COVER
COVER - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 05, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 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 | 209,027,614 | |
Entity Central Index Key | 0000720005 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | Dec. 31, 2023 | Sep. 30, 2023 |
Assets: | ||
Cash and cash equivalents | $ 10,206 | $ 9,313 |
Assets segregated for regulatory purposes and restricted cash | 3,731 | 3,235 |
Collateralized agreements | 454 | 418 |
Financial instruments, at fair value: | ||
Trading assets ($1,019 and $1,062 pledged as collateral) | 1,103 | 1,187 |
Available-for-sale securities ($20 and $22 pledged as collateral) | 9,198 | 9,181 |
Derivative assets | 195 | 265 |
Other investments ($7 and $7 pledged as collateral) | 310 | 306 |
Brokerage client receivables, net | 2,382 | 2,525 |
Other receivables, net | 1,580 | 1,608 |
Deferred income taxes, net | 637 | 711 |
Goodwill and identifiable intangible assets, net | 1,908 | 1,907 |
Other assets | 3,060 | 2,793 |
Total assets | 80,130 | 78,360 |
Liabilities and shareholders’ equity: | ||
Bank deposits | 55,393 | 54,199 |
Collateralized financings | 516 | 337 |
Financial instrument liabilities, at fair value: | ||
Trading liabilities | 794 | 716 |
Derivative liabilities | 310 | 490 |
Brokerage client payables | 5,793 | 5,447 |
Accrued compensation, commissions and benefits | 1,496 | 1,914 |
Other payables | 1,909 | 1,931 |
Other borrowings | 1,099 | 1,100 |
Senior notes payable | 2,039 | 2,039 |
Total liabilities | 69,349 | 68,173 |
Commitments and contingencies (see Note 15) | ||
Shareholders’ equity | ||
Preferred stock | 79 | 79 |
Common stock; $.01 par value; 650,000,000 shares authorized; 249,682,751 shares issued and 208,665,962 shares outstanding as of December 31, 2023; 248,728,805 shares issued and 208,769,095 shares outstanding as of September 30, 2023 | 2 | 2 |
Additional paid-in capital | 3,158 | 3,143 |
Retained earnings | 10,609 | 10,213 |
Treasury stock, at cost; 41,016,789 and 39,959,710 common shares as of December 31, 2023 and September 30, 2023, respectively | (2,365) | (2,252) |
Accumulated other comprehensive loss | (693) | (971) |
Total equity attributable to Raymond James Financial, Inc. | 10,790 | 10,214 |
Noncontrolling interests | (9) | (27) |
Total shareholders’ equity | 10,781 | 10,187 |
Total liabilities and shareholders’ equity | 80,130 | 78,360 |
Nonrelated party | ||
Financial instruments, at fair value: | ||
Loans, net | 44,182 | 43,775 |
Related party | ||
Financial instruments, at fair value: | ||
Loans, net | $ 1,184 | $ 1,136 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Trading assets | $ 1,103 | $ 1,187 |
Available-for-sale securities | 9,198 | 9,181 |
Other investments | $ 310 | $ 306 |
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) | 249,682,751 | 248,728,805 |
Common stock, shares outstanding (in shares) | 208,665,962 | 208,769,095 |
Treasury stock (in shares) | 41,016,789 | 39,959,710 |
Asset pledged as collateral | ||
Trading assets | $ 1,019 | $ 1,062 |
Available-for-sale securities | 20 | 22 |
Other investments | $ 7 | $ 7 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Principal transactions | $ 139 | $ 132 |
Interest income | 1,053 | 827 |
Total revenues | 3,520 | 3,027 |
Interest expense | (507) | (241) |
Net revenues | 3,013 | 2,786 |
Non-interest expenses: | ||
Compensation, commissions and benefits | 1,921 | 1,736 |
Non-compensation expenses: | ||
Communications and information processing | 150 | 139 |
Occupancy and equipment | 72 | 66 |
Business development | 61 | 56 |
Investment sub-advisory fees | 40 | 34 |
Professional fees | 32 | 32 |
Bank loan provision for credit losses | 12 | 14 |
Other | 95 | 57 |
Total non-compensation expenses | 462 | 398 |
Total non-interest expenses | 2,383 | 2,134 |
Pre-tax income | 630 | 652 |
Provision for income taxes | 132 | 143 |
Net income | 498 | 509 |
Preferred stock dividends | 1 | 2 |
Net income available to common shareholders, basic | 497 | 507 |
Net income available to common shareholders, diluted | $ 497 | $ 507 |
Earnings per common share – basic (in usd per share) | $ 2.38 | $ 2.36 |
Earnings per common share – diluted (in usd per share) | $ 2.32 | $ 2.30 |
Weighted-average common shares outstanding – basic (in shares) | 208.6 | 214.7 |
Weighted-average common and common equivalent shares outstanding – diluted (in shares) | 213.8 | 220.4 |
Net income | $ 498 | $ 509 |
Other comprehensive income/(loss), net of tax: | ||
Available-for-sale securities | 270 | 47 |
Currency translations, net of the impact of net investment hedges | 29 | 46 |
Cash flow hedges | (21) | (2) |
Total other comprehensive income, net of tax | 278 | 91 |
Total comprehensive income | 776 | 600 |
Asset management and related administrative fees | ||
Revenues: | ||
Revenue from contract with customer | 1,407 | 1,242 |
Total brokerage revenues | ||
Revenues: | ||
Total brokerage revenues | 522 | 484 |
Securities commissions | ||
Revenues: | ||
Revenue from contract with customer | 383 | 352 |
Account and service fees | ||
Revenues: | ||
Revenue from contract with customer | 319 | 289 |
Investment banking | ||
Revenues: | ||
Revenue from contract with customer | 181 | 141 |
Other | ||
Revenues: | ||
Revenue from contract with customer | $ 38 | $ 44 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Total equity attributable to Raymond James Financial, Inc. | Preferred stock | Common stock, par value $.01 per share | Additional paid-in capital | Retained earnings | Treasury stock | Accumulated other comprehensive loss | Noncontrolling interests |
Balance beginning of period at Sep. 30, 2022 | $ 120 | $ 2 | $ 2,987 | $ 8,843 | $ (1,512) | $ (982) | $ (26) | ||
Changes in Shareholders' Equity: | |||||||||
Share issuances | 0 | 0 | |||||||
Employee stock purchases | 7 | ||||||||
Reissuances (distributions) due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (99) | 55 | |||||||
Share-based compensation amortization | 80 | ||||||||
Net income attributable to Raymond James Financial, Inc. | $ 509 | 509 | |||||||
Common and preferred stock cash dividends declared (see Note 16) | (98) | ||||||||
Purchases/surrenders | (147) | ||||||||
Other comprehensive income, net of tax | 91 | 91 | |||||||
Consolidations | 0 | ||||||||
Balance end of period at Dec. 31, 2022 | 9,830 | 120 | 2 | 2,975 | 9,254 | (1,604) | (891) | (26) | |
Changes in Shareholders' Equity: | |||||||||
Total equity attributable to Raymond James Financial, Inc. | $ 9,856 | ||||||||
Total equity attributable to Raymond James Financial, Inc. | 10,214 | ||||||||
Balance beginning of period at Sep. 30, 2023 | 10,187 | 79 | 2 | 3,143 | 10,213 | (2,252) | (971) | (27) | |
Changes in Shareholders' Equity: | |||||||||
Share issuances | 0 | 0 | |||||||
Employee stock purchases | 8 | ||||||||
Reissuances (distributions) due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (82) | 46 | |||||||
Share-based compensation amortization | 89 | ||||||||
Net income attributable to Raymond James Financial, Inc. | 498 | 498 | |||||||
Common and preferred stock cash dividends declared (see Note 16) | (102) | ||||||||
Purchases/surrenders | (159) | ||||||||
Other comprehensive income, net of tax | 278 | 278 | |||||||
Consolidations | 18 | ||||||||
Balance end of period at Dec. 31, 2023 | 10,781 | $ 79 | $ 2 | $ 3,158 | $ 10,609 | $ (2,365) | $ (693) | $ (9) | |
Changes in Shareholders' Equity: | |||||||||
Total equity attributable to Raymond James Financial, Inc. | $ 10,790 | $ 10,790 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Stockholders' Equity [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 | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 498 | $ 509 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 42 | 40 |
Deferred income taxes, net | (9) | 25 |
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments | (12) | (11) |
Provisions for credit losses and legal and regulatory matters, net | 7 | 21 |
Share-based compensation expense | 90 | 81 |
Unrealized gain on company-owned life insurance policies, net of expenses | (87) | (48) |
Other | (8) | (10) |
Net change in: | ||
Collateralized agreements, net of collateralized financings | 143 | 97 |
Loans (provided to) financial advisors, net of repayments | (54) | 25 |
Brokerage client receivables and other receivables, net | 304 | 477 |
Trading instruments, net | 194 | 127 |
Derivative instruments, net | (166) | (18) |
Other assets | (40) | 8 |
Brokerage client payables and other payables | 161 | (3,882) |
Accrued compensation, commissions and benefits | (423) | (511) |
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | (97) | (66) |
Net cash provided by/(used in) operating activities | 543 | (3,136) |
Cash flows from investing activities: | ||
