — — — — (22) (22) Pre-tax net OCI (45) 107 62 109 (1) 170 Income tax effect 12 (1) 11 (41) — (30) OCI for the period, net of tax (33) 106 73 68 (1) 140 AOCI as of end of period $ 120 $ (170) $ (50) $ (834) $ 42 $ (842) Three months ended June 30, 2022 AOCI as of beginning of period $ 71 $ (91) $ (20) $ (380) $ 11 $ (389) OCI: OCI before reclassifications and taxes 32 (64) (32) (206) 12 (226) Amounts reclassified from AOCI, before tax — — — — 2 2 Pre-tax net OCI 32 (64) (32) (206) 14 (224) Income tax effect (8) — (8) 49 (4) 37 OCI for the period, net of tax 24 (64) (40) (157) 10 (187) AOCI as of end of period $ 95 $ (155) $ (60) $ (537) $ 21 $ (576) Nine months ended June 30, 2022 AOCI as of beginning of period $ 81 $ (90) $ (9) $ (5) $ (27) $ (41) OCI: OCI before reclassifications and taxes 18 (65) (47) (711) 55 (703) Amounts reclassified from AOCI, before tax — — — — 10 10 Pre-tax net OCI 18 (65) (47) (711) 65 (693) Income tax effect (4) — (4) 179 (17) 158 OCI for the period, net of tax 14 (65) (51) (532) 48 (535) AOCI as of end of period $ 95 $ (155) $ (60) $ (537) $ 21 $ (576) |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Revenues [Abstract] | |
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 2022 Form 10-K. See Note 26 of our 2022 Form 10-K and Note 23 of this Form 10-Q for additional information on our segment results. Three months ended June 30, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,164 $ 1 $ 217 $ — $ (9) $ 1,373 Brokerage revenues: Securities commissions: Mutual and other fund products 135 1 2 — (1) 137 Insurance and annuity products 103 — — — — 103 Equities, exchange traded funds (“ETFs”) and fixed income products 86 31 — — (1) 116 Subtotal securities commissions 324 32 2 — (2) 356 Principal transactions (1) 25 78 — 3 (1) 105 Total brokerage revenues 349 110 2 3 (3) 461 Account and service fees: Mutual fund and annuity service fees 103 — — — — 103 RJBDP fees 384 1 — — (278) 107 Client account and other fees 59 2 5 — (12) 54 Total account and service fees 546 3 5 — (290) 264 Investment banking: Merger & acquisition and advisory — 88 — — — 88 Equity underwriting 9 25 — — 1 35 Debt underwriting — 28 — — — 28 Total investment banking 9 141 — — 1 151 Other: Affordable housing investments business revenues — 21 — — — 21 All other (1) 25 — — 14 (3) 36 Total other 25 21 — 14 (3) 57 Total non-interest revenues 2,093 276 224 17 (304) 2,306 Interest income (1) 114 21 2 826 24 987 Total revenues 2,207 297 226 843 (280) 3,293 Interest expense (25) (21) — (329) (11) (386) Net revenues $ 2,182 $ 276 $ 226 $ 514 $ (291) $ 2,907 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Three months ended June 30, 2022 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,214 $ — $ 220 $ — $ (7) $ 1,427 Brokerage revenues: Securities commissions: Mutual and other fund products 149 1 2 — (1) 151 Insurance and annuity products 109 — — — — 109 Equities, ETFs and fixed income products 90 35 — — — 125 Subtotal securities commissions 348 36 2 — (1) 385 Principal transactions (1) 25 103 — — — 128 Total brokerage revenues 373 139 2 — (1) 513 Account and service fees: Mutual fund and annuity service fees 102 — — — — 102 RJBDP fees 135 1 — — (80) 56 Client account and other fees 59 1 5 — (12) 53 Total account and service fees 296 2 5 — (92) 211 Investment banking: Merger & acquisition and advisory — 147 — — — 147 Equity underwriting 6 36 — — — 42 Debt underwriting — 34 — — — 34 Total investment banking 6 217 — — — 223 Other: Affordable housing investments business revenues — 21 — — — 21 All other (1) 11 1 — 6 (9) 9 Total other 11 22 — 6 (9) 30 Total non-interest revenues 1,900 380 227 6 (109) 2,404 Interest income (1) 68 6 1 296 3 374 Total revenues 1,968 386 228 302 (106) 2,778 Interest expense (10) (3) — (26) (21) (60) Net revenues $ 1,958 $ 383 $ 228 $ 276 $ (127) $ 2,718 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Nine Months Ended June 30, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 3,319 $ 2 $ 620 $ — $ (24) $ 3,917 Brokerage revenues: Securities commissions: Mutual and other fund products 398 4 4 — (2) 404 Insurance and annuity products 320 — — — — 320 Equities, ETFs and fixed income products 259 96 — — (2) 353 Subtotal securities commissions 977 100 4 — (4) 1,077 Principal transactions (1) 81 274 — 11 (2) 364 Total brokerage revenues 1,058 374 4 11 (6) 1,441 Account and service fees: Mutual fund and annuity service fees 306 — 1 — (1) 306 RJBDP fees 1,200 3 — — (859) 344 Client account and other fees 175 5 15 — (34) 161 Total account and service fees 1,681 8 16 — (894) 811 Investment banking: Merger & acquisition and advisory — 277 — — — 277 Equity underwriting 27 69 — — — 96 Debt underwriting — 73 — — — 73 Total investment banking 27 419 — — — 446 Other: Affordable housing investments business revenues — 68 — — — 68 All other (1) 40 1 2 33 (11) 65 Total other 40 69 2 33 (11) 133 Total non-interest revenues 6,125 872 642 44 (935) 6,748 Interest income (1) 340 65 7 2,251 66 2,729 Total revenues 6,465 937 649 2,295 (869) 9,477 Interest expense (76) (64) — (733) (38) (911) Net revenues $ 6,389 $ 873 $ 649 $ 1,562 $ (907) $ 8,566 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Nine Months Ended June 30, 2022 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 3,621 $ 2 $ 673 $ — $ (23) $ 4,273 Brokerage revenues: Securities commissions: Mutual and other fund products 486 5 6 — (2) 495 Insurance and annuity products 330 — — — — 330 Equities, ETFs and fixed income products 299 108 — — — 407 Subtotal securities commissions 1,115 113 6 — (2) 1,232 Principal transactions (1) 52 351 — — — 403 Total brokerage revenues 1,167 464 6 — (2) 1,635 Account and service fees: Mutual fund and annuity service fees 325 — — — (1) 324 RJBDP fees 271 1 — — (179) 93 Client account and other fees 161 5 17 — (33) 150 Total account and service fees 757 6 17 — (213) 567 Investment banking: Merger & acquisition and advisory — 557 — — — 557 Equity underwriting 28 185 — — — 213 Debt underwriting — 113 — — — 113 Total investment banking 28 855 — — — 883 Other: Affordable housing investments business revenues — 71 — — — 71 All other (1) 24 4 1 20 (12) 37 Total other 24 75 1 20 (12) 108 Total non-interest revenues 5,597 1,402 697 20 (250) 7,466 Interest income (1) 138 16 1 682 4 841 Total revenues 5,735 1,418 698 702 (246) 8,307 Interest expense (16) (8) — (46) (65) (135) Net revenues $ 5,719 $ 1,410 $ 698 $ 656 $ (311) $ 8,172 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. |
INTEREST INCOME AND INTEREST _2
INTEREST INCOME AND INTEREST EXPENSE (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | The following table details the components of interest income and interest expense. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Interest income: Cash and cash equivalents $ 109 $ 10 $ 239 $ 16 Assets segregated for regulatory purposes and restricted cash 47 28 152 39 Trading assets — debt securities 13 4 40 13 Available-for-sale securities 56 37 163 84 Brokerage client receivables 42 24 124 66 Bank loans, net 698 255 1,954 590 All other 22 16 57 33 Total interest income $ 987 $ 374 $ 2,729 $ 841 Interest expense: Bank deposits $ 312 $ 20 690 $ 31 Trading liabilities — debt securities 9 1 26 3 Brokerage client payables 17 3 57 4 Other borrowings 12 6 30 15 Senior notes payable 23 23 69 69 All other 13 7 39 13 Total interest expense $ 386 $ 60 $ 911 $ 135 Net interest income $ 601 $ 314 $ 1,818 $ 706 Bank loan provision for credit losses (54) (56) (96) (66) Net interest income after bank loan provision for credit losses $ 547 $ 258 $ 1,722 $ 640 |
REGULATORY CAPITAL REQUIREMEN_2
REGULATORY CAPITAL REQUIREMENTS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Raymond James Financial Inc | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Summary of Minimum Requirements Under Regulatory Framework | To meet requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain minimum Tier 1 leverage, Tier 1 capital, CET1, and Total capital amounts and ratios as set forth in the following table. Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio RJF as of June 30, 2023: Tier 1 leverage $ 8,928 11.4 % $ 3,135 4.0 % $ 3,919 5.0 % Tier 1 capital $ 8,928 20.6 % $ 2,607 6.0 % $ 3,476 8.0 % CET1 $ 8,852 20.4 % $ 1,955 4.5 % $ 2,824 6.5 % Total capital $ 9,540 22.0 % $ 3,476 8.0 % $ 4,345 10.0 % RJF as of September 30, 2022: Tier 1 leverage $ 8,480 10.3 % $ 3,304 4.0 % $ 4,130 5.0 % Tier 1 capital $ 8,480 19.2 % $ 2,651 6.0 % $ 3,534 8.0 % CET1 $ 8,380 19.0 % $ 1,988 4.5 % $ 2,871 6.5 % Total capital $ 9,031 20.4 % $ 3,534 8.0 % $ 4,418 10.0 % |
Bank | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Summary of Minimum Requirements Under Regulatory Framework | Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio Raymond James Bank as of June 30, 2023: Tier 1 leverage $ 3,349 7.6 % $ 1,768 4.0 % $ 2,210 5.0 % Tier 1 capital $ 3,349 13.6 % $ 1,476 6.0 % $ 1,967 8.0 % CET1 $ 3,349 13.6 % $ 1,107 4.5 % $ 1,599 6.5 % Total capital $ 3,658 14.9 % $ 1,967 8.0 % $ 2,459 10.0 % Raymond James Bank as of September 30, 2022: Tier 1 leverage $ 2,998 7.1 % $ 1,695 4.0 % $ 2,119 5.0 % Tier 1 capital $ 2,998 12.1 % $ 1,485 6.0 % $ 1,979 8.0 % CET1 $ 2,998 12.1 % $ 1,113 4.5 % $ 1,608 6.5 % Total capital $ 3,308 13.4 % $ 1,979 8.0 % $ 2,474 10.0 % Actual Requirement for capital To be well-capitalized $ in millions Amount Ratio Amount Ratio Amount Ratio TriState Capital Bank as of June 30, 2023: Tier 1 leverage $ 1,243 7.2 % $ 695 4.0 % $ 868 5.0 % Tier 1 capital $ 1,243 14.7 % $ 507 6.0 % $ 676 8.0 % CET1 $ 1,243 14.7 % $ 380 4.5 % $ 549 6.5 % Total capital $ 1,283 15.2 % $ 676 8.0 % $ 845 10.0 % TriState Capital Bank as of September 30, 2022: Tier 1 leverage $ 1,093 7.3 % $ 601 4.0 % $ 752 5.0 % Tier 1 capital $ 1,093 14.1 % $ 463 6.0 % $ 618 8.0 % CET1 $ 1,093 14.1 % $ 348 4.5 % $ 502 6.5 % Total capital $ 1,122 14.5 % $ 618 8.0 % $ 772 10.0 % |
Raymond James & Associates Inc | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Net Capital and Risk Adjusted Capital Positions of Certain Businesses and Subsidiaries | The following table presents the net capital position of RJ&A. $ in millions June 30, 2023 September 30, 2022 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 43.4 % 40.9 % Net capital $ 1,065 $ 1,152 Less: required net capital (49) (56) Excess net capital $ 1,016 $ 1,096 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share. Three months ended June 30, Nine months ended June 30, in millions, except per share amounts 2023 2022 2023 2022 Income for basic earnings per common share: Net income available to common shareholders $ 369 $ 299 $ 1,301 $ 1,068 Less allocation of earnings and dividends to participating securities (1) (1) (4) (2) Net income available to common shareholders after participating securities $ 368 $ 298 $ 1,297 $ 1,066 Income for diluted earnings per common share: Net income available to common shareholders $ 369 $ 299 $ 1,301 $ 1,068 Less allocation of earnings and dividends to participating securities (1) (1) (4) (2) Net income available to common shareholders after participating securities $ 368 $ 298 $ 1,297 $ 1,066 Common shares: Average common shares in basic computation 210.1 210.7 213.0 208.1 Dilutive effect of outstanding stock options and certain RSUs 4.7 5.0 5.0 5.4 Average common and common equivalent shares used in diluted computation 214.8 215.7 218.0 213.5 Earnings per common share: Basic $ 1.75 $ 1.41 $ 6.09 $ 5.12 Diluted $ 1.71 $ 1.38 $ 5.95 $ 4.99 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive 1.8 0.5 1.4 0.4 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents information concerning operations in these segments. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net revenues: Private Client Group $ 2,182 $ 1,958 $ 6,389 $ 5,719 Capital Markets 276 383 873 1,410 Asset Management 226 228 649 698 Bank 514 276 1,562 656 Other 15 (21) 34 (54) Intersegment eliminations (306) (106) (941) (257) Total net revenues $ 2,907 $ 2,718 $ 8,566 $ 8,172 Pre-tax income/(loss): Private Client Group $ 411 $ 251 $ 1,286 $ 659 Capital Markets (34) 61 (84) 349 Asset Management 89 93 251 303 Bank 66 74 293 259 Other (1) (46) (64) (51) (164) Total pre-tax income $ 486 $ 415 $ 1,695 $ 1,406 |
Reconciliation of Net Income (Loss) from Segments to Consolidated | The following table presents information concerning operations in these segments. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net revenues: Private Client Group $ 2,182 $ 1,958 $ 6,389 $ 5,719 Capital Markets 276 383 873 1,410 Asset Management 226 228 649 698 Bank 514 276 1,562 656 Other 15 (21) 34 (54) Intersegment eliminations (306) (106) (941) (257) Total net revenues $ 2,907 $ 2,718 $ 8,566 $ 8,172 Pre-tax income/(loss): Private Client Group $ 411 $ 251 $ 1,286 $ 659 Capital Markets (34) 61 (84) 349 Asset Management 89 93 251 303 Bank 66 74 293 259 Other (1) (46) (64) (51) (164) Total pre-tax income $ 486 $ 415 $ 1,695 $ 1,406 (1) The nine months ended June 30, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to “Other” expenses on our Condensed Consolidated Statements of Income and Comprehensive Income. |
Reconciliation of Other Significant Items from Segments to Consolidated | The following table presents our net interest income on a segment basis. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net interest income/(expense): Private Client Group $ 89 $ 58 $ 264 $ 122 Capital Markets — 3 1 8 Asset Management 2 1 7 1 Bank 497 270 1,518 636 Other 13 (18) 28 (61) Net interest income $ 601 $ 314 $ 1,818 $ 706 The following table presents goodwill, which was included in our total assets, on a segment basis. $ in millions June 30, 2023 September 30, 2022 Goodwill: Private Client Group $ 570 $ 550 Capital Markets 275 274 Asset Management 69 69 Bank 529 529 Total $ 1,443 $ 1,422 |
Reconciliation of Total Assets from Segment to Consolidated | The following table presents our total assets on a segment basis. $ in millions June 30, 2023 September 30, 2022 Total assets: Private Client Group $ 12,287 $ 17,770 Capital Markets 2,926 3,951 Asset Management 545 556 Bank 59,506 56,737 Other 2,369 1,937 Total $ 77,633 $ 80,951 |
Revenues, Income Before Provision for Income Taxes and Excluding Noncontrolling Interests, and Total Assets, Classified by Major Geographic Areas | The following table presents our net revenues and pre-tax income classified by major geographic area in which they were earned. Three months ended June 30, Nine months ended June 30, $ in millions 2023 2022 2023 2022 Net revenues: U.S. $ 2,652 $ 2,472 $ 7,819 $ 7,491 Canada 140 138 418 404 Europe 115 108 329 277 Total $ 2,907 $ 2,718 $ 8,566 $ 8,172 Pre-tax income/(loss): U.S. $ 492 $ 393 $ 1,625 $ 1,330 Canada 17 20 84 52 Europe (23) 2 (14) 24 Total $ 486 $ 415 $ 1,695 $ 1,406 The following table presents our total assets by major geographic area in which they were held. $ in millions June 30, 2023 September 30, 2022 Total assets: U.S. $ 71,653 $ 74,428 Canada 3,397 3,631 Europe 2,583 2,892 Total $ 77,633 $ 80,951 |