Increase in bank loans, net | (405) | (826) |
Proceeds from sales of loans held for investment | 76 | 45 |
Purchases of available-for-sale securities | (51) | (153) |
Available-for-sale securities maturations, repayments and redemptions | 295 | 326 |
Additions to property and equipment | (50) | (27) |
Investment in solar tax credit equity investment | (15) | 0 |
Other investing activities, net | (26) | (31) |
Net cash used in investing activities | (176) | (666) |
Cash flows from financing activities: | ||
Increase in bank deposits | 1,194 | 622 |
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements | (199) | (189) |
Dividends on common and preferred stock | (97) | (81) |
Exercise of stock options and employee stock purchases | 10 | 11 |
Proceeds from Federal Home Loan Bank advances | 750 | 650 |
Repayments of Federal Home Loan Bank advances and other borrowed funds | (750) | (791) |
Other financing, net | (1) | (1) |
Net cash provided by financing activities | 907 | 221 |
Currency adjustment: | ||
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes | 115 | 215 |
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | 1,389 | (3,366) |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year | 12,548 | 14,659 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | 13,937 | 11,293 |
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | ||
Cash and cash equivalents | 10,206 | 6,177 |
Cash and cash equivalents segregated for regulatory purposes and restricted cash | 3,731 | 5,116 |
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | 13,937 | 11,293 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 499 | 216 |
Cash paid for income taxes, net | 24 | 13 |
Cash outflows for lease liabilities | 30 | 31 |
Non-cash right-of-use assets recorded for new and modified leases | $ 17 | $ 13 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 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 (“2023 Form 10-K”) for the year ended September 30, 2023, 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 2023 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 contingent 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. |
UPDATE OF SIGNIFICANT ACCOUNTIN
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
UPDATE OF SIGNIFICANT ACCOUNTING POLICIES | UPDATE OF SIGNIFICANT ACCOUNTING POLICIES A summary of our significant accounting policies is included in Note 2 of our 2023 Form 10-K. During the three months ended December 31, 2023, there were no significant changes to our significant accounting policies other than the accounting policies adopted or modified as part of our implementation of new or amended accounting guidance, as noted in the following sections. Accounting guidance adopted in fiscal 2024 In March 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance related to troubled debt restructurings (“TDRs”) and disclosures regarding write-offs of financing receivables (ASU 2022-02), amending guidance related to the measurement of credit losses on financial instruments (ASU 2016-13). The update eliminates the requirement to use a discounted cash flow approach to measure the allowance for credit losses for TDRs and instead allows for the use of a current expected credit loss (“CECL”) approach for all loans. Under a CECL approach, the impact of loan modifications and the subsequent performance of modified loans, including defaults, is reflected in the historical loss data used to calculate expected lifetime credit losses. In addition, the update requires new disclosures about modifications granted to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or a combination of these modifications. The update also requires new disclosures for the financial effects of these modifications and for loan performance in the twelve months following the modification, and also requires disclosure of current period gross charge-offs by year of origination. We adopted this guidance on a prospective basis as of October 1, 2023, which did not have a material impact on our financial position or results of operations. Refer to Note 7 for additional disclosures required by this guidance and changes to our accounting policies as a result of this adoption. See Note 2 of our 2023 Form 10-K for a discussion of our accounting policies related to our nonperforming assets and allowance for credit losses. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Dec. 31, 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. See Notes 2 and 4 of our 2023 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. 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 December 31, 2023 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 191 $ — $ — $ 191 Corporate obligations 22 640 — — 662 Government and agency obligations 44 69 — — 113 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 93 — — 93 Non-agency CMOs and ABS — 9 — — 9 Total debt securities 66 1,002 — — 1,068 Equity securities 14 2 — — 16 Brokered certificates of deposit — 18 — — 18 Other — — 1 — 1 Total trading assets 80 1,022 1 — 1,103 Available-for-sale securities (1) 1,149 8,049 — — 9,198 Derivative assets - interest rate 8 375 — (188) 195 All other investments: Government and agency obligations (2) 72 — — — 72 Other 106 2 29 — 137 Total all other investments 178 2 29 — 209 Other assets - client-owned fractional shares 110 — — — 110 Subtotal 1,525 9,448 30 (188) 10,815 Other investments - private equity - measured at net asset value (“NAV”) 101 Total assets at fair value on a recurring basis $ 1,525 $ 9,448 $ 30 $ (188) $ 10,916 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 8 $ — $ — $ — $ 8 Corporate obligations — 614 — — 614 Government and agency obligations 127 1 — — 128 Total debt securities 135 615 — — 750 Equity securities 44 — — — 44 Total trading liabilities 179 615 — — 794 Derivative liabilities: Interest rate 9 400 — (114) 295 Foreign exchange — 15 — — 15 Total derivative liabilities 9 415 — (114) 310 Other payables - repurchase liabilities related to client-owned fractional shares 110 — — — 110 Total liabilities at fair value on a recurring basis $ 298 $ 1,030 $ — $ (114) $ 1,214 $ in millions Level 1 Level 2 Level 3 Netting Balance as of September 30, 2023 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 239 $ — $ — $ 239 Corporate obligations 22 620 — — 642 Government and agency obligations 24 117 — — 141 Agency MBS, CMOs, and ABS — 35 — — 35 Non-agency CMOs and ABS — 68 — — 68 Total debt securities 46 1,079 — — 1,125 Equity securities 20 2 — — 22 Brokered certificates of deposit — 36 — — 36 Other — — 4 — 4 Total trading assets 66 1,117 4 — 1,187 Available-for-sale securities (1) 1,240 7,941 — — 9,181 Derivative assets: Interest rate 14 503 — (261) 256 Foreign exchange — 9 — — 9 Total derivative assets 14 512 — (261) 265 All other investments: Government and agency obligations (2) 71 — — — 71 Other 102 2 30 — 134 Total all other investments 173 2 30 — 205 Other assets - client-owned fractional shares 98 — — — 98 Subtotal 1,591 9,572 34 (261) 10,936 Other investments - private equity - measured at NAV 101 Total assets at fair value on a recurring basis $ 1,591 $ 9,572 $ 34 $ (261) $ 11,037 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 10 $ — $ — $ — $ 10 Corporate obligations — 514 — — 514 Government and agency obligations 161 1 — — 162 Total debt securities 171 515 — — 686 Equity securities 30 — — — 30 Total trading liabilities 201 515 — — 716 Derivative liabilities: Interest rate 13 563 — (88) 488 Foreign exchange — 2 — — 2 Total derivative liabilities 13 565 — (88) 490 Other payables - repurchase liabilities related to client-owned fractional shares 98 — — — 98 Total liabilities at fair value on a recurring basis $ 312 $ 1,080 $ — $ (88) $ 1,304 (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 Other Three months ended December 31, 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 $ 4 $ 30 $ — Total gains/(losses) included in earnings — (1) — Purchases and contributions 12 — — Sales and distributions (15) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 1 $ 29 $ — Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ (1) $ — Three months ended December 31, 2022 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 25 — — Sales and distributions (20) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 6 $ 30 $ (4) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ (1) $ 1 $ (1) As of both December 31, 2023 and September 30, 2023, 14% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both December 31, 2023 and September 30, 2023, 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 2023 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 December 31, 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 December 31, 2023 Private equity investments measured at NAV $ 101 $ 25 Private equity investments not measured at NAV 7 Total private equity investments $ 108 September 30, 2023 Private equity investments measured at NAV $ 101 $ 29 Private equity investments not measured at NAV 7 Total private equity investments $ 108 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 December 31, 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 $ — $ 104 $ 104 Collateral or discounted cash flow (1) Recovery rate 3% - 63% (49%) Loans held for sale $ 30 $ — $ 30 N/A N/A N/A September 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 $ — $ 84 $ 84 Collateral or discounted cash flow (1) Recovery rate 22% - 65% (53%) Loans held for sale $ 2 $ — $ 2 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 December 31, 2023 and September 30, 2023. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 4 of our 2023 Form 10-K for a discussion of our financial instruments that are not recorded at fair value. $ in millions Level 2 Level 3 Total estimated fair value Carrying amount December 31, 2023 Financial assets: Bank loans, net $ 181 $ 43,020 $ 43,201 $ 44,038 Financial liabilities: Bank deposits - certificates of deposit $ 2,882 $ — $ 2,882 $ 2,885 Other borrowings - subordinated notes payable $ 95 $ — $ 95 $ 99 Senior notes payable $ 1,817 $ — $ 1,817 $ 2,039 September 30, 2023 Financial assets: Bank loans, net $ 142 $ 42,622 $ 42,764 $ 43,679 Financial liabilities: Bank deposits - certificates of deposit $ 2,817 $ — $ 2,817 $ 2,831 Other borrowings - subordinated notes payable $ 94 $ — $ 94 $ 100 Senior notes payable $ 1,640 $ — $ 1,640 $ 2,039 |
AVAILABLE-FOR-SALE SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 3 Months Ended |
Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Abstract] | |
AVAILABLE-FOR-SALE SECURITIES | AVAILABLE-FOR-SALE SECURITIES See Note 2 of our 2023 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 December 31, 2023 Agency residential MBS $ 4,665 $ 2 $ (451) $ 4,216 Agency commercial MBS 1,457 — (162) 1,295 Agency CMOs 1,407 — (213) 1,194 Other agency obligations 694 — (17) 677 Non-agency residential MBS 550 1 (37) 514 U.S. Treasuries 1,161 — (12) 1,149 Corporate bonds 140 — (5) 135 Other 18 — — 18 Total available-for-sale securities $ 10,092 $ 3 $ (897) $ 9,198 September 30, 2023 Agency residential MBS $ 4,865 $ — $ (654) $ 4,211 Agency commercial MBS 1,464 — (211) 1,253 Agency CMOs 1,448 — (265) 1,183 Other agency obligations 710 — (31) 679 Non-agency residential MBS 527 — (64) 463 U.S. Treasuries 1,261 — (21) 1,240 Corporate bonds 140 — (6) 134 Other 18 — — 18 Total available-for-sale securities $ 10,433 $ — $ (1,252) $ 9,181 The amortized costs and fair values in the preceding table exclude $29 million and $28 million of accrued interest on available-for-sale securities as of December 31, 2023 and September 30, 2023, respectively, which was included in “ Other receivables, net 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, fair 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. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.0 years as of December 31, 2023. December 31, 2023 $ in millions Within one year After one but After five but After ten years Total Agency residential MBS Amortized cost $ 1 $ 112 $ 2,033 $ 2,519 $ 4,665 Fair value $ 1 $ 108 $ 1,865 $ 2,242 $ 4,216 Weighted-average yield 2.11 % 2.53 % 1.31 % 1.95 % 1.68 % Agency commercial MBS Amortized cost $ 18 $ 933 $ 457 $ 49 $ 1,457 Fair value $ 18 $ 856 $ 380 $ 41 $ 1,295 Weighted-average yield 3.45 % 1.60 % 1.20 % 1.87 % 1.51 % Agency CMOs Amortized cost $ — $ 7 $ 39 $ 1,361 $ 1,407 Fair value $ — $ 7 $ 35 $ 1,152 $ 1,194 Weighted-average yield — % 2.39 % 1.52 % 1.58 % 1.58 % Other agency obligations Amortized cost $ 79 $ 525 $ 80 $ 10 $ 694 Fair value $ 79 $ 513 $ 76 $ 9 $ 677 Weighted-average yield 2.08 % 3.26 % 3.43 % 3.07 % 3.15 % Non-agency residential MBS Amortized cost $ — $ — $ — $ 550 $ 550 Fair value $ — $ — $ — $ 514 $ 514 Weighted-average yield — % — % — % 4.33 % 4.33 % U.S. Treasuries Amortized cost $ 821 $ 340 $ — $ — $ 1,161 Fair value $ 811 $ 338 $ — $ — $ 1,149 Weighted-average yield 2.67 % 4.64 % — % — % 3.25 % Corporate bonds Amortized cost $ 31 $ 86 $ 23 $ — $ 140 Fair value $ 30 $ 84 $ 21 $ — $ 135 Weighted-average yield 4.73 % 5.58 % 5.02 % — % 5.30 % Other Amortized cost $ — $ 5 $ 5 $ 8 $ 18 Fair value $ — $ 5 $ 4 $ 9 $ 18 Weighted-average yield — % 7.39 % 5.22 % 8.32 % 7.26 % Total available-for-sale securities Amortized cost $ 950 $ 2,008 $ 2,637 $ 4,497 $ 10,092 Fair value $ 939 $ 1,911 $ 2,381 $ 3,967 $ 9,198 Weighted-average yield 2.70 % 2.79 % 1.39 % 2.14 % 2.13 % 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 Fair value Unrealized Fair value Unrealized Fair value Unrealized December 31, 2023 Agency residential MBS $ 18 $ — $ 4,121 $ (451) $ 4,139 $ (451) Agency commercial MBS — — 1,292 (162) 1,292 (162) Agency CMOs — — 1,194 (213) 1,194 (213) Other agency obligations 63 — 614 (17) 677 (17) Non-agency residential MBS 17 — 430 (37) 447 (37) U.S. Treasuries 245 — 904 (12) 1,149 (12) Corporate bonds 15 — 81 (5) 96 (5) Other 8 — 9 — 17 — Total $ 366 $ — $ 8,645 $ (897) $ 9,011 $ (897) September 30, 2023 Agency residential MBS $ 73 $ (3) $ 4,119 $ (651) $ 4,192 $ (654) Agency commercial MBS 3 — 1,250 (211) 1,253 (211) Agency CMOs — — 1,183 (265) 1,183 (265) Other agency obligations 97 (1) 582 (30) 679 (31) Non-agency residential MBS 62 (1) 401 (63) 463 (64) U.S. Treasuries 120 — 995 (21) 1,115 (21) Corporate bonds 13 — 78 (6) 91 (6) Other 5 — 9 — 14 — Total $ 373 $ (5) $ 8,617 $ (1,247) $ 8,990 $ (1,252) At December 31, 2023, of the 1,066 available-for-sale securities in an unrealized loss position, 36 were in a continuous unrealized loss position for less than 12 months and 1,030 securities were in a continuous unrealized loss position for greater than 12 months. At December 31, 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 $4.60 billion and $2.77 billion, respectively, and fair values of $4.11 billion and $2.45 billion, respectively. |
DERIVATIVE ASSETS AND DERIVATIV
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES | 3 Months Ended |
Dec. 31, 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 2023 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. December 31, 2023 September 30, 2023 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate (1) $ 377 $ 409 $ 17,861 $ 509 $ 576 $ 18,270 Foreign exchange — 7 1,183 4 2 1,191 Other — — 1,037 — — 608 Subtotal 377 416 20,081 513 578 20,069 Derivatives designated as hedging instruments Interest rate 6 — 1,225 8 — 1,200 Foreign exchange — 8 1,208 5 — 1,172 Subtotal 6 8 2,433 13 — 2,372 Total gross fair value/notional amount 383 424 $ 22,514 526 578 $ 22,441 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (57) (57) (29) (29) Cash collateral netting (131) (57) (232) (59) Total amounts offset (188) (114) (261) (88) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 195 $ 310 $ 265 $ 490 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (81) — (131) — Total $ 114 $ 310 $ 134 $ 490 (1) Included to-be-announced security contracts that are accounted for as derivatives. The following table details the losses included in accumulated other comprehensive loss (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These losses included any amounts reclassified from AOCI to net income during the period. See Note 16 for additional information. Three months ended December 31, $ in millions 2023 2022 Interest rate (cash flow hedges) $ (21) $ (2) Foreign exchange (net investment hedges) (22) (14) Total losses included in AOCI, net of taxes $ (43) $ (16) There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three months ended December 31, 2023 and 2022. We expect to reclassify $27 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 December 31, Location of gain/(loss) 2023 2022 Interest rate Principal transactions/other revenues $ 1 $ 6 Foreign exchange Other revenues $ (33) $ (30) Other Principal transactions $ — $ (1) 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, typically interest rate derivatives, to which either of our bank subsidiaries 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 $6 million as of December 31, 2023 and $3 million as of September 30, 2023. |
COLLATERALIZED AGREEMENTS AND F
COLLATERALIZED AGREEMENTS AND FINANCINGS | 3 Months Ended |