Long-lived Assets by Geographic Areas | The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held. $ in millions June 30, 2023 September 30, 2022 Goodwill: U.S. $ 1,250 $ 1,250 Canada 24 23 Europe 169 149 Total $ 1,443 $ 1,422 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent ownership of subsidiaries that are consolidated (in hundredths) | 100% |
FAIR VALUE, Recurring Fair Valu
FAIR VALUE, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Assets at fair value on a recurring basis: | ||
Available-for-sale securities | $ 9,566 | $ 9,885 |
Derivative assets, gross | 428 | 536 |
Amount of derivative assets offset | (199) | (348) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 229 | 188 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 473 | 595 |
Total amounts offset | (80) | (65) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 393 | 530 |
Recurring | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 1,107 | 1,219 |
Equity securities | 12 | 20 |
Brokered certificates of deposit | 28 | 30 |
Other | 9 | 1 |
Total trading assets | 1,156 | 1,270 |
Available-for-sale securities | 9,566 | 9,885 |
Amount of derivative assets offset | (199) | (348) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 229 | 188 |
Other | 206 | 202 |
Other assets - client-owned fractional shares | 100 | 78 |
Total assets at fair value on a recurring basis | 11,357 | 11,713 |
Netting adjustments | (199) | (348) |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 702 | 809 |
Equity securities | 66 | 27 |
Total trading instruments sold but not yet purchased | 768 | 836 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 393 | 530 |
Netting adjustments | (80) | (65) |
Other payables - repurchase liabilities related to client-owned fractional shares | 100 | 78 |
Total liabilities at fair value on a recurring basis | 1,261 | 1,444 |
Recurring | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Amount of derivative assets offset | (199) | (348) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 224 | 178 |
Liabilities at fair value on a recurring basis: | ||
Total amounts offset | (80) | (65) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 389 | 522 |
Recurring | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 5 | 10 |
Liabilities at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 5 | |
Recurring | Other | ||
Liabilities at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 4 | 3 |
Recurring | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 12 | 5 |
Recurring | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 561 | 555 |
Recurring | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 129 | 249 |
Recurring | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 257 | 269 |
Recurring | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 622 | 595 |
Recurring | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 149 | 171 |
Other | 82 | 79 |
Recurring | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 19 | 123 |
Recurring | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 60 | 61 |
Recurring | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 124 | 123 |
Recurring | Assets at Fair Value on a Recurring Basis, Before Investments Measured at NAV | ||
Assets at fair value on a recurring basis: | ||
Total assets at fair value on a recurring basis | 11,257 | 11,623 |
Recurring | Private equity investments | ||
Assets at fair value on a recurring basis: | ||
Private equity investments measured at NAV | 100 | 90 |
Recurring | Level 1 | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 68 | 102 |
Equity securities | 10 | 20 |
Brokered certificates of deposit | 0 | 0 |
Other | 0 | 0 |
Total trading assets | 78 | 122 |
Available-for-sale securities | 1,238 | 986 |
Derivative assets, gross | 9 | 42 |
Other | 175 | 171 |
Other assets - client-owned fractional shares | 100 | 78 |
Total assets at fair value on a recurring basis | 1,600 | 1,399 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 139 | 254 |
Equity securities | 66 | 27 |
Total trading instruments sold but not yet purchased | 205 | 281 |
Derivative contracts liability, gross | 8 | 40 |
Other payables - repurchase liabilities related to client-owned fractional shares | 100 | 78 |
Total liabilities at fair value on a recurring basis | 313 | 399 |
Recurring | Level 1 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 9 | 42 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 8 | 40 |
Recurring | Level 1 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | 0 |
Liabilities at fair value on a recurring basis: | ||
Derivative contracts liability, gross | 0 | |
Recurring | Level 1 | Other | ||
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 10 | 5 |
Recurring | Level 1 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 129 | 249 |
Recurring | Level 1 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 24 | 16 |
Recurring | Level 1 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 44 | 86 |
Other | 82 | 79 |
Recurring | Level 1 | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 1 | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 93 | 92 |
Recurring | Level 2 | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 1,039 | 1,117 |
Equity securities | 2 | 0 |
Brokered certificates of deposit | 28 | 30 |
Other | 0 | 0 |
Total trading assets | 1,069 | 1,147 |
Available-for-sale securities | 8,328 | 8,899 |
Derivative assets, gross | 419 | 494 |
Other | 2 | 2 |
Other assets - client-owned fractional shares | 0 | 0 |
Total assets at fair value on a recurring basis | 9,818 | 10,542 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 563 | 555 |
Equity securities | 0 | 0 |
Total trading instruments sold but not yet purchased | 563 | 555 |
Derivative contracts liability, gross | 461 | 552 |
Other payables - repurchase liabilities related to client-owned fractional shares | 0 | 0 |
Total liabilities at fair value on a recurring basis | 1,024 | 1,107 |
Recurring | Level 2 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 414 | 484 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 461 | 547 |
Recurring | Level 2 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 5 | 10 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 5 | |
Recurring | Level 2 | Other | ||
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 2 | 0 |
Recurring | Level 2 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 561 | 555 |
Recurring | Level 2 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 2 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 257 | 269 |
Recurring | Level 2 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 598 | 579 |
Recurring | Level 2 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 105 | 85 |
Other | 0 | 0 |
Recurring | Level 2 | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 19 | 123 |
Recurring | Level 2 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 60 | 61 |
Recurring | Level 2 | Other | ||
Assets at fair value on a recurring basis: | ||
Other | 2 | 2 |
Recurring | Level 3 | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Brokered certificates of deposit | 0 | 0 |
Other | 9 | 1 |
Total trading assets | 9 | 1 |
Available-for-sale securities | 0 | 0 |
Derivative assets, gross | 0 | 0 |
Other | 29 | 29 |
Other assets - client-owned fractional shares | 0 | 0 |
Total assets at fair value on a recurring basis | 38 | 30 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Total trading instruments sold but not yet purchased | 0 | 0 |
Derivative contracts liability, gross | 4 | 3 |
Other payables - repurchase liabilities related to client-owned fractional shares | 0 | 0 |
Total liabilities at fair value on a recurring basis | 4 | 3 |
Recurring | Level 3 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | 0 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Derivative assets, gross | 0 | 0 |
Liabilities at fair value on a recurring basis: | ||
Derivative contracts liability, gross | 0 | |
Recurring | Level 3 | Other | ||
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 4 | 3 |
Recurring | Level 3 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Other | 0 | 0 |
Recurring | Level 3 | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 3 | Other | ||
Assets at fair value on a recurring basis: | ||
Other | $ 29 | $ 29 |
FAIR VALUE, Level 3 Financial A
FAIR VALUE, Level 3 Financial Assets and Liabilities, Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Percentage of instruments measured at fair value on a recurring basis | |||||
Instruments measured at fair value, percentage of assets (in hundredths) | 15% | 15% | 14% | ||
Instruments measured at fair value, percentage of liabilities (in hundredths) | 2% | 2% | 2% | ||
Instruments measured at fair value, level 3, percentage of assets (in hundredths) | 1% | 1% | 1% | ||
Trading liabilities | Other | |||||
Changes in Level 3 recurring fair value measurements, liabilities [Roll Forward] | |||||
Fair value beginning of period | $ (1) | ||||
Total gains/(losses) included in earnings | 1 | ||||
Purchases and contributions | 0 | ||||
Sales and distributions | 0 | ||||
Transfers: | |||||
Into Level 3 | 0 | ||||
Out of Level 3 | 0 | ||||
Fair value end of period | 0 | $ 0 | |||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 0 | ||||
Derivative liabilities | Other | |||||
Changes in Level 3 recurring fair value measurements, liabilities [Roll Forward] | |||||
Fair value beginning of period | $ (4) | 0 | $ (3) | (1) | |
Total gains/(losses) included in earnings | 0 | (1) | (1) | 0 | |
Purchases and contributions | 0 | 0 | 0 | 0 | |
Sales and distributions | 0 | 0 | 0 | 0 | |
Transfers: | |||||
Into Level 3 | 0 | 0 | 0 | 0 | |
Out of Level 3 | 0 | 0 | 0 | 0 | |
Fair value end of period | (4) | (1) | (4) | (1) | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 0 | (1) | (1) | (1) | |
Trading assets | Trading assets | |||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||||
Fair value beginning of period | 3 | 13 | 1 | 14 | |
Total gains/(losses) included in earnings | (1) | (1) | (1) | 1 | |
Purchases and contributions | 19 | 37 | 55 | 91 | |
Sales and distributions | (12) | (49) | (46) | (106) | |
Transfers: | |||||
Into Level 3 | 0 | 0 | 0 | 0 | |
Out of Level 3 | 0 | 0 | 0 | 0 | |
Fair value end of period | 9 | 0 | 9 | 0 | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 1 | 0 | 1 | 0 | |
Derivative assets | |||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||||
Fair value beginning of period | 0 | 0 | |||
Total gains/(losses) included in earnings | 2 | 2 | |||
Purchases and contributions | 0 | 0 | |||
Sales and distributions | 0 | 0 | |||
Transfers: | |||||
Into Level 3 | 0 | 0 | |||
Out of Level 3 | 0 | 0 | |||
Fair value end of period | 2 | 2 | |||
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 2 | 2 | |||
Other investments | All other | |||||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | |||||
Fair value beginning of period | 28 | 53 | 29 | 98 | |
Total gains/(losses) included in earnings | 1 | 0 | 0 | 0 | |
Purchases and contributions | 0 | 0 | 0 | 7 | |
Sales and distributions | 0 | (2) | 0 | (42) | |
Transfers: | |||||
Into Level 3 | 0 | 0 | 0 | 0 | |
Out of Level 3 | 0 | 0 | 0 | (12) | |
Fair value end of period | 29 | 51 | 29 | 51 | |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ 1 | $ 5 | $ 0 | $ 5 |
FAIR VALUE, Investments in Priv
FAIR VALUE, Investments in Private Equity Measured at Net Asset Value Per Share (Details) - Private equity investments - Recurring - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Private equity investments measured at NAV | $ 100 | $ 90 |
Private equity investments not measured at NAV | 7 | 5 |
Total private equity investments | 107 | 95 |
Unfunded commitment | $ 36 | $ 39 |
FAIR VALUE, Financial Instrumen
FAIR VALUE, Financial Instruments Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring $ in Millions | 9 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | $ 28 | $ 3 |
Loans held for sale | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 28 | 3 |
Loans held for sale | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 0 | 0 |
Collateral or discounted cash flow | Bank loans - residential | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 10 | 12 |
Collateral or discounted cash flow | Bank loans - residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 2 | 2 |
Collateral or discounted cash flow | Bank loans - residential | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 8 | 10 |
Collateral or discounted cash flow | Bank loans - corporate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 95 | 57 |
Collateral or discounted cash flow | Bank loans - corporate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 0 | 0 |
Collateral or discounted cash flow | Bank loans - corporate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | $ 95 | $ 57 |
Minimum | Collateral or discounted cash flow | Bank loans - residential | Prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Prepayment term | 7 years | 7 years |
Minimum | Collateral or discounted cash flow | Bank loans - corporate | Recovery rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net, measurement input | 0.41 | 0.24 |
Maximum | Collateral or discounted cash flow | Bank loans - residential | Prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Prepayment term | 12 years | 12 years |
Maximum | Collateral or discounted cash flow | Bank loans - corporate | Recovery rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net, measurement input | 0.70 | 0.66 |
Weighted average | Collateral or discounted cash flow | Bank loans - residential | Prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Prepayment term | 10 years 3 months 18 days | 10 years 4 months 24 days |
Weighted average | Collateral or discounted cash flow | Bank loans - corporate | Recovery rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net, measurement input | 0.64 | 0.47 |
FAIR VALUE, Carrying Amounts an
FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Carrying amount | ||
Financial assets: | ||
Bank loans, net | $ 43,212 | $ 43,167 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 2,739 | 999 |
Carrying amount | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 100 | 100 |
Carrying amount | Senior notes payable | ||
Financial liabilities: | ||
Debt | 2,039 | 2,038 |
Recurring | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 42,516 | 42,470 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 2,732 | 979 |
Recurring | Total estimated fair value | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 92 | 95 |
Recurring | Total estimated fair value | Senior notes payable | ||
Financial liabilities: | ||
Debt | 1,776 | 1,706 |
Recurring | Level 2 | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 106 | 134 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 2,732 | 400 |
Recurring | Level 2 | Total estimated fair value | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 92 | 95 |
Recurring | Level 2 | Total estimated fair value | Senior notes payable | ||
Financial liabilities: | ||
Debt | 1,776 | 1,706 |
Recurring | Level 3 | Total estimated fair value | ||
Financial assets: | ||
Bank loans, net | 42,410 | 42,336 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 0 | 579 |