Dec. 31, 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 2023 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 December 31, 2023 Gross amounts of recognized assets/liabilities $ 194 $ 260 $ 454 $ 169 $ 347 $ 516 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 194 260 454 169 347 516 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (194) (248) (442) (169) (332) (501) Net amounts $ — $ 12 $ 12 $ — $ 15 $ 15 September 30, 2023 Gross amounts of recognized assets/liabilities $ 187 $ 231 $ 418 $ 157 $ 180 $ 337 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 187 231 418 157 180 337 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (187) (224) (411) (157) (173) (330) Net amounts $ — $ 7 $ 7 $ — $ 7 $ 7 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 December 31, 2023 Repurchase agreements: Government and agency obligations $ 107 $ — $ — $ — $ 107 Agency MBS and agency CMOs 62 — — — 62 Total repurchase agreements 169 — — — 169 Securities loaned: Equity securities 347 — — — 347 Total collateralized financings $ 516 $ — $ — $ — $ 516 September 30, 2023 Repurchase agreements: Government and agency obligations $ 122 $ — $ — $ — $ 122 Agency MBS and agency CMOs 35 — — — 35 Total repurchase agreements 157 — — — 157 Securities loaned: Equity securities 180 — — — 180 Total collateralized financings $ 337 $ — $ — $ — $ 337 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 December 31, 2023 September 30, 2023 Collateral we received that was available to be delivered or repledged $ 3,230 $ 3,267 Collateral that we delivered or repledged $ 1,126 $ 730 Encumbered assets We pledge certain of our assets, primarily trading 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. 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 13. The following table presents information about our assets that have been pledged for one of the purposes previously described. $ in millions December 31, 2023 September 30, 2023 Had the right to deliver or repledge $ 1,046 $ 1,091 Did not have the right to deliver or repledge $ 64 $ 63 Assets pledged with the FHLB and FRB: Available-for-sale securities $ 3,947 $ 3,897 Bank loans 10,396 10,166 Total assets pledged with the FHLB and FRB $ 14,343 $ 14,063 |
BANK LOANS, NET
BANK LOANS, NET | 3 Months Ended |
Dec. 31, 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 2023 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 2023 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 December 31, 2023 September 30, 2023 SBL $ 14,647 $ 14,606 C&I loans 10,503 10,406 CRE loans 7,331 7,221 REIT loans 1,697 1,668 Residential mortgage loans 8,861 8,662 Tax-exempt loans 1,411 1,541 Total loans held for investment 44,450 44,104 Held for sale loans 211 145 Total loans held for sale and investment 44,661 44,249 Allowance for credit losses (479) (474) Bank loans, net (1) $ 44,182 $ 43,775 ACL as a % of total loans held for investment 1.08 % 1.07 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 212 $ 200 (1) Bank loans, net as of December 31, 2023 and September 30, 2023 are presented net of $37 million and $52 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 Holdings, Inc. acquisition. See Note 3 of our 2023 Form 10-K for additional information. See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB and Note 13 for additional information regarding borrowings from the FHLB. Held for sale loans We originated or purchased $441 million and $802 million of loans held for sale during the three months ended December 31, 2023 and 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 $102 million and $198 million during the three months ended December 31, 2023 and 2022, respectively. Net gains resulting from such sales were insignificant for each of the three months ended December 31, 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 December 31, 2023 Purchases $ 206 $ — $ — $ 45 $ 251 Sales $ 119 $ — $ — $ — $ 119 Three months ended December 31, 2022 Purchases $ 163 $ 39 $ 24 $ 190 $ 416 Sales $ — $ — $ — $ — $ — 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 2023 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Past due, nonaccrual, and modified loans 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 December 31, 2023 SBL $ 7 $ — $ 7 $ — $ — $ 14,640 $ 14,647 C&I loans 3 — 3 64 — 10,436 10,503 CRE loans — — — 81 12 7,238 7,331 REIT loans — — — — — 1,697 1,697 Residential mortgage loans 5 — 5 — 7 8,849 8,861 Tax-exempt loans — — — — — 1,411 1,411 Total loans held for investment $ 15 $ — $ 15 $ 145 $ 19 $ 44,271 $ 44,450 September 30, 2023 SBL $ 9 $ — $ 9 $ — $ — $ 14,597 $ 14,606 C&I loans — — — 69 2 10,335 10,406 CRE loans — — — 35 13 7,173 7,221 REIT loans — — — — — 1,668 1,668 Residential mortgage loans 2 — 2 — 9 8,651 8,662 Tax-exempt loans — — — — — 1,541 1,541 Total loans held for investment $ 11 $ — $ 11 $ 104 $ 24 $ 43,965 $ 44,104 The preceding table includes $87 million and $96 million at December 31, 2023 and September 30, 2023, respectively, of nonaccrual loans which were current pursuant to their contractual terms. In the normal course of business, we may modify the original terms of a loan agreement. In certain circumstances, we may agree to modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Loan modifications to borrowers experiencing financial difficulty typically involve principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (i.e., payment deferral greater than six months), or a term extension, or any combination thereof. Modified loans to borrowers experiencing financial difficulty are subject to our nonaccrual policies. Loans to borrowers experiencing financial difficulty which were modified during the three months ended December 31, 2023 were not significant. Prior to September 30, 2023, loan modifications to borrowers experiencing financial difficulty, to the extent significant, were considered TDRs. On October 1, 2023, we adopted ASU 2022-02, which eliminated the recognition and measurement guidance for TDRs. See Note 2 for additional information about this guidance. As of September 30, 2023, TDRs were $21 million, $3 million, and $10 million for C&I loans, CRE loans and residential first mortgage loans, respectively. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both December 31, 2023 and September 30, 2023. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral. Loan type ($ in millions) Nature of collateral December 31, 2023 September 30, 2023 C&I loans Commercial real estate and other business assets $ 9 $ 11 CRE loans Office, multi-family residential, healthcare, and industrial real estate $ 146 $ 47 Residential mortgage loans Single family homes $ 4 $ 5 CRE collateral dependent loans as of December 31, 2023 included two loans that were placed on nonaccrual status with an associated allowance during the three months ended December 31, 2023. The recorded investments in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process were $3 million and $4 million as of December 31, 2023 and September 30, 2023, 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. As of and for the three months ended December 31, 2023 Loans by origination fiscal year $ in millions 2024 2023 2022 2021 2020 Prior Revolving loans Total SBL Risk rating: Pass $ 31 $ 47 $ 19 $ 82 $ 36 $ 74 $ 14,339 $ 14,628 Special mention — — — — — — — — Substandard (1) 19 — — — — — — 19 Doubtful — — — — — — — — Total SBL $ 50 $ 47 $ 19 $ 82 $ 36 $ 74 $ 14,339 $ 14,647 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — C&I loans Risk rating: Pass $ 138 $ 732 $ 1,206 $ 1,067 $ 877 $ 3,457 $ 2,784 $ 10,261 Special mention — — 5 — 68 — 3 76 Substandard — — — 29 62 59 16 166 Doubtful — — — — — — — — Total C&I loans $ 138 $ 732 $ 1,211 $ 1,096 $ 1,007 $ 3,516 $ 2,803 $ 10,503 Gross charge-offs $ — $ — $ — $ 1 $ — $ 5 $ — $ 6 CRE loans Risk rating: Pass $ 131 $ 1,182 $ 2,317 $ 1,107 $ 739 $ 1,411 $ 255 $ 7,142 Special mention — 6 — — 14 19 — 39 Substandard — — — 5 32 113 — 150 Doubtful — — — — — — — — Total CRE loans $ 131 $ 1,188 $ 2,317 $ 1,112 $ 785 $ 1,543 $ 255 $ 7,331 Gross charge offs $ — $ — $ — $ — $ — $ 2 $ — $ 2 REIT loans Risk rating: Pass $ 51 $ 236 $ 184 $ 232 $ 103 $ 311 $ 580 $ 1,697 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 51 $ 236 $ 184 $ 232 $ 103 $ 311 $ 580 $ 1,697 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgage loans Risk rating: Pass $ 323 $ 1,747 $ 2,857 $ 1,588 $ 903 $ 1,388 $ 33 $ 8,839 Special mention — — 2 — — 5 — 7 Substandard — — 2 — — 13 — 15 Doubtful — — — — — — — — Total residential mortgage loans $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Tax-exempt loans Risk rating: Pass $ — $ 57 $ 270 $ 160 $ 54 $ 870 $ — $ 1,411 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ — $ 57 $ 270 $ 160 $ 54 $ 870 $ — $ 1,411 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) As of December 31, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market. September 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total SBL Risk rating: Pass $ 74 $ 18 $ 83 $ 40 $ 15 $ 59 $ 14,293 $ 14,582 Special mention — — — — — — — — Substandard (1) — — — — — — 24 24 Doubtful — — — — — — — — Total SBL $ 74 $ 18 $ 83 $ 40 $ 15 $ 59 $ 14,317 $ 14,606 C&I loans Risk rating: Pass $ 672 $ 1,148 $ 1,091 $ 965 $ 1,020 $ 2,675 $ 2,564 $ 10,135 Special mention — 5 29 69 — — 4 107 Substandard — — — 62 17 65 17 161 Doubtful — — — — — 3 — 3 Total C&I loans $ 672 $ 1,153 $ 1,120 $ 1,096 $ 1,037 $ 2,743 $ 2,585 $ 10,406 CRE loans Risk rating: Pass $ 1,130 $ 2,344 $ 1,115 $ 766 $ 604 $ 845 $ 220 $ 7,024 Special mention 7 — — 14 5 55 — 81 Substandard — — 5 32 12 67 — 116 Doubtful — — — — — — — — Total CRE loans $ 1,137 $ 2,344 $ 1,120 $ 812 $ 621 $ 967 $ 220 $ 7,221 REIT loans Risk rating: Pass $ 258 $ 200 $ 214 $ 101 $ 172 $ 176 $ 547 $ 1,668 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 258 $ 200 $ 214 $ 101 $ 172 $ 176 $ 547 $ 1,668 Residential mortgage loans Risk rating: Pass $ 1,765 $ 2,889 $ 1,607 $ 919 $ 433 $ 992 $ 31 $ 8,636 Special mention — — 2 — 2 5 — 9 Substandard — 2 — 1 — 14 — 17 Doubtful — — — — — — — — Total residential mortgage loans $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 Tax-exempt loans Risk rating: Pass $ 147 $ 279 $ 161 $ 54 $ 97 $ 803 $ — $ 1,541 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 147 $ 279 $ 161 $ 54 $ 97 $ 803 $ — $ 1,541 (1) As of September 30, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market. 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 LTV ratio at origination and by FICO score. December 31, 2023 Loans by origination fiscal year $ in millions 2024 2023 2022 2021 2020 Prior Revolving loans Total FICO score: Below 600 $ — $ 4 $ 11 $ 3 $ 3 $ 16 $ — $ 37 600 - 699 23 83 102 65 33 80 3 389 700 - 799 240 1,280 1,581 867 525 770 22 5,285 800 + 60 376 1,167 651 341 537 7 3,139 FICO score not available — 4 — 2 1 3 1 11 Total $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 LTV ratio: Below 80% $ 232 $ 1,230 $ 2,196 $ 1,241 $ 703 $ 1,073 $ 32 $ 6,707 80%+ 91 517 665 347 200 333 1 2,154 Total $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 September 30, 2023 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total FICO score: Below 600 $ 7 $ 1 $ 3 $ 2 $ 3 $ 55 $ — $ 71 600 - 699 99 154 106 83 30 79 4 555 700 - 799 1,381 2,327 1,218 666 320 609 20 6,541 800 + 274 407 279 168 77 265 6 1,476 FICO score not available 4 2 3 1 5 3 1 19 Total $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 LTV ratio: Below 80% $ 1,244 $ 2,218 $ 1,257 $ 716 $ 323 $ 780 $ 29 $ 6,567 80%+ 521 673 352 204 112 231 2 2,095 Total $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 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 December 31, 2023 Balance at beginning of period $ 7 $ 214 $ 161 $ 16 $ 74 $ 2 $ 474 Provision/(benefit) for credit losses — 3 14 1 (6) — 12 Net (charge-offs)/recoveries: Charge-offs — (6) (2) — — — (8) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (2) — — — (8) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 7 $ 211 $ 174 $ 17 $ 68 $ 2 $ 479 ACL by loan portfolio segment as a % of total ACL 1.5 % 44.1 % 36.3 % 3.5 % 14.2 % 0.4 % 100.0 % Three months ended December 31, 2022 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 1 — 2 (6) 17 — 14 Net (charge-offs)/recoveries: Charge-offs — (4) (1) — — — (5) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (4) 2 — — — (2) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 222 $ 91 $ 15 $ 74 $ 2 $ 408 ACL by loan portfolio segment as a % of total ACL 1.0 % 54.4 % 22.3 % 3.7 % 18.1 % 0.5 % 100.0 % The allowance for credit losses on held for investment bank loans increased $5 million during the three months ended December 31, 2023 primarily resulting from provisions for credit losses of $12 million, partially offset by net charge-offs of certain loans during the period. The provision for credit losses for the three months ended December 31, 2023 primarily reflected the impacts of specific reserves in our C&I and CRE loan portfolios, loan downgrades, and charge-offs, partially offset by the favorable impact of loan repayments and sales, which had a larger impact on the current quarter expense than provisions on new loans. Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2023 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 December 31, 2023 September 30, 2023 Affiliated with the firm as of period-end (1) $ 1,206 $ 1,158 No longer affiliated with the firm as of period-end (2) 13 10 Total loans to financial advisors 1,219 1,168 Allowance for credit losses (35) (32) Loans to financial advisors, net $ 1,184 $ 1,136 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 6 $ 6 Allowance for credit losses as a percent of total loans to financial advisors 2.87 % 2.74 % (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 | 3 Months Ended |
Dec. 31, 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 2023 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 2023 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 December 31, 2023 September 30, 2023 SBL $ 14,647 $ 14,606 C&I loans 10,503 10,406 CRE loans 7,331 7,221 REIT loans 1,697 1,668 Residential mortgage loans 8,861 8,662 Tax-exempt loans 1,411 1,541 Total loans held for investment 44,450 44,104 Held for sale loans 211 145 Total loans held for sale and investment 44,661 44,249 Allowance for credit losses (479) (474) Bank loans, net (1) $ 44,182 $ 43,775 ACL as a % of total loans held for investment 1.08 % 1.07 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 212 $ 200 (1) Bank loans, net as of December 31, 2023 and September 30, 2023 are presented net of $37 million and $52 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 Holdings, Inc. acquisition. See Note 3 of our 2023 Form 10-K for additional information. See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB and Note 13 for additional information regarding borrowings from the FHLB. Held for sale loans We originated or purchased $441 million and $802 million of loans held for sale during the three months ended December 31, 2023 and 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 $102 million and $198 million during the three months ended December 31, 2023 and 2022, respectively. Net gains resulting from such sales were insignificant for each of the three months ended December 31, 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 December 31, 2023 Purchases $ 206 $ — $ — $ 45 $ 251 Sales $ 119 $ — $ — $ — $ 119 Three months ended December 31, 2022 Purchases $ 163 $ 39 $ 24 $ 190 $ 416 Sales $ — $ — $ — $ — $ — 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 2023 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Past due, nonaccrual, and modified loans 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 December 31, 2023 SBL $ 7 $ — $ 7 $ — $ — $ 14,640 $ 14,647 C&I loans 3 — 3 64 — 10,436 10,503 CRE loans — — — 81 12 7,238 7,331 REIT loans — — — — — 1,697 1,697 Residential mortgage loans 5 — 5 — 7 8,849 8,861 Tax-exempt loans — — — — — 1,411 1,411 Total loans held for investment $ 15 $ — $ 15 $ 145 $ 19 $ 44,271 $ 44,450 September 30, 2023 SBL $ 9 $ — $ 9 $ — $ — $ 14,597 $ 14,606 C&I loans — — — 69 2 10,335 10,406 CRE loans — — — 35 13 7,173 7,221 REIT loans — — — — — 1,668 1,668 Residential mortgage loans 2 — 2 — 9 8,651 8,662 Tax-exempt loans — — — — — 1,541 1,541 Total loans held for investment $ 11 $ — $ 11 $ 104 $ 24 $ 43,965 $ 44,104 The preceding table includes $87 million and $96 million at December 31, 2023 and September 30, 2023, respectively, of nonaccrual loans which were current pursuant to their contractual terms. In the normal course of business, we may modify the original terms of a loan agreement. In certain circumstances, we may agree to modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Loan modifications to borrowers experiencing financial difficulty typically involve principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (i.e., payment deferral greater than six months), or a term extension, or any combination thereof. Modified loans to borrowers experiencing financial difficulty are subject to our nonaccrual policies. Loans to borrowers experiencing financial difficulty which were modified during the three months ended December 31, 2023 were not significant. Prior to September 30, 2023, loan modifications to borrowers experiencing financial difficulty, to the extent significant, were considered TDRs. On October 1, 2023, we adopted ASU 2022-02, which eliminated the recognition and measurement guidance for TDRs. See Note 2 for additional information about this guidance. As of September 30, 2023, TDRs were $21 million, $3 million, and $10 million for C&I loans, CRE loans and residential first mortgage loans, respectively. Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both December 31, 2023 and September 30, 2023. Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral. Loan type ($ in millions) Nature of collateral December 31, 2023 September 30, 2023 C&I loans Commercial real estate and other business assets $ 9 $ 11 CRE loans Office, multi-family residential, healthcare, and industrial real estate $ 146 $ 47 Residential mortgage loans Single family homes $ 4 $ 5 CRE collateral dependent loans as of December 31, 2023 included two loans that were placed on nonaccrual status with an associated allowance during the three months ended December 31, 2023. The recorded investments in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process were $3 million and $4 million as of December 31, 2023 and September 30, 2023, 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. As of and for the three months ended December 31, 2023 Loans by origination fiscal year $ in millions 2024 2023 2022 2021 2020 Prior Revolving loans Total SBL Risk rating: Pass $ 31 $ 47 $ 19 $ 82 $ 36 $ 74 $ 14,339 $ 14,628 Special mention — — — — — — — — Substandard (1) 19 — — — — — — 19 Doubtful — — — — — — — — Total SBL $ 50 $ 47 $ 19 $ 82 $ 36 $ 74 $ 14,339 $ 14,647 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — C&I loans Risk rating: Pass $ 138 $ 732 $ 1,206 $ 1,067 $ 877 $ 3,457 $ 2,784 $ 10,261 Special mention — — 5 — 68 — 3 76 Substandard — — — 29 62 59 16 166 Doubtful — — — — — — — — Total C&I loans $ 138 $ 732 $ 1,211 $ 1,096 $ 1,007 $ 3,516 $ 2,803 $ 10,503 Gross charge-offs $ — $ — $ — $ 1 $ — $ 5 $ — $ 6 CRE loans Risk rating: Pass $ 131 $ 1,182 $ 2,317 $ 1,107 $ 739 $ 1,411 $ 255 $ 7,142 Special mention — 6 — — 14 19 — 39 Substandard — — — 5 32 113 — 150 Doubtful — — — — — — — — Total CRE loans $ 131 $ 1,188 $ 2,317 $ 1,112 $ 785 $ 1,543 $ 255 $ 7,331 Gross charge offs $ — $ — $ — $ — $ — $ 2 $ — $ 2 REIT loans Risk rating: Pass $ 51 $ 236 $ 184 $ 232 $ 103 $ 311 $ 580 $ 1,697 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 51 $ 236 $ 184 $ 232 $ 103 $ 311 $ 580 $ 1,697 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgage loans Risk rating: Pass $ 323 $ 1,747 $ 2,857 $ 1,588 $ 903 $ 1,388 $ 33 $ 8,839 Special mention — — 2 — — 5 — 7 Substandard — — 2 — — 13 — 15 Doubtful — — — — — — — — Total residential mortgage loans $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Tax-exempt loans Risk rating: Pass $ — $ 57 $ 270 $ 160 $ 54 $ 870 $ — $ 1,411 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ — $ 57 $ 270 $ 160 $ 54 $ 870 $ — $ 1,411 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) As of December 31, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market. September 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total SBL Risk rating: Pass $ 74 $ 18 $ 83 $ 40 $ 15 $ 59 $ 14,293 $ 14,582 Special mention — — — — — — — — Substandard (1) — — — — — — 24 24 Doubtful — — — — — — — — Total SBL $ 74 $ 18 $ 83 $ 40 $ 15 $ 59 $ 14,317 $ 14,606 C&I loans Risk rating: Pass $ 672 $ 1,148 $ 1,091 $ 965 $ 1,020 $ 2,675 $ 2,564 $ 10,135 Special mention — 5 29 69 — — 4 107 Substandard — — — 62 17 65 17 161 Doubtful — — — — — 3 — 3 Total C&I loans $ 672 $ 1,153 $ 1,120 $ 1,096 $ 1,037 $ 2,743 $ 2,585 $ 10,406 CRE loans Risk rating: Pass $ 1,130 $ 2,344 $ 1,115 $ 766 $ 604 $ 845 $ 220 $ 7,024 Special mention 7 — — 14 5 55 — 81 Substandard — — 5 32 12 67 — 116 Doubtful — — — — — — — — Total CRE loans $ 1,137 $ 2,344 $ 1,120 $ 812 $ 621 $ 967 $ 220 $ 7,221 REIT loans Risk rating: Pass $ 258 $ 200 $ 214 $ 101 $ 172 $ 176 $ 547 $ 1,668 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 258 $ 200 $ 214 $ 101 $ 172 $ 176 $ 547 $ 1,668 Residential mortgage loans Risk rating: Pass $ 1,765 $ 2,889 $ 1,607 $ 919 $ 433 $ 992 $ 31 $ 8,636 Special mention — — 2 — 2 5 — 9 Substandard — 2 — 1 — 14 — 17 Doubtful — — — — — — — — Total residential mortgage loans $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 Tax-exempt loans Risk rating: Pass $ 147 $ 279 $ 161 $ 54 $ 97 $ 803 $ — $ 1,541 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 147 $ 279 $ 161 $ 54 $ 97 $ 803 $ — $ 1,541 (1) As of September 30, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market. 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 LTV ratio at origination and by FICO score. December 31, 2023 Loans by origination fiscal year $ in millions 2024 2023 2022 2021 2020 Prior Revolving loans Total FICO score: Below 600 $ — $ 4 $ 11 $ 3 $ 3 $ 16 $ — $ 37 600 - 699 23 83 102 65 33 80 3 389 700 - 799 240 1,280 1,581 867 525 770 22 5,285 800 + 60 376 1,167 651 341 537 7 3,139 FICO score not available — 4 — 2 1 3 1 11 Total $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 LTV ratio: Below 80% $ 232 $ 1,230 $ 2,196 $ 1,241 $ 703 $ 1,073 $ 32 $ 6,707 80%+ 91 517 665 347 200 333 1 2,154 Total $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 September 30, 2023 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total FICO score: Below 600 $ 7 $ 1 $ 3 $ 2 $ 3 $ 55 $ — $ 71 600 - 699 99 154 106 83 30 79 4 555 700 - 799 1,381 2,327 1,218 666 320 609 20 6,541 800 + 274 407 279 168 77 265 6 1,476 FICO score not available 4 2 3 1 5 3 1 19 Total $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 LTV ratio: Below 80% $ 1,244 $ 2,218 $ 1,257 $ 716 $ 323 $ 780 $ 29 $ 6,567 80%+ 521 673 352 204 112 231 2 2,095 Total $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 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 December 31, 2023 Balance at beginning of period $ 7 $ 214 $ 161 $ 16 $ 74 $ 2 $ 474 Provision/(benefit) for credit losses — 3 14 1 (6) — 12 Net (charge-offs)/recoveries: Charge-offs — (6) (2) — — — (8) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (2) — — — (8) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 7 $ 211 $ 174 $ 17 $ 68 $ 2 $ 479 ACL by loan portfolio segment as a % of total ACL 1.5 % 44.1 % 36.3 % 3.5 % 14.2 % 0.4 % 100.0 % Three months ended December 31, 2022 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 1 — 2 (6) 17 — 14 Net (charge-offs)/recoveries: Charge-offs — (4) (1) — — — (5) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (4) 2 — — — (2) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 222 $ 91 $ 15 $ 74 $ 2 $ 408 ACL by loan portfolio segment as a % of total ACL 1.0 % 54.4 % 22.3 % 3.7 % 18.1 % 0.5 % 100.0 % The allowance for credit losses on held for investment bank loans increased $5 million during the three months ended December 31, 2023 primarily resulting from provisions for credit losses of $12 million, partially offset by net charge-offs of certain loans during the period. The provision for credit losses for the three months ended December 31, 2023 primarily reflected the impacts of specific reserves in our C&I and CRE loan portfolios, loan downgrades, and charge-offs, partially offset by the favorable impact of loan repayments and sales, which had a larger impact on the current quarter expense than provisions on new loans. Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2023 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 December 31, 2023 September 30, 2023 Affiliated with the firm as of period-end (1) $ 1,206 $ 1,158 No longer affiliated with the firm as of period-end (2) 13 10 Total loans to financial advisors 1,219 1,168 Allowance for credit losses (35) (32) Loans to financial advisors, net $ 1,184 $ 1,136 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 6 $ 6 Allowance for credit losses as a percent of total loans to financial advisors 2.87 % 2.74 % (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 | 3 Months Ended |
Dec. 31, 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 2023 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 December 31, 2023 LIHTC funds $ 123 $ 50 Restricted Stock Trust Fund 29 29 Total $ 152 $ 79 September 30, 2023 LIHTC funds $ 51 $ 6 Restricted Stock Trust Fund 20 20 Total $ 71 $ 26 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 December 31, 2023 September 30, 2023 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 14 $ 5 Other assets 109 46 Total assets $ 123 $ 51 Liabilities: Other payables $ 30 $ — Total liabilities $ 30 $ — Noncontrolling interests $ (9) $ (27) VIEs where we hold a variable interest but are not the primary beneficiary As discussed in Note 2 of our 2023 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 primarily 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. December 31, 2023 September 30, 2023 $ in millions Aggregate Aggregate Our risk Aggregate Aggregate Our risk LIHTC funds $ 8,854 $ 3,146 $ 47 $ 8,451 $ 2,964 $ 113 Private Equity Interests 2,709 752 101 2,591 655 101 Other 184 69 3 201 84 3 Total $ 11,747 $ 3,967 $ 151 $ 11,243 $ 3,703 $ 217 |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS The following table details the components of other assets as of the dates indicated. See Note 2 of our 2023 Form 10-K for a discussion of our accounting polices related to certain of these components. $ in millions December 31, 2023 September 30, 2023 Investments in company-owned life insurance policies $ 1,228 $ 1,110 Property and equipment, net 580 561 Lease right-of-use (“ROU”) assets 552 560 Prepaid expenses 257 209 Investments in FHLB and FRB stock 114 114 Client-owned fractional shares 110 98 All other 219 141 Total other assets $ 3,060 $ 2,793 See Note 13 of our 2023 Form 10-K for additional information regarding our property and equipment and Note 11 of this Form 10-Q and Note 14 of our 2023 Form 10-K for additional information regarding our leases. |