Recurring | Level 3 | Total estimated fair value | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 0 | 0 |
Recurring | Level 3 | Total estimated fair value | Senior notes payable | ||
Financial liabilities: | ||
Debt | $ 0 | $ 0 |
AVAILABLE-FOR-SALE SECURITIES,
AVAILABLE-FOR-SALE SECURITIES, Amortized Cost and Fair Values of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities | $ 9,566 | $ 9,885 |
Bank | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 10,672 | 11,100 |
Gross unrealized gains | 1 | 0 |
Gross unrealized losses | (1,107) | (1,215) |
Available-for-sale securities | 9,566 | 9,885 |
Bank | Agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 5,064 | 5,662 |
Gross unrealized gains | 1 | 0 |
Gross unrealized losses | (560) | (668) |
Available-for-sale securities | 4,505 | 4,994 |
Bank | Agency commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 1,469 | 1,518 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (197) | (208) |
Available-for-sale securities | 1,272 | 1,310 |
Bank | Agency CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 1,497 | 1,637 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (245) | (233) |
Available-for-sale securities | 1,252 | 1,404 |
Bank | Other agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 710 | 613 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (28) | (31) |
Available-for-sale securities | 682 | 582 |
Bank | Non-agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 509 | 492 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (44) | (41) |
Available-for-sale securities | 465 | 451 |
Bank | U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 1,265 | 1,014 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (27) | (28) |
Available-for-sale securities | 1,238 | 986 |
Bank | Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 140 | 146 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (6) | (5) |
Available-for-sale securities | 134 | 141 |
Bank | Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost basis | 18 | 18 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | (1) |
Available-for-sale securities | $ 18 | $ 17 |
AVAILABLE-FOR-SALE SECURITIES_2
AVAILABLE-FOR-SALE SECURITIES, Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Carrying value | ||
Total | $ 9,566 | $ 9,885 |
Bank | ||
Amortized cost | ||
Within one year | 502 | |
After one but within five years | 2,556 | |
After five but within ten years | 2,897 | |
After ten years | 4,717 | |
Cost basis | 10,672 | 11,100 |
Carrying value | ||
Within one year | 492 | |
After one but within five years | 2,412 | |
After five but within ten years | 2,561 | |
After ten years | 4,101 | |
Total | $ 9,566 | 9,885 |
Weighted-average yield | ||
Within one year (in hundredths) | 2.54% | |
After one but within five years (in hundredths) | 2.81% | |
After five but within ten years (in hundredths) | 1.38% | |
After ten years (in hundredths) | 2.05% | |
Total (in hundredths) | 2.07% | |
Bank | Agency residential MBS | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 127 | |
After five but within ten years | 2,240 | |
After ten years | 2,697 | |
Cost basis | 5,064 | 5,662 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 122 | |
After five but within ten years | 2,011 | |
After ten years | 2,372 | |
Total | $ 4,505 | 4,994 |
Weighted-average yield | ||
Within one year (in hundredths) | 0% | |
After one but within five years (in hundredths) | 2.46% | |
After five but within ten years (in hundredths) | 1.29% | |
After ten years (in hundredths) | 1.90% | |
Total (in hundredths) | 1.65% | |
Bank | Agency commercial MBS | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 919 | |
After five but within ten years | 499 | |
After ten years | 51 | |
Cost basis | 1,469 | 1,518 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 824 | |
After five but within ten years | 406 | |
After ten years | 42 | |
Total | $ 1,272 | 1,310 |
Weighted-average yield | ||
Within one year (in hundredths) | 0% | |
After one but within five years (in hundredths) | 1.61% | |
After five but within ten years (in hundredths) | 1.21% | |
After ten years (in hundredths) | 1.87% | |
Total (in hundredths) | 1.48% | |
Bank | Agency CMOs | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 10 | |
After five but within ten years | 45 | |
After ten years | 1,442 | |
Cost basis | 1,497 | 1,637 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 8 | |
After five but within ten years | 40 | |
After ten years | 1,204 | |
Total | $ 1,252 | 1,404 |
Weighted-average yield | ||
Within one year (in hundredths) | 0% | |
After one but within five years (in hundredths) | 2.27% | |
After five but within ten years (in hundredths) | 1.54% | |
After ten years (in hundredths) | 1.57% | |
Total (in hundredths) | 1.58% | |
Bank | Other agency obligations | ||
Amortized cost | ||
Within one year | $ 60 | |
After one but within five years | 560 | |
After five but within ten years | 80 | |
After ten years | 10 | |
Cost basis | 710 | 613 |
Carrying value | ||
Within one year | 59 | |
After one but within five years | 539 | |
After five but within ten years | 74 | |
After ten years | 10 | |
Total | $ 682 | 582 |
Weighted-average yield | ||
Within one year (in hundredths) | 2.54% | |
After one but within five years (in hundredths) | 3.24% | |
After five but within ten years (in hundredths) | 3.44% | |
After ten years (in hundredths) | 3.07% | |
Total (in hundredths) | 3.20% | |
Bank | Non-agency residential MBS | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 0 | |
After five but within ten years | 0 | |
After ten years | 509 | |
Cost basis | 509 | 492 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 0 | |
After five but within ten years | 0 | |
After ten years | 465 | |
Total | $ 465 | 451 |
Weighted-average yield | ||
Within one year (in hundredths) | 0% | |
After one but within five years (in hundredths) | 0% | |
After five but within ten years (in hundredths) | 0% | |
After ten years (in hundredths) | 4.10% | |
Total (in hundredths) | 4.10% | |
Bank | U.S. Treasuries | ||
Amortized cost | ||
Within one year | $ 417 | |
After one but within five years | 848 | |
After five but within ten years | 0 | |
After ten years | 0 | |
Cost basis | 1,265 | 1,014 |
Carrying value | ||
Within one year | 408 | |
After one but within five years | 830 | |
After five but within ten years | 0 | |
After ten years | 0 | |
Total | $ 1,238 | 986 |
Weighted-average yield | ||
Within one year (in hundredths) | 2.40% | |
After one but within five years (in hundredths) | 3.51% | |
After five but within ten years (in hundredths) | 0% | |
After ten years (in hundredths) | 0% | |
Total (in hundredths) | 3.14% | |
Bank | Corporate bonds | ||
Amortized cost | ||
Within one year | $ 25 | |
After one but within five years | 87 | |
After five but within ten years | 28 | |
After ten years | 0 | |
Cost basis | 140 | 146 |
Carrying value | ||
Within one year | 25 | |
After one but within five years | 84 | |
After five but within ten years | 25 | |
After ten years | 0 | |
Total | $ 134 | 141 |
Weighted-average yield | ||
Within one year (in hundredths) | 4.79% | |
After one but within five years (in hundredths) | 6.32% | |
After five but within ten years (in hundredths) | 4.90% | |
After ten years (in hundredths) | 0% | |
Total (in hundredths) | 5.76% | |
Bank | Other | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 5 | |
After five but within ten years | 5 | |
After ten years | 8 | |
Cost basis | 18 | 18 |
Carrying value | ||
Within one year | 0 | |
After one but within five years | 5 | |
After five but within ten years | 5 | |
After ten years | 8 | |
Total | $ 18 | $ 17 |
Weighted-average yield | ||
Within one year (in hundredths) | 0% | |
After one but within five years (in hundredths) | 7.05% | |
After five but within ten years (in hundredths) | 5.23% | |
After ten years (in hundredths) | 8.05% | |
Total (in hundredths) | 7.06% |
AVAILABLE-FOR-SALE SECURITIES_3
AVAILABLE-FOR-SALE SECURITIES, Gross Unrealized Losses and Fair Value and Significant Assumptions (Details) - Bank - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | $ 969 | $ 5,156 |
Unrealized losses less than 12 months | (26) | (405) |
Estimated fair value 12 months or more | 8,363 | 4,716 |
Unrealized losses 12 months or more | (1,081) | (810) |
Total estimated fair value | 9,332 | 9,872 |
Total unrealized losses | (1,107) | (1,215) |
Agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 190 | 2,165 |
Unrealized losses less than 12 months | (8) | (226) |
Estimated fair value 12 months or more | 4,274 | 2,829 |
Unrealized losses 12 months or more | (552) | (442) |
Total estimated fair value | 4,464 | 4,994 |
Total unrealized losses | (560) | (668) |
Agency commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 136 | 494 |
Unrealized losses less than 12 months | (5) | (41) |
Estimated fair value 12 months or more | 1,136 | 816 |
Unrealized losses 12 months or more | (192) | (167) |
Total estimated fair value | 1,272 | 1,310 |
Total unrealized losses | (197) | (208) |
Agency CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 26 | 337 |
Unrealized losses less than 12 months | (1) | (32) |
Estimated fair value 12 months or more | 1,226 | 1,067 |
Unrealized losses 12 months or more | (244) | (201) |
Total estimated fair value | 1,252 | 1,404 |
Total unrealized losses | (245) | (233) |
Other agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 208 | 582 |
Unrealized losses less than 12 months | (3) | (31) |
Estimated fair value 12 months or more | 474 | 0 |
Unrealized losses 12 months or more | (25) | 0 |
Total estimated fair value | 682 | 582 |
Total unrealized losses | (28) | (31) |
Non-agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 53 | 451 |
Unrealized losses less than 12 months | (2) | (41) |
Estimated fair value 12 months or more | 412 | 0 |
Unrealized losses 12 months or more | (42) | 0 |
Total estimated fair value | 465 | 451 |
Total unrealized losses | (44) | (41) |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 325 | 982 |
Unrealized losses less than 12 months | (6) | (28) |
Estimated fair value 12 months or more | 763 | 4 |
Unrealized losses 12 months or more | (21) | 0 |
Total estimated fair value | 1,088 | 986 |
Total unrealized losses | (27) | (28) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 26 | 128 |
Unrealized losses less than 12 months | (1) | (5) |
Estimated fair value 12 months or more | 65 | 0 |
Unrealized losses 12 months or more | (5) | 0 |
Total estimated fair value | 91 | 128 |
Total unrealized losses | (6) | (5) |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated far value less than 12 months | 5 | 17 |
Unrealized losses less than 12 months | 0 | (1) |
Estimated fair value 12 months or more | 13 | 0 |
Unrealized losses 12 months or more | 0 | 0 |
Total estimated fair value | 18 | 17 |
Total unrealized losses | $ 0 | $ (1) |
AVAILABLE-FOR-SALE SECURITIES_4
AVAILABLE-FOR-SALE SECURITIES, Narrative (Details) $ in Millions | 9 Months Ended | |
Jun. 30, 2023 USD ($) investmentPosition | Sep. 30, 2022 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Accrued interest excluded | $ 28 | $ 24 |
Duration, available for sale securities | 4 years 3 months 18 days | |
Fair value | $ 9,566 | 9,885 |
Federal National Mortgage Association (FNMA) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 4,910 | |
Fair value | 4,310 | |
Federal Home Loan Mortgage Corporation (FHLMC) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 2,950 | |
Fair value | 2,570 | |
Bank | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 10,672 | 11,100 |
Fair value | $ 9,566 | $ 9,885 |
Bank | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of available-for-sale investment positions determined to be in an unrealized loss position | investmentPosition | 1,079 | |
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for less than 12 months | investmentPosition | 144 | |
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for 12 months or more | investmentPosition | 935 |
DERIVATIVE ASSETS AND DERIVAT_3
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Assets and Liability Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Derivative assets | ||
Derivative assets | $ 428 | $ 536 |
Counterparty netting | (24) | (35) |
Cash collateral netting | (175) | (313) |
Total amounts offset | (199) | (348) |
Derivative assets | 229 | 188 |
Financial instruments | (108) | (60) |
Net amount | 121 | 128 |
Derivative liabilities | ||
Derivative liabilities | 473 | 595 |
Counterparty netting | (24) | (35) |
Cash collateral netting | (56) | (30) |
Total amounts offset | (80) | (65) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 393 | 530 |
Financial instruments | 0 | (52) |
Net amount | 393 | 478 |
Notional amount | 22,077 | 19,618 |
Derivatives not designated as hedging instruments | ||
Derivative assets | ||
Derivative assets | 416 | 518 |
Derivative liabilities | ||
Derivative liabilities | 473 | 595 |
Notional amount | 19,639 | 17,476 |
Derivatives not designated as hedging instruments | Interest rate - other | ||
Derivative assets | ||
Derivative assets | 414 | 462 |
Derivative liabilities | ||
Derivative liabilities | 469 | 535 |
Notional amount | 17,811 | 14,647 |
Derivatives not designated as hedging instruments | Interest rate - matched book | ||
Derivative assets | ||
Interest rate - matched book | 0 | 52 |
Derivative liabilities | ||
Interest rate - matched book | 0 | 52 |
Notional amount | 0 | 1,340 |
Derivatives not designated as hedging instruments | Foreign exchange | ||
Derivative assets | ||
Derivative assets | 2 | 4 |
Derivative liabilities | ||
Derivative liabilities | 0 | 5 |
Notional amount | 1,167 | 958 |
Derivatives not designated as hedging instruments | Other | ||
Derivative assets | ||
Derivative assets | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities | 4 | 3 |
Notional amount | 661 | 531 |
Derivatives designated as hedging instruments | ||
Derivative assets | ||
Derivative assets | 12 | 18 |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Notional amount | 2,438 | 2,142 |
Derivatives designated as hedging instruments | Interest rate - other | ||
Derivative assets | ||
Derivative assets | 9 | 12 |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Notional amount | 1,250 | 1,050 |
Derivatives designated as hedging instruments | Foreign exchange | ||
Derivative assets | ||
Derivative assets | 3 | 6 |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Notional amount | $ 1,188 | $ 1,092 |
DERIVATIVE ASSETS AND DERIVAT_4
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Gain (Loss) Recognized in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedges | $ 12 | $ 10 | $ (1) | $ 48 |
Total gains/(losses) included in AOCI, net of taxes | (4) | 34 | (34) | 62 |
Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedges | 12 | 10 | (1) | 48 |
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net investment hedges | $ (16) | $ 24 | $ (33) | $ 14 |
DERIVATIVE ASSETS AND DERIVAT_5
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Derivative [Line Items] | |||||