LEASES
LEASES | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions December 31, 2023 September 30, 2023 ROU assets (included in “Other assets”) $ 552 $ 560 Lease liabilities (included in “Other payables”) $ 537 $ 539 Lease liabilities as of December 31, 2023 excluded $42 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 2024 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 December 31, $ in millions 2023 2022 Lease costs $ 35 $ 31 Variable lease costs $ 9 $ 7 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 | 3 Months Ended |
Dec. 31, 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 held by either of our bank subsidiaries. The following table presents a summary of bank deposits, excluding affiliate 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. December 31, 2023 September 30, 2023 $ in millions Balance Weighted-average rate Balance Weighted-average rate Money market and savings accounts $ 31,315 1.96 % $ 32,268 1.85 % Interest-bearing demand deposits 20,423 5.02 % 18,376 4.98 % Certificates of deposit 2,885 4.63 % 2,831 4.41 % Non-interest-bearing demand deposits 770 — 724 — Total bank deposits $ 55,393 3.25 % $ 54,199 3.06 % Money market and savings accounts in the preceding table included $23.91 billion and $25.36 billion as of December 31, 2023 and September 30, 2023, 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”). Total bank deposits in the preceding table included $14.48 billion and $13.59 billion of deposits as of December 31, 2023 and September 30, 2023, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account. Substantially all of the ESP balances are reflected in interest-bearing demand deposits in the preceding table. The following table details the amount of total bank deposits (which excludes affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period. $ in millions December 31, 2023 September 30, 2023 FDIC-insured bank deposits $ 49,152 $ 48,344 Bank deposits exceeding FDIC insurance limit (1) (2) 6,241 5,855 Total bank deposits $ 55,393 $ 54,199 FDIC-insured bank deposits as a % of total bank deposits 89 % 89 % (1) Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements. (2) Excluded affiliate deposits exceeding the FDIC insurance limit of $924 million and $764 million as of December 31, 2023 and September 30, 2023, respectively. The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of December 31, 2023. $ in millions December 31, 2023 Three months or less $ 74 Over three through six months 37 Over six through twelve months 28 Over twelve months 12 Total certificates of deposit that exceeded the FDIC insurance limit (1) $ 151 (1) Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements. Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table. Three months ended December 31, $ in millions 2023 2022 Money market and savings accounts $ 156 $ 117 Interest-bearing demand deposits 243 47 Certificates of deposit 32 8 Total interest expense on deposits $ 431 $ 172 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. See Note 2 of our 2023 Form 10-K for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge. |
OTHER BORROWINGS
OTHER BORROWINGS | 3 Months Ended |
Dec. 31, 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. December 31, 2023 September 30, 2023 $ in millions Weighted-average interest rate Maturity date Balance Weighted-average interest rate Maturity date Balance FHLB advances: Floating rate - term 5.71 % March 2025 - June 2025 $ 650 5.62 % December 2023 - March 2025 $ 850 Fixed rate 4.76 % March 2024 - December 2028 350 5.70 % December 2023 150 Total FHLB advances 1,000 1,000 Subordinated notes - fixed-to-floating (including an unaccreted premium of $1 and $2, respectively) 5.75 % May 2030 99 5.75 % May 2030 100 Total other borrowings $ 1,099 $ 1,100 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. See Note 2 of our 2023 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. See Note 6 for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings. Subordinated notes As of December 31, 2023, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $98 million. 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 Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 5.62% per annum. We may redeem these subordinated notes beginning in August 2025 at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date. Credit Facility RJF and RJ&A are parties to a 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. The Credit Facility has 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 SOFR, as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of December 31, 2023 or September 30, 2023. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”). Based upon RJF’s credit rating as of December 31, 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 2023 Form 10-K. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K. Effective tax rate Our effective income tax rate of 21.0% for the three months ended December 31, 2023 was lower than the 23.7% effective tax rate for our fiscal year 2023. The decrease in the effective income tax rate was primarily due to a larger tax benefit recognized during the current quarter related to share-based compensation that vested during the period, compared to that for the fiscal year 2023. Additionally, our effective income tax rate for the fiscal year 2023 reflected the adverse impact of nondeductible fines and penalties that did not recur during the current quarter. 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 $6 million due to expiration of statutes of limitations of federal and state tax returns. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 3 Months Ended |
Dec. 31, 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 December 31, 2023, we had no such open underwriting commitments. 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 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 December 31, 2023 September 30, 2023 SBL and other consumer lines of credit $ 39,731 $ 38,791 Commercial lines of credit $ 4,144 $ 4,131 Unfunded lending commitments $ 869 $ 936 Standby letters of credit $ 112 $ 123 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 2023 Form 10-K and Note 7 of this Form 10-Q for additional information regarding this allowance for credit losses related to unfunded lending commitments. RJ&A enters into margin lending arrangements which allow clients to borrow against the value of qualifying securities. Margin loans are collateralized by the securities held in the client’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require clients 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 2023 Form 10-K and Note 8 of this Form 10-Q for additional information regarding 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. We had no such unfunded commitments for loans to financial advisors who have met such conditions as of December 31, 2023. Investment commitments We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $63 million as of December 31, 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 December 31, 2023, RJAHI had committed approximately $248 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 11 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 14 of our 2023 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 has cooperated 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. As of December 31, 2023, we continue to maintain an accrual related to this SEC investigation in our condensed consolidated financial statements in accordance with our contingent liabilities accounting policy. Refer to Note 2 of our 2023 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies. 