Gain (loss) excluded from assessment of hedge effectiveness | $ 0 | $ 0 | $ 0 | $ 0 | |
Amount of interest expense expected to be reclassified out of AOCI to earnings within the next 12 months | 36,000,000 | 36,000,000 | |||
Derivative liabilities | 393,000,000 | 393,000,000 | $ 530,000,000 | ||
Credit Risk Contract | |||||
Derivative [Line Items] | |||||
Derivative liabilities | $ 3,000,000 | $ 3,000,000 | $ 8,000,000 | ||
Bank | |||||
Derivative [Line Items] | |||||
Maximum length of time hedged in cash flow hedge | 4 years |
DERIVATIVE ASSETS AND DERIVAT_6
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Income Statement Location (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | $ 6 | $ 4 | $ 17 | $ 14 |
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | (20) | 33 | $ (56) | $ 30 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Including Assessed Tax | Revenue from Contract with Customer, Including Assessed Tax | ||
Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of derivative asset or liability | $ 1 | $ 1 | $ 0 | $ 2 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Principal transactions | Principal transactions | ||
Principal transactions | Interest rate | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Principal transactions | Principal transactions | ||
Other revenues | Interest rate | Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue from Contract with Customer, Including Assessed Tax | Revenue from Contract with Customer, Including Assessed Tax |
COLLATERALIZED AGREEMENTS AND_3
COLLATERALIZED AGREEMENTS AND FINANCINGS, Schedule of Offsetting Transactions (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Reverse repurchase agreements | ||
Gross amounts of recognized assets/liabilities | $ 181 | $ 367 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 181 | 367 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (181) | (367) |
Net amounts | 0 | 0 |
Securities borrowed | ||
Gross amounts of recognized assets/liabilities | 229 | 337 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 229 | 337 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (223) | (327) |
Net amounts | 6 | 10 |
Gross amounts of recognized assets/liabilities | 410 | 704 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 410 | 704 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (404) | (694) |
Net amounts | 6 | 10 |
Repurchase agreements | ||
Gross amounts of recognized assets/liabilities | 110 | 294 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 110 | 294 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (110) | (294) |
Net amounts | 0 | 0 |
Securities loaned | ||
Gross amounts of recognized assets/liabilities | 71 | 172 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 71 | 172 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (68) | (162) |
Net amounts | 3 | 10 |
Gross amounts of recognized assets/liabilities | 181 | 466 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 181 | 466 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (178) | (456) |
Net amounts | $ 3 | $ 10 |
COLLATERALIZED AGREEMENTS AND_4
COLLATERALIZED AGREEMENTS AND FINANCINGS, Repurchase Agreements, Repurchase-to-Maturity Transactions and Securities Loaned Accounted For As Secured Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 110 | $ 294 |
Total | 181 | 466 |
Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 107 | 183 |
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 3 | 111 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 71 | 172 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 110 | 294 |
Total | 181 | 466 |
Overnight and continuous | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 107 | 183 |
Overnight and continuous | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 3 | 111 |
Overnight and continuous | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 71 | 172 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Total | 0 | 0 |
Up to 30 days | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Up to 30 days | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Up to 30 days | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 0 |
30-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Total | 0 | 0 |
30-90 days | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
30-90 days | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
30-90 days | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 0 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Total | 0 | 0 |
Greater than 90 days | Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Greater than 90 days | Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Greater than 90 days | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | $ 0 | $ 0 |
COLLATERALIZED AGREEMENTS AND_5
COLLATERALIZED AGREEMENTS AND FINANCINGS, Collateral (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Collateral Received that Can be Resold or Repledged [Abstract] | ||
Collateral we received that was available to be delivered or repledged | $ 3,099 | $ 3,812 |
Collateral that we delivered or repledged | $ 776 | $ 947 |
COLLATERALIZED AGREEMENTS AND_6
COLLATERALIZED AGREEMENTS AND FINANCINGS, Encumbered Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Had the right to deliver or repledge | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | $ 1,009 | $ 1,276 |
Did not have the right to deliver or repledge | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | 4,051 | 63 |
Asset pledged as collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | 9,987 | 8,800 |
Asset pledged as collateral | Federal Home Loan Bank | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | 9,267 | 8,009 |
Asset pledged as collateral | Federal Reserve Bank Of Atlanta | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | $ 720 | $ 791 |
BANK LOANS, NET, Held for Sale
BANK LOANS, NET, Held for Sale and Held for Investment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | $ 43,801 | $ 43,801 | $ 43,635 | |||||
Allowance for credit losses | (456) | (456) | (396) | |||||
Bank loans, net | $ 43,345 | $ 43,345 | $ 43,239 | |||||
ACL as a % of total loans held for investment | 1.04% | 1.04% | 0.91% | |||||
Accrued interest receivable on bank loans (included in “Other receivables, net”) | $ 197 | $ 197 | $ 137 | |||||
Net unamortized discounts, unearned income, and deferred loan fees and costs | 68 | 68 | (112) | |||||
C&I loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 10,663 | 10,663 | 11,173 | |||||
CRE loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 7,091 | 7,091 | 6,549 | |||||
REIT loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 1,715 | 1,715 | 1,592 | |||||
Tax-exempt loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 1,548 | 1,548 | 1,501 | |||||
Residential mortgage loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 8,422 | 8,422 | 7,386 | |||||
SBL | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 14,227 | 14,227 | 15,297 | |||||
Loans held for investment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 43,666 | 43,666 | 43,498 | |||||
Allowance for credit losses | (456) | $ (377) | (456) | $ (377) | $ (415) | (396) | $ (328) | $ (320) |
Loans held for investment | C&I loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 10,663 | 10,663 | 11,173 | |||||
Allowance for credit losses | (206) | (207) | (206) | (207) | (219) | (226) | (195) | (191) |
Loans held for investment | CRE loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 7,091 | 7,091 | 6,549 | |||||
Allowance for credit losses | (147) | (93) | (147) | (93) | (100) | (87) | (71) | (66) |
Loans held for investment | REIT loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 1,715 | 1,715 | 1,592 | |||||
Allowance for credit losses | (16) | (23) | (16) | (23) | (15) | (21) | (25) | (22) |
Loans held for investment | Tax-exempt loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 1,548 | 1,548 | 1,501 | |||||
Allowance for credit losses | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
Loans held for investment | Residential mortgage loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 8,422 | 8,422 | 7,386 | |||||
Allowance for credit losses | (80) | (48) | (80) | (48) | $ (74) | (57) | $ (32) | $ (35) |
Loans held for investment | SBL | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 14,227 | 14,227 | 15,297 | |||||
Allowance for credit losses | (5) | (5) | ||||||
Loans held for sale | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable past due | 135 | 135 | $ 137 | |||||
Loans held for sale originated or purchased | $ 699 | $ 683 | $ 2,130 | $ 2,650 |
BANK LOANS, NET, Originations,
BANK LOANS, NET, Originations, Purchases, and Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Loans held for sale | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Loans held for sale originated or purchased | $ 699 | $ 683 | $ 2,130 | $ 2,650 |
Proceeds from sale of loans held-for-sale | 221 | 345 | 574 | 1,020 |
Loans held for investment | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 97 | 822 | 817 | 2,009 |
Sales | 441 | 33 | 588 | 145 |
Loans held for investment | C&I loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 3 | 439 | 360 | 1,219 |
Sales | 441 | 33 | 588 | 145 |
Loans held for investment | CRE loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 0 | 0 | 39 | 0 |
Sales | 0 | 0 | 0 | 0 |
Loans held for investment | REIT loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 0 | 0 | 24 | 0 |
Sales | 0 | 0 | 0 | 0 |
Loans held for investment | Residential mortgage loans | ||||
Financing Receivables, Schedule of Purchases and Sales [Line Items] | ||||
Purchases | 94 | 383 | 394 | 790 |
Sales | $ 0 | $ 0 | $ 0 | $ 0 |
BANK LOANS, NET, Analysis of Pa
BANK LOANS, NET, Analysis of Payment Status of Loans Held for Investment (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | $ 43,801 | $ 43,635 |
Performing nonaccrual loans | 118 | 63 |
Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 43,666 | 43,498 |
Nonaccrual with allowance | 104 | 44 |
Nonaccrual with no allowance | 23 | 30 |
Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2 | 4 |
30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2 | 4 |
90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 43,537 | 43,420 |
SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 14,227 | 15,297 |
SBL | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 14,227 | 15,297 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
SBL | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
SBL | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
SBL | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
SBL | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 14,227 | 15,297 |
C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 10,663 | 11,173 |
Troubled debt restructuring | 30 | 11 |
C&I loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 10,663 | 11,173 |
Nonaccrual with allowance | 75 | 32 |
Nonaccrual with no allowance | 0 | 0 |
C&I loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
C&I loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
C&I loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
C&I loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 10,588 | 11,141 |
CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 7,091 | 6,549 |
Troubled debt restructuring | 7 | 9 |
CRE loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 7,091 | 6,549 |
Nonaccrual with allowance | 29 | 12 |
Nonaccrual with no allowance | 14 | 16 |
CRE loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
CRE loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
CRE loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
CRE loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 7,048 | 6,521 |
REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,715 | 1,592 |
REIT loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,715 | 1,592 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
REIT loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
REIT loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
REIT loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
REIT loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,715 | 1,592 |
Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 8,422 | 7,386 |
Troubled debt restructuring | 10 | 10 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 8,422 | 7,386 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 9 | 14 |
Residential mortgage loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2 | 4 |
Residential mortgage loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 2 | 4 |
Residential mortgage loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Residential mortgage loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 8,411 | 7,368 |
Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,548 | 1,501 |
Tax-exempt loans | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 1,548 | 1,501 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
Tax-exempt loans | Total past due and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Tax-exempt loans | 30-89 days and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Tax-exempt loans | 90 days or more and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | 0 | 0 |
Tax-exempt loans | Current and accruing | Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable past due | $ 1,548 | $ 1,501 |
BANK LOANS, NET, Collateral-dep
BANK LOANS, NET, Collateral-dependent loans (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | $ 43,801 | $ 43,635 |
Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 43,666 | 43,498 |
C&I loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 10,663 | 11,173 |
C&I loans | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 10,663 | 11,173 |
C&I loans | Commercial real estate and other business assets | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | 9 | 11 |
CRE loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 7,091 | 6,549 |
CRE loans | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 7,091 | 6,549 |
CRE loans | Office, healthcare, industrial, retail and health care real estate | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | 42 | 21 |
Residential mortgage loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 8,422 | 7,386 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 8,422 | 7,386 |
Residential mortgage loans | One-to-four family residential mortgage loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable past due | 4 | 5 |
Residential mortgage loans | Single family homes | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | $ 4 | $ 6 |
BANK LOANS, NET, Credit Quality
BANK LOANS, NET, Credit Quality of Held for Investment Loan Portfolio (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans held for investment | $ 43,801 | $ 43,635 |
SBL | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20 | 14 |
Fiscal year before current fiscal year | 18 | 27 |
Fiscal year two years before current fiscal year | 83 | 72 |
Fiscal year three years before current fiscal year | 44 | 44 |
Fiscal year four years before current fiscal year | 16 | 36 |
Prior | 38 | 41 |
Revolving loans | 14,008 | 15,063 |
Total loans held for investment | 14,227 | 15,297 |
SBL | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20 | 14 |
Fiscal year before current fiscal year | 18 | 27 |
Fiscal year two years before current fiscal year | 83 | 72 |
Fiscal year three years before current fiscal year | 44 | 44 |
Fiscal year four years before current fiscal year | 16 | 36 |
Prior | 38 | 41 |
Revolving loans | 13,999 | 15,063 |
Total loans held for investment | 14,218 | 15,297 |
SBL | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 4 | 0 |
Total loans held for investment | 4 | 0 |
SBL | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 5 | 0 |
Total loans held for investment | 5 | 0 |
SBL | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
C&I loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 551 | 1,022 |
Fiscal year before current fiscal year | 1,152 | 1,476 |
Fiscal year two years before current fiscal year | 1,144 | 1,364 |
Fiscal year three years before current fiscal year | 1,170 | 1,189 |
Fiscal year four years before current fiscal year | 992 | 1,434 |
Prior | 2,986 | 2,288 |
Revolving loans | 2,668 | 2,400 |
Total loans held for investment | 10,663 | 11,173 |
C&I loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 551 | 1,011 |
Fiscal year before current fiscal year | 1,142 | 1,448 |
Fiscal year two years before current fiscal year | 1,115 | 1,301 |
Fiscal year three years before current fiscal year | 1,109 | 1,124 |
Fiscal year four years before current fiscal year | 974 | 1,389 |
Prior | 2,904 | 2,200 |
Revolving loans | 2,646 | 2,380 |
Total loans held for investment | 10,441 | 10,853 |
C&I loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 10 |
Fiscal year before current fiscal year | 10 | 28 |
Fiscal year two years before current fiscal year | 29 | 3 |
Fiscal year three years before current fiscal year | 0 | 37 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 19 | 82 |
Revolving loans | 7 | 6 |
Total loans held for investment | 65 | 166 |
C&I loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 60 |
Fiscal year three years before current fiscal year | 61 | 28 |
Fiscal year four years before current fiscal year | 18 | 40 |
Prior | 63 | 6 |
Revolving loans | 15 | 14 |
Total loans held for investment | 157 | 149 |
C&I loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 5 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 5 |
CRE loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 783 | 1,916 |
Fiscal year before current fiscal year | 2,356 | 1,346 |
Fiscal year two years before current fiscal year | 1,156 | 906 |
Fiscal year three years before current fiscal year | 823 | 724 |
Fiscal year four years before current fiscal year | 630 | 898 |
Prior | 1,134 | 583 |
Revolving loans | 209 | 176 |
Total loans held for investment | 7,091 | 6,549 |
CRE loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 776 | 1,916 |
Fiscal year before current fiscal year | 2,356 | 1,345 |
Fiscal year two years before current fiscal year | 1,151 | 892 |
Fiscal year three years before current fiscal year | 787 | 707 |
Fiscal year four years before current fiscal year | 618 | 816 |
Prior | 1,040 | 551 |
Revolving loans | 209 | 176 |
Total loans held for investment | 6,937 | 6,403 |
CRE loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7 | 0 |
Fiscal year before current fiscal year | 0 | 1 |
Fiscal year two years before current fiscal year | 5 | 0 |
Fiscal year three years before current fiscal year | 34 | 0 |
Fiscal year four years before current fiscal year | 0 | 36 |
Prior | 22 | 2 |
Revolving loans | 0 | 0 |
Total loans held for investment | 68 | 39 |
CRE loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 14 |
Fiscal year three years before current fiscal year | 2 | 17 |
Fiscal year four years before current fiscal year | 12 | 46 |
Prior | 72 | 30 |
Revolving loans | 0 | 0 |
Total loans held for investment | 86 | 107 |
CRE loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
REIT loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 279 | 169 |
Fiscal year before current fiscal year | 201 | 230 |
Fiscal year two years before current fiscal year | 211 | 96 |
Fiscal year three years before current fiscal year | 103 | 53 |
Fiscal year four years before current fiscal year | 55 | 40 |
Prior | 175 | 222 |
Revolving loans | 691 | 782 |
Total loans held for investment | 1,715 | 1,592 |
REIT loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 279 | 169 |
Fiscal year before current fiscal year | 201 | 230 |
Fiscal year two years before current fiscal year | 211 | 96 |
Fiscal year three years before current fiscal year | 103 | 53 |
Fiscal year four years before current fiscal year | 55 | 40 |
Prior | 175 | 222 |
Revolving loans | 691 | 782 |
Total loans held for investment | 1,715 | 1,592 |
REIT loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
REIT loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
REIT loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Tax-exempt loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 90 | 264 |
Fiscal year before current fiscal year | 297 | 169 |
Fiscal year two years before current fiscal year | 162 | 56 |
Fiscal year three years before current fiscal year | 56 | 115 |
Fiscal year four years before current fiscal year | 100 | 192 |
Prior | 843 | 705 |
Revolving loans | 0 | 0 |
Total loans held for investment | 1,548 | 1,501 |
Tax-exempt loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 90 | 264 |
Fiscal year before current fiscal year | 297 | 169 |
Fiscal year two years before current fiscal year | 162 | 56 |
Fiscal year three years before current fiscal year | 56 | 115 |
Fiscal year four years before current fiscal year | 100 | 192 |
Prior | 843 | 705 |
Revolving loans | 0 | 0 |
Total loans held for investment | 1,548 | 1,501 |
Tax-exempt loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Tax-exempt loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Tax-exempt loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 0 |
Residential mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,407 | 2,986 |
Fiscal year before current fiscal year | 2,923 | 1,705 |
Fiscal year two years before current fiscal year | 1,632 | 1,023 |
Fiscal year three years before current fiscal year | 939 | 479 |
Fiscal year four years before current fiscal year | 448 | 291 |
Prior | 1,040 | 867 |
Revolving loans | 33 | 35 |
Total loans held for investment | 8,422 | 7,386 |
Residential mortgage loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,407 | 2,984 |
Fiscal year before current fiscal year | 2,921 | 1,704 |
Fiscal year two years before current fiscal year | 1,630 | 1,023 |
Fiscal year three years before current fiscal year | 939 | 477 |
Fiscal year four years before current fiscal year | 446 | 290 |
Prior | 1,020 | 843 |
Revolving loans | 33 | 35 |
Total loans held for investment | 8,396 | 7,356 |
Residential mortgage loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 0 | 1 |
Fiscal year two years before current fiscal year | 2 | 0 |
Fiscal year three years before current fiscal year | 0 | 2 |
Fiscal year four years before current fiscal year | 2 | 0 |
Prior | 4 | 4 |
Revolving loans | 0 | 0 |
Total loans held for investment | 8 | 8 |
Residential mortgage loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 2 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 1 |
Prior | 16 | 20 |
Revolving loans | 0 | 0 |
Total loans held for investment | 18 | 22 |
Residential mortgage loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans | 0 | 0 |
Total loans held for investment | $ 0 | $ 0 |
BANK LOANS, NET, Held for Inves
BANK LOANS, NET, Held for Investment Residential Mortgage Loan Portfolio by FICO Score and by LTV Ratio (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans held for investment | $ 43,801 | $ 43,635 |
Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans held for investment | 43,666 | 43,498 |
Residential mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,407 | 2,986 |
Fiscal year before current fiscal year | 2,923 | 1,705 |
Fiscal year two years before current fiscal year | 1,632 | 1,023 |
Fiscal year three years before current fiscal year | 939 | 479 |
Fiscal year four years before current fiscal year | 448 | 291 |
Prior | 1,040 | 867 |
Revolving loans | 33 | 35 |
Total loans held for investment | 8,422 | 7,386 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,407 | 2,986 |
Fiscal year before current fiscal year | 2,923 | 1,705 |
Fiscal year two years before current fiscal year | 1,632 | 1,023 |
Fiscal year three years before current fiscal year | 939 | 479 |
Fiscal year four years before current fiscal year | 448 | 291 |
Prior | 1,040 | 867 |
Revolving loans | 33 | 35 |
Total loans held for investment | 8,422 | 7,386 |
Below 80% | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 974 | 2,287 |
Fiscal year before current fiscal year | 2,243 | 1,333 |
Fiscal year two years before current fiscal year | 1,276 | 797 |
Fiscal year three years before current fiscal year | 732 | 358 |
Fiscal year four years before current fiscal year | 334 | 226 |
Prior | 801 | 661 |
Revolving loans | 31 | 31 |
Total loans held for investment | 6,391 | 5,693 |
80%+ | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 433 | 699 |
Fiscal year before current fiscal year | 680 | 372 |
Fiscal year two years before current fiscal year | 356 | 226 |
Fiscal year three years before current fiscal year | 207 | 121 |
Fiscal year four years before current fiscal year | 114 | 65 |
Prior | 239 | 206 |
Revolving loans | 2 | 4 |
Total loans held for investment | 2,031 | 1,693 |
Below 600 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7 | 1 |
Fiscal year before current fiscal year | 1 | 3 |
Fiscal year two years before current fiscal year | 3 | 2 |
Fiscal year three years before current fiscal year | 2 | 3 |
Fiscal year four years before current fiscal year | 3 | 1 |
Prior | 55 | 54 |
Revolving loans | 0 | 0 |
Total loans held for investment | 71 | 64 |
600 - 699 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 79 | 155 |
Fiscal year before current fiscal year | 155 | 112 |
Fiscal year two years before current fiscal year | 106 | 90 |
Fiscal year three years before current fiscal year | 85 | 32 |
Fiscal year four years before current fiscal year | 30 | 20 |
Prior | 80 | 68 |
Revolving loans | 3 | 4 |
Total loans held for investment | 538 | 481 |
700 - 799 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,110 | 2,403 |
Fiscal year before current fiscal year | 2,353 | 1,301 |
Fiscal year two years before current fiscal year | 1,239 | 744 |
Fiscal year three years before current fiscal year | 681 | 353 |
Fiscal year four years before current fiscal year | 327 | 219 |
Prior | 624 | 470 |
Revolving loans | 23 | 22 |
Total loans held for investment | 6,357 | 5,512 |
800 + | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 209 | 424 |
Fiscal year before current fiscal year | 412 | 284 |
Fiscal year two years before current fiscal year | 280 | 184 |
Fiscal year three years before current fiscal year | 170 | 87 |
Fiscal year four years before current fiscal year | 83 | 48 |
Prior | 277 | 273 |
Revolving loans | 6 | 6 |
Total loans held for investment | 1,437 | 1,306 |
FICO score not available | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2 | 3 |
Fiscal year before current fiscal year | 2 | 5 |
Fiscal year two years before current fiscal year | 4 | 3 |
Fiscal year three years before current fiscal year | 1 | 4 |
Fiscal year four years before current fiscal year | 5 | 3 |
Prior | 4 | 2 |
Revolving loans | 1 | 3 |
Total loans held for investment | $ 19 | $ 23 |
BANK LOANS, NET, Changes in the
BANK LOANS, NET, Changes in the Allowance for Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | |
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 396 | |||||
Net (charge-offs)/recoveries: | ||||||
Balance at end of period | $ 456 | 456 | ||||
Increase (decrease) in allowance for credit losses | 41 | 60 | ||||
Loans held for investment | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | 415 | $ 328 | 396 | $ 320 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 3 | 3 | ||||
Total provision/(benefit) for credit losses | 54 | 56 | 96 | 66 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | (15) | (15) | (40) | (18) | ||
Recoveries | 0 | 5 | 3 | 6 | ||
Net (charge-offs)/recoveries | (15) | (10) | (37) | (12) | ||
Foreign exchange translation adjustment | 2 | 0 | 1 | 0 | ||
Balance at end of period | $ 456 | $ 377 | $ 456 | $ 377 | ||
ACL by loan portfolio segment as a % of total ACL | 100% | 100% | 100% | 100% | ||
Loans held for investment | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 26 | $ 26 | ||||
Loans held for investment | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | 30 | 40 | ||||
Loans held for investment | SBL | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 5 | 3 | $ 3 | 4 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 0 | 0 | ||||
Total provision/(benefit) for credit losses | 0 | 1 | 2 | 0 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 | ||
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 | ||
Balance at end of period | $ 5 | $ 4 | $ 5 | $ 4 | ||
ACL by loan portfolio segment as a % of total ACL | 1.10% | 1.10% | 1.10% | 1.10% | ||
Loans held for investment | SBL | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 2 | $ 2 | ||||
Loans held for investment | SBL | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | (1) | (2) | ||||
Loans held for investment | C&I loans | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 219 | 195 | $ 226 | 191 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 1 | 1 | ||||
Total provision/(benefit) for credit losses | (8) | 22 | 10 | 29 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | (6) | (11) | (30) | (14) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net (charge-offs)/recoveries | (6) | (11) | (30) | (14) | ||
Foreign exchange translation adjustment | 1 | 0 | 0 | 0 | ||
Balance at end of period | $ 206 | $ 207 | $ 206 | $ 207 | ||
ACL by loan portfolio segment as a % of total ACL | 45.30% | 54.90% | 45.30% | 54.90% | ||
Loans held for investment | C&I loans | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 5 | $ 5 | ||||
Loans held for investment | C&I loans | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | 17 | 24 | ||||
Loans held for investment | CRE loans | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 100 | 71 | $ 87 | 66 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 2 | 2 | ||||
Total provision/(benefit) for credit losses | 55 | 19 | 66 | 24 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | (9) | (4) | (10) | (4) | ||
Recoveries | 0 | 5 | 3 | 5 | ||
Net (charge-offs)/recoveries | (9) | 1 | (7) | 1 | ||
Foreign exchange translation adjustment | 1 | 0 | 1 | 0 | ||
Balance at end of period | $ 147 | $ 93 | $ 147 | $ 93 | ||
ACL by loan portfolio segment as a % of total ACL | 32.20% | 24.70% | 32.20% | 24.70% | ||
Loans held for investment | CRE loans | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 19 | $ 19 | ||||
Loans held for investment | CRE loans | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | 0 | 5 | ||||
Loans held for investment | REIT loans | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 15 | 25 | $ 21 | 22 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 0 | 0 | ||||
Total provision/(benefit) for credit losses | 1 | (2) | (5) | 1 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 | ||
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 | ||
Balance at end of period | $ 16 | $ 23 | $ 16 | $ 23 | ||
ACL by loan portfolio segment as a % of total ACL | 3.50% | 6.10% | 3.50% | 6.10% | ||
Loans held for investment | REIT loans | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 0 | $ 0 | ||||
Loans held for investment | REIT loans | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | (2) | 1 | ||||
Loans held for investment | Residential mortgage loans | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 74 | 32 | $ 57 | 35 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 0 | 0 | ||||
Total provision/(benefit) for credit losses | 6 | 16 | 23 | 12 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 1 | ||
Net (charge-offs)/recoveries | 0 | 0 | 0 | 1 | ||
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 | ||
Balance at end of period | $ 80 | $ 48 | $ 80 | $ 48 | ||
ACL by loan portfolio segment as a % of total ACL | 17.50% | 12.70% | 17.50% | 12.70% | ||
Loans held for investment | Residential mortgage loans | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 0 | $ 0 | ||||
Loans held for investment | Residential mortgage loans | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | 16 | 12 | ||||
Loans held for investment | Tax-exempt loans | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Balance at beginning of period | $ 2 | 2 | $ 2 | 2 | ||
Initial allowance on acquired purchased credit deteriorated (“PCD”) loans | 0 | 0 | ||||
Total provision/(benefit) for credit losses | 0 | 0 | 0 | 0 | ||
Net (charge-offs)/recoveries: | ||||||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 | ||
Foreign exchange translation adjustment | 0 | 0 | 0 | 0 | ||
Balance at end of period | $ 2 | $ 2 | $ 2 | $ 2 | ||
ACL by loan portfolio segment as a % of total ACL | 0.40% | 0.50% | 0.40% | 0.50% | ||
Loans held for investment | Tax-exempt loans | Initial provision for credit losses on non-PCD loans acquired with TriState Capital | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 0 | $ 0 | ||||
Loans held for investment | Tax-exempt loans | Provision/(benefit) for credit losses | ||||||
Changes in the allowance for loan losses [Roll Forward] | ||||||
Total provision/(benefit) for credit losses | $ 0 | $ 0 | ||||
Unfunded lending commitments | ||||||
Net (charge-offs)/recoveries: | ||||||
Unfunded lending commitments | $ 28 | $ 28 | $ 21 | $ 19 |
LOANS TO FINANCIAL ADVISORS, _3
LOANS TO FINANCIAL ADVISORS, NET, Balance of Loans to Financial Advisors (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2022 | |
Receivables [Abstract] | ||
Currently affiliated with the firm | $ 1,142 | $ 1,173 |
No longer affiliated with the firm | 11 | 8 |
Total loans to financial advisors | 1,153 | 1,181 |
Allowance for credit losses | (31) | (29) |
Loans to financial advisors, net | 1,122 | 1,152 |
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) | $ 5 | $ 5 |
Allowance for credit losses as a percent of total loans to financial advisors | 2.69% | 2.46% |
Past due period | 180 days |
VARIABLE INTEREST ENTITIES, Pri
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Aggregate Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | $ 77,633 | $ 80,951 |
Total liabilities | 67,711 | 71,519 |
Variable Interest Entity, Primary Beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 80 | 76 |
Total liabilities | 33 | 23 |
Variable Interest Entity, Primary Beneficiary | LIHTC funds | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 53 | 59 |
Total liabilities | 6 | 6 |
Variable Interest Entity, Primary Beneficiary | Restricted Stock Trust Fund | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Total assets | 27 | 17 |
Total liabilities | $ 27 | $ 17 |
VARIABLE INTEREST ENTITIES, P_2
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Carrying Value of Assets, Liabilities and Equity (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 |
Assets: | ||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | $ 12,214 | $ 14,659 | $ 20,209 | $ 16,449 |
Other assets | 2,769 | 2,452 | ||
Total assets | 77,633 | 80,951 | ||
Liabilities: | ||||
Other payables | 1,727 | 1,768 | ||
Total liabilities | 67,711 | 71,519 | ||
Noncontrolling interests | (27) | (26) | ||
Variable Interest Entity, Primary Beneficiary | ||||
Assets: | ||||
Total assets | 80 | 76 | ||
Liabilities: | ||||
Total liabilities | 33 | 23 | ||
Variable Interest Entity, Primary Beneficiary | Carrying amount | ||||
Assets: | ||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | 5 | 5 | ||
Other assets | 48 | 54 | ||
Total assets | 53 | 59 | ||
Liabilities: | ||||
Other payables | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Noncontrolling interests | $ (27) | $ (26) |
VARIABLE INTEREST ENTITIES, Not
VARIABLE INTEREST ENTITIES, Not the Primary Beneficiary - Aggregate Assets, Liabilities Exposure to Loss (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Variable Interest Entity [Line Items] | ||
Aggregate assets | $ 77,633 | $ 80,951 |
Aggregate liabilities | 67,711 | 71,519 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 10,717 | 10,088 |
Aggregate liabilities | 3,561 | 3,133 |
Our risk of loss | 182 | 234 |
Variable Interest Entity, Not Primary Beneficiary | LIHTC funds | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 8,187 | 7,752 |
Aggregate liabilities | 2,846 | 2,584 |
Our risk of loss | 79 | 136 |
Variable Interest Entity, Not Primary Beneficiary | Private Equity Interests | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 2,416 | 2,177 |
Aggregate liabilities | 640 | 448 |
Our risk of loss | 100 | 90 |
Variable Interest Entity, Not Primary Beneficiary | Other | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 114 | 159 |
Aggregate liabilities | 75 | 101 |
Our risk of loss | $ 3 | $ 8 |
GOODWILL AND IDENTIFIABLE INT_2
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET (Details) | Jan. 01, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment | $ 0 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Prepaid Expense and Other Assets [Abstract] | ||
Investments in company-owned life insurance policies | $ 1,133 | $ 944 |
Property and equipment, net | 542 | 503 |
Lease right of use (“ROU”) assets | 519 | 480 |
Prepaid expenses | 223 | 173 |
Investments in FHLB and FRB stock | 85 | 88 |
Client-owned fractional shares | 100 | 78 |
All other | 167 | 186 |
Total other assets | $ 2,769 | $ 2,452 |
LEASES, Operating Lease Assets
LEASES, Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
Location of ROU assets | Other assets | Other assets |
ROU assets (included in Other assets) | $ 519 | $ 480 |
Location of lease liabilities | Other Liabilities | Other Liabilities |
Lease liabilities (included in Other payables) | $ 521 | $ 482 |
LEASES, Narrative (Details)
LEASES, Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Lessee, Lease, Description [Line Items] | |
Minimum lease payments related to lease arrangements that were signed but not yet commenced | $ 46 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Contract term | 4 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Contract term | 10 years |
LEASES, Lease Cost (Details)
LEASES, Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Lease costs | $ 35 | $ 30 | $ 98 | $ 87 |
Variable lease costs | $ 9 | $ 7 | $ 24 | $ 22 |
BANK DEPOSITS, Summary of Bank
BANK DEPOSITS, Summary of Bank Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Bank deposits: | ||
Money market and savings accounts | $ 33,636 | $ 44,446 |
Interest-bearing demand deposits | 16,661 | 5,286 |
Certificates of deposit | 2,739 | 999 |
Non-interest-bearing demand deposits | 732 | 626 |
Total bank deposits | $ 53,768 | $ 51,357 |
Weighted-average rate | ||
Money market and savings accounts | 1.54% | 1.01% |
Interest-bearing demand deposits | 4.86% | 2.77% |
Certificates of deposit | 4.23% | 1.85% |
Non-interest-bearing demand deposits | 0% | 0% |
Total bank deposits | 2.72% | 1.21% |
BANK DEPOSITS, Narrative (Detai
BANK DEPOSITS, Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Bank Deposits [Line Items] | ||
Interest-bearing demand deposits | $ 16,661 | $ 5,286 |
Raymond James & Associates, Inc. | ||
Bank Deposits [Line Items] | ||
Related party deposit liabilities | 27,920 | $ 38,710 |
Private Client Group clients | ||
Bank Deposits [Line Items] | ||
Interest-bearing demand deposits | $ 11,230 |
BANK DEPOSITS, Bank Deposits by
BANK DEPOSITS, Bank Deposits by Insured and Uninsured (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Deposits [Abstract] | ||
FDIC-insured bank deposits | $ 46,884 | $ 43,520 |
Bank deposits exceeding FDIC insurance limit | 6,884 | 7,837 |
Total bank deposits | $ 53,768 | $ 51,357 |
FDIC-insured bank deposits as a % of total bank deposits | 87% | 85% |
BANK DEPOSITS, Schedule Maturit
BANK DEPOSITS, Schedule Maturities of Certificates of Deposit (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Deposits [Abstract] | |
Three months or less | $ 40 |
Over three through six months | 25 |
Over six through twelve months | 31 |
Over twelve months | 12 |
Total estimated certificates of deposit that exceeded the FDIC insurance limit | $ 108 |
BANK DEPOSITS, Summary of Inter
BANK DEPOSITS, Summary of Interest Expense on Deposits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest expense on deposits [Abstract] | ||||
Money market and savings accounts | $ 125 | $ 11 | $ 370 | $ 13 |
Interest-bearing demand deposits | 157 | 6 | 266 | 8 |
Certificates of deposit | 30 | 3 | 54 | 10 |
Total interest expense on deposits | $ 312 | $ 20 | $ 690 | $ 31 |
OTHER BORROWINGS (Details)
OTHER BORROWINGS (Details) - USD ($) | 9 Months Ended | |||
Jul. 03, 2023 | Jun. 30, 2023 | Apr. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Total FHLB advances | $ 1,000,000,000 | $ 1,190,000,000 | ||
Subordinated notes - fixed-to-floating | 100,000,000 | 100,000,000 | ||
Other | 0 | 1,000,000 | ||
Total other borrowings | $ 1,100,000,000 | $ 1,291,000,000 | ||
Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 5.75% | 5.75% | ||
Unaccreted premium | $ 2,000,000 | $ 2,000,000 | ||
Subordinated Debt | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.75% | |||
Subordinated Debt | Secured Overnight Financing Rate (SOFR) | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 5.62% | |||
FHLB Advance Maturing December 2023 - March 2025 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 5.36% | |||
Total FHLB advances | $ 850,000,000 | |||
FHLB Advance Maturing December 2023 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.32% | |||
Total FHLB advances | $ 850,000,000 | |||
FHLB Advance Maturing Overnight | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 0% | 3.11% | ||
Total FHLB advances | $ 0 | $ 140,000,000 | ||
FHLB Advance Maturing September 2023 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 5.59% | |||
Total FHLB advances | $ 150,000,000 | |||
FHLB Advance Maturing December 2022 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.45% | |||
Total FHLB advances | $ 200,000,000 | |||
The Credit Facility | Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Revolving credit agreement maximum borrowing capacity | $ 750,000,000 | |||
Revolving credit agreement, outstanding | $ 0 | $ 0 | ||
Revolving credit agreement commitment fee percentage | 0.125% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 23% | 25.40% |
Reasonably possible decrease in uncertain tax position liability | $ 10 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2023 USD ($) agreement | |
Underwriting commitment | |
Commitments [Line Items] | |
Number of open underwriting commitments | agreement | 1 |
Independent venture capital or private equity investment commitment | |
Commitments [Line Items] | |
Amount of commitment | $ 74 |
Commitment to lend to RJTCF | |
Commitments [Line Items] | |
Amount of commitment | $ 265 |
Number of days that investments in project partnerships typically sold | 90 days |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Summary of Commitments to Extend Credit and Other Credit-Related Off-Balance Sheet Financial Instruments Outstanding (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
SBL and other consumer lines of credit | $ 37,868 | $ 33,641 |
Commercial lines of credit | 4,036 | 3,792 |
Unfunded lending commitments | 1,087 | 1,255 |
Standby letters of credit | $ 132 | $ 94 |
COMMITMENTS, CONTINGENCIES AN_5
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Securities Industry Protection Corporation (SIPC) | |
Guarantees [Abstract] | |
SIPC fund securities per customer limit (up to) | $ 500 |
Per customer upper limit claims for cash balances | 250 |
Raymond James & Associates Inc | |
Guarantees [Abstract] | |
Excess SIPC insured amount upper limit | 750,000 |
Excess SIPC Sub-limit per customer cash above basic SIPC | $ 1,900 |
COMMITMENTS, CONTINGENCIES AN_6
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Legal and Regulatory Matters Contingencies (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Pending Litigation | Various lawsuits | |
Loss Contingencies [Line Items] | |
Range of loss portion not accrued | $ 100 |
SHAREHOLDERS' EQUITY, Preferred
SHAREHOLDERS' EQUITY, Preferred Stock by Class (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Jun. 30, 2023 | Apr. 03, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | |||
Carrying value | $ 79 | $ 120 | |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock dividend percentage | 6.75% | ||
Preferred stock, shares outstanding (in shares) | 0 | 40,250 | |
Carrying value | $ 0 | $ 41 | $ 41 |
Aggregate liquidation preference | $ 0 | $ 40 | |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock dividend percentage | 6.375% | ||
Preferred stock, shares outstanding (in shares) | 80,500 | 80,500 | |
Carrying value | $ 79 | $ 79 | |
Aggregate liquidation preference | $ 81 | $ 81 |
SHAREHOLDERS' EQUITY, Preferr_2
SHAREHOLDERS' EQUITY, Preferred Stock Narrative (Details) $ in Millions | 9 Months Ended | ||
Apr. 03, 2023 USD ($) shares | Jun. 30, 2023 USD ($) $ / ₫ | Sep. 30, 2022 USD ($) | |
Class of Stock [Line Items] | |||
Preferred stock | $ 79 | $ 120 | |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Redemption of stock (in shares) | shares | 40,250 | ||
Preferred stock | $ 41 | $ 0 | 41 |
Stock redemption settlement carrying value | $ 40 | ||
Preferred stock dividend percentage | 6.75% | ||
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock | $ 79 | $ 79 | |
Preferred stock dividend percentage | 6.375% | ||
Series B Preferred Stock | Secured Overnight Financing Rate (SOFR) | |||
Class of Stock [Line Items] | |||
Preferred stock, basis spread on variable dividend rate | $ / ₫ | 4.35% | ||
Series A Depositary Shares | |||
Class of Stock [Line Items] | |||
Depositary shares ratio | 0.025 |
SHAREHOLDERS' EQUITY, Preferr_3
SHAREHOLDERS' EQUITY, Preferred Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends Payable [Line Items] | ||||
Total preferred stock dividends declared | $ 1 | $ 2 | $ 5 | $ 2 |
Total preferred stock dividends paid | 2 | 0 | 6 | 0 |
Series A Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Total preferred stock dividends declared | $ 0 | $ 1 | $ 2 | $ 1 |
Total preferred stock dividends declared, per preferred share amount (in dollars per share) | $ 0 | $ 16.88 | $ 33.76 | $ 16.88 |
Total preferred stock dividends paid | $ 1 | $ 0 | $ 3 | |
Total preferred stock dividends paid, per preferred share amount (in dollars per share) | $ 16.88 | $ 0 | $ 50.64 | $ 0 |
Excess of carrying value over redemption value | $ 1 | $ 1 | ||
Series B Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Total preferred stock dividends declared | $ 1 | $ 1 | $ 3 | $ 1 |
Total preferred stock dividends declared, per preferred share amount (in dollars per share) | $ 15.94 | $ 15.94 | $ 47.82 | $ 15.94 |
Total preferred stock dividends paid | $ 1 | $ 0 | $ 3 | $ 0 |
Total preferred stock dividends paid, per preferred share amount (in dollars per share) | $ 15.94 | $ 0 | $ 47.82 | $ 0 |
SHAREHOLDERS' EQUITY, Common Eq
SHAREHOLDERS' EQUITY, Common Equity Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |||
Share repurchases, authorized amount | $ 1,500 | ||
Shares repurchased (in shares) | 3,310 | 8,350 | |
Shares repurchased | $ 300 | $ 788 | |
Shares repurchased (in usd per share) | $ 90.51 | $ 94.30 | |
Share repurchases, remaining authorized amount | $ 750 | $ 750 | |
Excise tax on share repurchases | $ 5 |
SHAREHOLDERS' EQUITY, Common St
SHAREHOLDERS' EQUITY, Common Stock Dividends Declared and Paid (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||
Dividends per common share - declared (in dollars per share) | $ 0.42 | $ 0.34 | $ 1.26 | $ 1.02 |
Dividends per common share - paid (in dollars per share) | $ 0.42 | $ 0.34 | $ 1.18 | $ 0.94 |
Dividend payout ratio | 24.60% | 24.60% | 21.20% | 20.40% |
SHAREHOLDERS' EQUITY, Schedule
SHAREHOLDERS' EQUITY, Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | $ 9,432 | |||
OCI: | ||||
OCI before reclassifications and taxes | $ (62) | $ (226) | 192 | $ (703) |
Amounts reclassified from AOCI, before tax | (9) | 2 | (22) | 10 |
Pre-tax net OCI | (71) | (224) | 170 | (693) |
Income tax effect | 27 | 37 | (30) | 158 |
Total other comprehensive income/(loss), net of tax | (44) | (187) | 140 | (535) |
Balance end of period | 9,922 | 9,492 | 9,922 | 9,492 |
Accumulated other comprehensive (loss) income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | (798) | (389) | (982) | (41) |
OCI: | ||||
Balance end of period | (842) | (576) | (842) | (576) |
Subtotal: net investment hedges and currency translations | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | (70) | (20) | (123) | (9) |
OCI: | ||||
OCI before reclassifications and taxes | 14 | (32) | 62 | (47) |
Amounts reclassified from AOCI, before tax | 0 | 0 | 0 | 0 |
Pre-tax net OCI | 14 | (32) | 62 | (47) |
Income tax effect | 6 | (8) | 11 | (4) |
Total other comprehensive income/(loss), net of tax | 20 | (40) | 73 | (51) |
Balance end of period | (50) | (60) | (50) | (60) |
Net investment hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | 136 | 71 | 153 | 81 |
OCI: | ||||
OCI before reclassifications and taxes | (22) | 32 | (45) | 18 |
Amounts reclassified from AOCI, before tax | 0 | 0 | 0 | 0 |
Pre-tax net OCI | (22) | 32 | (45) | 18 |
Income tax effect | 6 | (8) | 12 | (4) |
Total other comprehensive income/(loss), net of tax | (16) | 24 | (33) | 14 |
Balance end of period | 120 | 95 | 120 | 95 |
Currency translations | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | (206) | (91) | (276) | (90) |
OCI: | ||||
OCI before reclassifications and taxes | 36 | (64) | 107 | (65) |
Amounts reclassified from AOCI, before tax | 0 | 0 | 0 | 0 |
Pre-tax net OCI | 36 | (64) | 107 | (65) |
Income tax effect | 0 | 0 | (1) | 0 |
Total other comprehensive income/(loss), net of tax | 36 | (64) | 106 | (65) |
Balance end of period | (170) | (155) | (170) | (155) |
Available- for-sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | (758) | (380) | (902) | (5) |
OCI: | ||||
OCI before reclassifications and taxes | (102) | (206) | 109 | (711) |
Amounts reclassified from AOCI, before tax | 0 | 0 | 0 | 0 |
Pre-tax net OCI | (102) | (206) | 109 | (711) |
Income tax effect | 26 | 49 | (41) | 179 |
Total other comprehensive income/(loss), net of tax | (76) | (157) | 68 | (532) |
Balance end of period | (834) | (537) | (834) | (537) |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance beginning of period | 30 | 11 | 43 | (27) |
OCI: | ||||
OCI before reclassifications and taxes | 26 | 12 | 21 | 55 |
Amounts reclassified from AOCI, before tax | (9) | 2 | (22) | 10 |
Pre-tax net OCI | 17 | 14 | (1) | 65 |
Income tax effect | (5) | (4) | 0 | (17) |
Total other comprehensive income/(loss), net of tax | 12 | 10 | (1) | 48 |
Balance end of period | $ 42 | $ 21 | $ 42 | $ 21 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Principal transactions | $ 105 | $ 128 | $ 364 | $ 403 | |
All other | 36 | 9 | 65 | 37 | |
Total non-interest revenues | 2,306 | 2,404 | 6,748 | 7,466 | |
Interest income | 987 | 374 | 2,729 | 841 | |
Total revenues | 3,293 | 2,778 | 9,477 | 8,307 | |
Interest expense | (386) | (60) | (911) | (135) | |
Net revenues | 2,907 | 2,718 | 8,566 | 8,172 | |
Receivables related to contracts with customers | 543 | 543 | $ 511 | ||
Asset management and related administrative fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1,373 | 1,427 | 3,917 | 4,273 | |
Total brokerage revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total brokerage revenues | 461 | 513 | 1,441 | 1,635 | |
Subtotal securities commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 356 | 385 | 1,077 | 1,232 | |
Mutual and other fund products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 137 | 151 | 404 | 495 | |
Insurance and annuity products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 103 | 109 | 320 | 330 | |
Equities, ETFs and fixed income products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 116 | 125 | 353 | 407 | |
Total account and service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 264 | 211 | 811 | 567 | |
Mutual fund and annuity service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 103 | 102 | 306 | 324 | |
RJBDP fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 107 | 56 | 344 | 93 | |
Client account and other fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 54 | 53 | 161 | 150 | |
Total investment banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 151 | 223 | 446 | 883 | |
Merger & acquisition and advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 88 | 147 | 277 | 557 | |
Equity underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 35 | 42 | 96 | 213 | |
Debt underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 28 | 34 | 73 | 113 | |
Total other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 57 | 30 | 133 | 108 | |
Noninterest income | 57 | 30 | 133 | 108 | |
Tax credit fund revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 21 | 21 | 68 | 71 | |
Operating segments | Private Client Group | |||||
Disaggregation of Revenue [Line Items] | |||||
Principal transactions | 25 | 25 | 81 | 52 | |
All other | 25 | 11 | 40 | 24 | |
Total non-interest revenues | 2,093 | 1,900 | 6,125 | 5,597 | |
Interest income | 114 | 68 | 340 | 138 | |
Total revenues | 2,207 | 1,968 | 6,465 | 5,735 | |
Interest expense | (25) | (10) | (76) | (16) | |
Net revenues | 2,182 | 1,958 | 6,389 | 5,719 | |
Operating segments | Private Client Group | Asset management and related administrative fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1,164 | 1,214 | 3,319 | 3,621 | |
Operating segments | Private Client Group | Total brokerage revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total brokerage revenues | 349 | 373 | 1,058 | 1,167 | |
Operating segments | Private Client Group | Subtotal securities commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 324 | 348 | 977 | 1,115 | |
Operating segments | Private Client Group | Mutual and other fund products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 135 | 149 | 398 | 486 | |
Operating segments | Private Client Group | Insurance and annuity products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 103 | 109 | 320 | 330 | |
Operating segments | Private Client Group | Equities, ETFs and fixed income products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 86 | 90 | 259 | 299 | |
Operating segments | Private Client Group | Total account and service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 546 | 296 | 1,681 | 757 | |
Operating segments | Private Client Group | Mutual fund and annuity service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 103 | 102 | 306 | 325 | |
Operating segments | Private Client Group | RJBDP fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 384 | 135 | 1,200 | 271 | |
Operating segments | Private Client Group | Client account and other fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 59 | 59 | 175 | 161 | |
Operating segments | Private Client Group | Total investment banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 9 | 6 | 27 | 28 | |
Operating segments | Private Client Group | Merger & acquisition and advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Private Client Group | Equity underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 9 | 6 | 27 | 28 | |
Operating segments | Private Client Group | Debt underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Private Client Group | Total other | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income | 25 | 11 | 40 | 24 | |
Operating segments | Private Client Group | Tax credit fund revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Capital Markets | |||||
Disaggregation of Revenue [Line Items] | |||||
Principal transactions | 78 | 103 | 274 | 351 | |
All other | 0 | 1 | 1 | 4 | |
Total non-interest revenues | 276 | 380 | 872 | 1,402 | |
Interest income | 21 | 6 | 65 | 16 | |
Total revenues | 297 | 386 | 937 | 1,418 | |
Interest expense | (21) | (3) | (64) | (8) | |
Net revenues | 276 | 383 | 873 | 1,410 | |
Operating segments | Capital Markets | Asset management and related administrative fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1 | 0 | 2 | 2 | |
Operating segments | Capital Markets | Total brokerage revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total brokerage revenues | 110 | 139 | 374 | 464 | |
Operating segments | Capital Markets | Subtotal securities commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 32 | 36 | 100 | 113 | |
Operating segments | Capital Markets | Mutual and other fund products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1 | 1 | 4 | 5 | |
Operating segments | Capital Markets | Insurance and annuity products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Capital Markets | Equities, ETFs and fixed income products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 31 | 35 | 96 | 108 | |
Operating segments | Capital Markets | Total account and service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 3 | 2 | 8 | 6 | |
Operating segments | Capital Markets | Mutual fund and annuity service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Capital Markets | RJBDP fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1 | 1 | 3 | 1 | |
Operating segments | Capital Markets | Client account and other fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 2 | 1 | 5 | 5 | |
Operating segments | Capital Markets | Total investment banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 141 | 217 | 419 | 855 | |
Operating segments | Capital Markets | Merger & acquisition and advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 88 | 147 | 277 | 557 | |
Operating segments | Capital Markets | Equity underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 25 | 36 | 69 | 185 | |
Operating segments | Capital Markets | Debt underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 28 | 34 | 73 | 113 | |
Operating segments | Capital Markets | Total other | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income | 21 | 22 | 69 | 75 | |
Operating segments | Capital Markets | Tax credit fund revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 21 | 21 | 68 | 71 | |
Operating segments | Asset Management | |||||
Disaggregation of Revenue [Line Items] | |||||
Principal transactions | 0 | 0 | 0 | 0 | |
All other | 0 | 0 | 2 | 1 | |
Total non-interest revenues | 224 | 227 | 642 | 697 | |
Interest income | 2 | 1 | 7 | 1 | |
Total revenues | 226 | 228 | 649 | 698 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net revenues | 226 | 228 | 649 | 698 | |
Operating segments | Asset Management | Asset management and related administrative fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 217 | 220 | 620 | 673 | |
Operating segments | Asset Management | Total brokerage revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total brokerage revenues | 2 | 2 | 4 | 6 | |
Operating segments | Asset Management | Subtotal securities commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 2 | 2 | 4 | 6 | |
Operating segments | Asset Management | Mutual and other fund products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 2 | 2 | 4 | 6 | |
Operating segments | Asset Management | Insurance and annuity products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Equities, ETFs and fixed income products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Total account and service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 5 | 5 | 16 | 17 | |
Operating segments | Asset Management | Mutual fund and annuity service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 1 | 0 | |
Operating segments | Asset Management | RJBDP fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Client account and other fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 5 | 5 | 15 | 17 | |
Operating segments | Asset Management | Total investment banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Merger & acquisition and advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Equity underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Debt underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Asset Management | Total other | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income | 0 | 0 | 2 | 1 | |
Operating segments | Asset Management | Tax credit fund revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | |||||
Disaggregation of Revenue [Line Items] | |||||
Principal transactions | 3 | 0 | 11 | 0 | |
All other | 14 | 6 | 33 | 20 | |
Total non-interest revenues | 17 | 6 | 44 | 20 | |
Interest income | 826 | 296 | 2,251 | 682 | |
Total revenues | 843 | 302 | 2,295 | 702 | |
Interest expense | (329) | (26) | (733) | (46) | |
Net revenues | 514 | 276 | 1,562 | 656 | |
Operating segments | Bank | Asset management and related administrative fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Total brokerage revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total brokerage revenues | 3 | 0 | 11 | 0 | |
Operating segments | Bank | Subtotal securities commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Mutual and other fund products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Insurance and annuity products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Equities, ETFs and fixed income products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Total account and service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Mutual fund and annuity service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | RJBDP fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Client account and other fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Total investment banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Merger & acquisition and advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Equity underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Debt underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Operating segments | Bank | Total other | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income | 14 | 6 | 33 | 20 | |
Operating segments | Bank | Tax credit fund revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Other and intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Principal transactions | (1) | 0 | (2) | 0 | |
All other | (3) | (9) | (11) | (12) | |
Total non-interest revenues | (304) | (109) | (935) | (250) | |
Interest income | 24 | 3 | 66 | 4 | |
Total revenues | (280) | (106) | (869) | (246) | |
Interest expense | (11) | (21) | (38) | (65) | |
Net revenues | (291) | (127) | (907) | (311) | |
Other and intersegment eliminations | Asset management and related administrative fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (9) | (7) | (24) | (23) | |
Other and intersegment eliminations | Total brokerage revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Total brokerage revenues | (3) | (1) | (6) | (2) | |
Other and intersegment eliminations | Subtotal securities commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (2) | (1) | (4) | (2) | |
Other and intersegment eliminations | Mutual and other fund products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (1) | (1) | (2) | (2) | |
Other and intersegment eliminations | Insurance and annuity products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Other and intersegment eliminations | Equities, ETFs and fixed income products | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (1) | 0 | (2) | 0 | |
Other and intersegment eliminations | Total account and service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (290) | (92) | (894) | (213) | |
Other and intersegment eliminations | Mutual fund and annuity service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | (1) | (1) | |
Other and intersegment eliminations | RJBDP fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (278) | (80) | (859) | (179) | |
Other and intersegment eliminations | Client account and other fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | (12) | (12) | (34) | (33) | |
Other and intersegment eliminations | Total investment banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1 | 0 | 0 | 0 | |
Other and intersegment eliminations | Merger & acquisition and advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Other and intersegment eliminations | Equity underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 1 | 0 | 0 | 0 | |
Other and intersegment eliminations | Debt underwriting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | |
Other and intersegment eliminations | Total other | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income | (3) | (9) | (11) | (12) | |
Other and intersegment eliminations | Tax credit fund revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer | $ 0 | $ 0 | $ 0 | $ 0 |
INTEREST INCOME AND INTEREST _3
INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Cash and cash equivalents | $ 109 | $ 10 | $ 239 | $ 16 |
Assets segregated for regulatory purposes and restricted cash | 47 | 28 | 152 | 39 |
Trading assets — debt securities | 13 | 4 | 40 | 13 |
Available-for-sale securities | 56 | 37 | 163 | 84 |
Brokerage client receivables | 42 | 24 | 124 | 66 |
Bank loans, net | 698 | 255 | 1,954 | 590 |
All other | 22 | 16 | 57 | 33 |
Total Interest income | 987 | 374 | 2,729 | 841 |
Interest expense: | ||||
Bank deposits | 312 | 20 | 690 | 31 |
Trading liabilities — debt securities | 9 | 1 | 26 | 3 |
Brokerage client payables | 17 | 3 | 57 | 4 |
Other borrowings | 12 | 6 | 30 | 15 |
Senior notes payable | 23 | 23 | 69 | 69 |
All other | 13 | 7 | 39 | 13 |
Total interest expense | 386 | 60 | 911 | 135 |
Net interest income | 601 | 314 | 1,818 | 706 |
Bank loan provision for credit losses | (54) | (56) | (96) | (66) |
Net interest income after bank loan provision for credit losses | $ 547 | $ 258 | $ 1,722 | $ 640 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Feb. 23, 2023 shares | Jun. 30, 2023 USD ($) plan $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) plan $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of previous share-based compensation plans | plan | 6 | 6 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs granted during period (in shares) | shares | 47 | 222 | 2,100 | 3,100 | |
RSUs granted during period, weighted-average grant-date fair value (in usd per share) | $ / shares | $ 90.86 | $ 97.64 | $ 116.18 | $ 98.77 | |
Compensation expense | $ | $ 50 | $ 36 | $ 180 | $ 141 | |
Total pre-tax compensation costs not yet recognized, net of forfeitures | $ | 385 | $ 385 | |||
Compensation costs not yet recognized, period of recognition | 2 years 8 months 12 days | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ | 2 | $ 7 | |||
Total pre-tax compensation costs not yet recognized, net of forfeitures | $ | $ 14 | $ 14 | |||
Compensation costs not yet recognized, period of recognition | 2 years 3 months 18 days | ||||
Stock Incentive Plan 2012 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans | plan | 1 | 1 | |||
Increase in number of shares available for grant (in shares) | shares | 18,000 | ||||
Shares authorized for grant (in shares) | shares | 96,400 | 96,400 | |||
Shares available for grant (in shares) | shares | 20,900 | 20,900 |
REGULATORY CAPITAL REQUIREMEN_3
REGULATORY CAPITAL REQUIREMENTS (Details) $ in Millions | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) |
Raymond James Financial Inc | ||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 8,852 | $ 8,380 |
Actual, ratio | 20.40% | 19% |
Requirement for capital adequacy purposes, amount | $ 1,955 | $ 1,988 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 2,824 | $ 2,871 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 8,928 | $ 8,480 |
Actual, ratio | 0.206 | 0.192 |
Requirement for capital adequacy purposes, amount | $ 2,607 | $ 2,651 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 3,476 | $ 3,534 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 9,540 | $ 9,031 |
Actual, ratio | 0.220 | 0.204 |
Requirement for capital adequacy purposes, amount | $ 3,476 | $ 3,534 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 4,345 | $ 4,418 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
Tier 1 leverage | ||
Actual, amount | $ 8,928 | $ 8,480 |
Actual, ratio | 0.114 | 0.103 |
Requirement for capital adequacy purposes, amount | $ 3,135 | $ 3,304 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 3,919 | $ 4,130 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
Raymond James Bank | ||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 3,349 | $ 2,998 |
Actual, ratio | 13.60% | 12.10% |
Requirement for capital adequacy purposes, amount | $ 1,107 | $ 1,113 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 1,599 | $ 1,608 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 3,349 | $ 2,998 |
Actual, ratio | 0.136 | 0.121 |
Requirement for capital adequacy purposes, amount | $ 1,476 | $ 1,485 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 1,967 | $ 1,979 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 3,658 | $ 3,308 |
Actual, ratio | 0.149 | 0.134 |
Requirement for capital adequacy purposes, amount | $ 1,967 | $ 1,979 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 2,459 | $ 2,474 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
Tier 1 leverage | ||
Actual, amount | $ 3,349 | $ 2,998 |
Actual, ratio | 0.076 | 0.071 |
Requirement for capital adequacy purposes, amount | $ 1,768 | $ 1,695 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 2,210 | $ 2,119 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
TriState Capital Bank | ||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 1,243 | $ 1,093 |
Actual, ratio | 14.70% | 14.10% |
Requirement for capital adequacy purposes, amount | $ 380 | $ 348 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 549 | $ 502 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 1,243 | $ 1,093 |
Actual, ratio | 0.147 | 0.141 |
Requirement for capital adequacy purposes, amount | $ 507 | $ 463 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 676 | $ 618 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 1,283 | $ 1,122 |
Actual, ratio | 0.152 | 0.145 |
Requirement for capital adequacy purposes, amount | $ 676 | $ 618 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 845 | $ 772 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
Tier 1 leverage | ||
Actual, amount | $ 1,243 | $ 1,093 |
Actual, ratio | 0.072 | 0.073 |
Requirement for capital adequacy purposes, amount | $ 695 | $ 601 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 868 | $ 752 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
Raymond James & Associates Inc | ||
Alternative Method Elected [Abstract] | ||
Net capital as a percent of aggregate debit items (in hundredths) | 43.40% | 40.90% |
Net capital | $ 1,065 | $ 1,152 |
Less: required net capital | (49) | (56) |
Excess net capital | $ 1,016 | $ 1,096 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income for basic earnings per common share: | ||||
Net income available to common shareholders | $ 369 | $ 299 | $ 1,301 | $ 1,068 |
Less allocation of earnings and dividends to participating securities | (1) | (1) | (4) | (2) |
Net income available to common shareholders after participating securities | 368 | 298 | 1,297 | 1,066 |
Income for diluted earnings per common share: | ||||
Net income available to common shareholders | 369 | 299 | 1,301 | 1,068 |
Less allocation of earnings and dividends to participating securities | (1) | (1) | (4) | (2) |
Net income available to common shareholders after participating securities | $ 368 | $ 298 | $ 1,297 | $ 1,066 |
Common shares: | ||||
Average common shares in basic computation (in shares) | 210.1 | 210.7 | 213 | 208.1 |
Dilutive effect of outstanding stock options and certain restricted stock units (in shares) | 4.7 | 5 | 5 | 5.4 |
Average common and common equivalent shares used in diluted computation (in shares) | 214.8 | 215.7 | 218 | 213.5 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.75 | $ 1.41 | $ 6.09 | $ 5.12 |
Diluted (in dollars per share) | $ 1.71 | $ 1.38 | $ 5.95 | $ 4.99 |
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive (in shares) | 1.8 | 0.5 | 1.4 | 0.4 |
SEGMENT INFORMATION, Informatio
SEGMENT INFORMATION, Information Concerning Operations (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 5 | ||||
Revenues: | |||||
Total net revenues | $ 2,907 | $ 2,718 | $ 8,566 | $ 8,172 | |
Pre-tax income | |||||
Total pre-tax income | 486 | 415 | 1,695 | 1,406 | |
Insurance settlement | 32 | ||||
Net interest income (expense): | |||||
Net interest income | 601 | 314 | 1,818 | 706 | |
Total assets: | |||||
Total assets | 77,633 | 77,633 | $ 80,951 | ||
Goodwill: | |||||
Goodwill | 1,443 | 1,443 | 1,422 | ||
Operating segments | Private Client Group | |||||
Revenues: | |||||
Total net revenues | 2,182 | 1,958 | 6,389 | 5,719 | |
Pre-tax income | |||||
Total pre-tax income | 411 | 251 | 1,286 | 659 | |
Net interest income (expense): | |||||
Net interest income | 89 | 58 | 264 | 122 | |
Total assets: | |||||
Total assets | 12,287 | 12,287 | 17,770 | ||
Goodwill: | |||||
Goodwill | 570 | 570 | 550 | ||
Operating segments | Capital Markets | |||||
Revenues: | |||||
Total net revenues | 276 | 383 | 873 | 1,410 | |
Pre-tax income | |||||
Total pre-tax income | (34) | 61 | (84) | 349 | |
Net interest income (expense): | |||||
Net interest income | 0 | 3 | 1 | 8 | |
Total assets: | |||||
Total assets | 2,926 | 2,926 | 3,951 | ||
Goodwill: | |||||
Goodwill | 275 | 275 | 274 | ||
Operating segments | Asset Management | |||||
Revenues: | |||||
Total net revenues | 226 | 228 | 649 | 698 | |
Pre-tax income | |||||
Total pre-tax income | 89 | 93 | 251 | 303 | |
Net interest income (expense): | |||||
Net interest income | 2 | 1 | 7 | 1 | |
Total assets: | |||||
Total assets | 545 | 545 | 556 | ||
Goodwill: | |||||
Goodwill | 69 | 69 | 69 | ||
Operating segments | Bank | |||||
Revenues: | |||||
Total net revenues | 514 | 276 | 1,562 | 656 | |
Pre-tax income | |||||
Total pre-tax income | 66 | 74 | 293 | 259 | |
Net interest income (expense): | |||||
Net interest income | 497 | 270 | 1,518 | 636 | |
Total assets: | |||||
Total assets | 59,506 | 59,506 | 56,737 | ||
Goodwill: | |||||
Goodwill | 529 | 529 | 529 | ||
Operating segments | Other | |||||
Revenues: | |||||
Total net revenues | 15 | (21) | 34 | (54) | |
Pre-tax income | |||||
Total pre-tax income | (46) | (64) | (51) | (164) | |
Net interest income (expense): | |||||
Net interest income | 13 | (18) | 28 | (61) | |
Total assets: | |||||
Total assets | 2,369 | 2,369 | $ 1,937 | ||
Intersegment eliminations | |||||
Revenues: | |||||
Total net revenues | $ (306) | $ (106) | $ (941) | $ (257) |
SEGMENT INFORMATION, Classified
SEGMENT INFORMATION, Classified by Major Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Revenues: | |||||
Total net revenues | $ 2,907 | $ 2,718 | $ 8,566 | $ 8,172 | |
Pre-tax income | |||||
Total pre-tax income | 486 | 415 | 1,695 | 1,406 | |
Total assets: | |||||
Total assets | 77,633 | 77,633 | $ 80,951 | ||
Goodwill: | |||||
Goodwill | 1,443 | 1,443 | 1,422 | ||
U.S. | |||||
Revenues: | |||||
Total net revenues | 2,652 | 2,472 | 7,819 | 7,491 | |
Pre-tax income | |||||
Total pre-tax income | 492 | 393 | 1,625 | 1,330 | |
Total assets: | |||||
Total assets | 71,653 | 71,653 | 74,428 | ||
Goodwill: | |||||
Goodwill | 1,250 | 1,250 | 1,250 | ||
Canada | |||||
Revenues: | |||||
Total net revenues | 140 | 138 | 418 | 404 | |
Pre-tax income | |||||
Total pre-tax income | 17 | 20 | 84 | 52 | |
Total assets: | |||||
Total assets | 3,397 | 3,397 | 3,631 | ||
Goodwill: | |||||
Goodwill | 24 | 24 | 23 | ||
Europe | |||||
Revenues: | |||||
Total net revenues | 115 | 108 | 329 | 277 | |
Pre-tax income | |||||
Total pre-tax income | (23) | $ 2 | (14) | $ 24 | |
Total assets: | |||||
Total assets | 2,583 | 2,583 | 2,892 | ||
Goodwill: | |||||
Goodwill | $ 169 | $ 169 | $ 149 |