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 December 31, 2023, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $35 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2023 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K. $ in millions December 31, 2023 September 30, 2023 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 The following table details dividends declared and dividends paid on our 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Preferred Stock for the three months ended December 31, 2023 and 2022. We redeemed all outstanding shares of our Series A Preferred Stock on April 3, 2023. Dividends declared Dividends paid $ in millions, except per share amounts Total dividends Per preferred Total dividends Per preferred Three months ended December 31, 2023 Series B Preferred Stock $ 1 $ 15.94 $ 1 $ 15.94 Three months ended December 31, 2022 Series A Preferred Stock $ 1 $ 16.88 $ 1 $ 16.88 Series B Preferred Stock 1 $ 15.94 1 $ 15.94 Total $ 2 $ 2 Common equity The following table presents the changes in our common shares outstanding for the three months ended December 31, 2023 and 2022. Three months ended December 31, Shares in millions 2023 2022 Balance beginning of period 208.8 215.1 Repurchases of common stock (1.4) (1.3) Issuances due to vesting of RSUs and exercise of stock options, net of forfeitures 1.3 1.2 Balance end of period 208.7 215.0 We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 19 of this Form 10-Q and Note 23 of our 2023 Form 10-K for additional information on these programs. Share repurchases We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In November 2023, 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 legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended December 31, 2023, we repurchased 1.41 million shares of our common stock for $150 million at an average price of $106.51 per share. As of December 31, 2023, $1.39 billion remained available under the Board of Directors’ common stock repurchase authorization. Common stock dividends Dividends per common share declared and paid are detailed in the following table for each respective period. Three months ended December 31, 2023 2022 Dividends per common share - declared $ 0.45 $ 0.42 Dividends per common share - paid $ 0.42 $ 0.34 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 December 31, 2023 2022 Dividend payout ratio 19.4 % 18.3 % 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 December 31, 2023 AOCI as of beginning of period $ 143 $ (216) $ (73) $ (942) $ 44 $ (971) OCI: OCI before reclassifications and taxes (29) 51 22 358 (18) 362 Amounts reclassified from AOCI, before tax — — — — (10) (10) Pre-tax net OCI (29) 51 22 358 (28) 352 Income tax effect 7 — 7 (88) 7 (74) OCI for the period, net of tax (22) 51 29 270 (21) 278 AOCI as of end of period $ 121 $ (165) $ (44) $ (672) $ 23 $ (693) Three months ended December 31, 2022 AOCI as of beginning of period $ 153 $ (276) $ (123) $ (902) $ 43 $ (982) OCI: OCI before reclassifications and taxes (19) 60 41 85 2 128 Amounts reclassified from AOCI, before tax — — — — (5) (5) Pre-tax net OCI (19) 60 41 85 (3) 123 Income tax effect 5 — 5 (38) 1 (32) OCI for the period, net of tax (14) 60 46 47 (2) 91 AOCI as of end of period $ 139 $ (216) $ (77) $ (855) $ 41 $ (891) Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 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 2023 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives. |
REVENUES
REVENUES | 3 Months Ended |
Dec. 31, 2023 | |
Revenues [Abstract] | |
REVENUES | REVENUES The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2023 Form 10-K. See Note 26 of our 2023 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments. Three months ended December 31, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,191 $ — $ 224 $ — $ (8) $ 1,407 Brokerage revenues: Securities commissions: Mutual and other fund products 136 2 2 — (3) 137 Insurance and annuity products 125 — — — — 125 Equities, exchange-traded funds (“ETFs”) and fixed income products 89 33 — — (1) 121 Subtotal securities commissions 350 35 2 — (4) 383 Principal transactions (1) 32 105 — 2 — 139 Total brokerage revenues 382 140 2 2 (4) 522 Account and service fees: Mutual fund and annuity service fees 106 — 1 — (1) 106 RJBDP fees 375 1 — — (224) 152 Client account and other fees 65 2 5 — (11) 61 Total account and service fees 546 3 6 — (236) 319 Investment banking: Merger & acquisition and advisory — 118 — — — 118 Equity underwriting 11 26 — — — 37 Debt underwriting — 26 — — — 26 Total investment banking 11 170 — — — 181 Other: Affordable housing investments business revenues — 23 — — — 23 All other (1) 4 1 — 13 (3) 15 Total other 4 24 — 13 (3) 38 Total non-interest revenues 2,134 337 232 15 (251) 2,467 Interest income (1) 118 23 3 872 37 1,053 Total revenues 2,252 360 235 887 (214) 3,520 Interest expense (26) (22) — (446) (13) (507) Net revenues $ 2,226 $ 338 $ 235 $ 441 $ (227) $ 3,013 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Three months ended December 31, 2022 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,053 $ 1 $ 197 $ — $ (9) $ 1,242 Brokerage revenues: Securities commissions: Mutual and other fund products 128 1 1 — — 130 Insurance and annuity products 104 — — — — 104 Equities, ETFs and fixed income products 85 33 — — — 118 Subtotal securities commissions 317 34 1 — — 352 Principal transactions (1) 28 100 — 4 — 132 Total brokerage revenues 345 134 1 4 — 484 Account and service fees: Mutual fund and annuity service fees 98 — — — — 98 RJBDP fees 405 1 — — (269) 137 Client account and other fees 60 2 5 — (13) 54 Total account and service fees 563 3 5 — (282) 289 Investment banking: Merger & acquisition and advisory — 102 — — — 102 Equity underwriting 9 15 — — (1) 23 Debt underwriting — 16 — — — 16 Total investment banking 9 133 — — (1) 141 Other: Affordable housing investments business revenues — 24 — — — 24 All other (1) 6 — 2 13 (1) 20 Total other 6 24 2 13 (1) 44 Total non-interest revenues 1,976 295 205 17 (293) 2,200 Interest income (1) 109 23 2 676 17 827 Total revenues 2,085 318 207 693 (276) 3,027 Interest expense (22) (23) — (185) (11) (241) Net revenues $ 2,063 $ 295 $ 207 $ 508 $ (287) $ 2,786 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. At December 31, 2023 and September 30, 2023, net receivables related to contracts with customers were $481 million and $519 million, respectively. |
INTEREST INCOME AND INTEREST EX
INTEREST INCOME AND INTEREST EXPENSE | 3 Months Ended |
Dec. 31, 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 December 31, $ in millions 2023 2022 Interest income: Cash and cash equivalents $ 132 $ 55 Assets segregated for regulatory purposes and restricted cash 47 50 Trading assets — debt securities 15 14 Available-for-sale securities 56 53 Brokerage client receivables 45 41 Bank loans, net 734 599 All other 24 15 Total interest income $ 1,053 $ 827 Interest expense: Bank deposits $ 431 $ 172 Trading liabilities — debt securities 11 10 Brokerage client payables 20 17 Other borrowings 8 9 Senior notes payable 23 23 All other 14 10 Total interest expense $ 507 $ 241 Net interest income $ 546 $ 586 Bank loan provision for credit losses (12) (14) Net interest income after bank loan provision for credit losses $ 534 $ 572 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 | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, Board of Directors, and independent contractor financial advisors. 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 2023 Form 10-K. Other information related to our share-based awards is presented in Note 23 of our 2023 Form 10-K. Restricted stock units During the three months ended December 31, 2023, we granted approximately 1.7 million RSUs with a weighted-average grant-date fair value of $106.68, compared with approximately 1.9 million RSUs granted during the three months ended December 31, 2022, with a weighted-average grant-date fair value of $117.66. For the three months ended December 31, 2023, total share-based compensation amortization related to RSUs was $87 million, compared with $76 million for the three months ended December 31, 2022. As of December 31, 2023, there were $425 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the three months ended December 31, 2023. These costs are expected to be recognized over a weighted-average period of three 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 2023 Form 10-K for further discussion of these awards. For the three months ended December 31, 2023 total share-based compensation amortization related to these RSAs was $2 million, compared with $3 million for the three months ended December 31, 2022. As of December 31, 2023, there were $10 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 two years. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 3 Months Ended |
Dec. 31, 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. 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 December 31, 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 2023 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 December 31, 2023: Tier 1 leverage $ 9,646 12.1 % $ 3,185 4.0 % $ 3,981 5.0 % Tier 1 capital $ 9,646 21.6 % $ 2,676 6.0 % $ 3,568 8.0 % CET1 $ 9,570 21.5 % $ 2,007 4.5 % $ 2,899 6.5 % Total capital $ 10,271 23.0 % $ 3,568 8.0 % $ 4,461 10.0 % RJF as of September 30, 2023: Tier 1 leverage $ 9,321 11.9 % $ 3,123 4.0 % $ 3,904 5.0 % Tier 1 capital $ 9,321 21.4 % $ 2,613 6.0 % $ 3,484 8.0 % CET1 $ 9,245 21.2 % $ 1,960 4.5 % $ 2,831 6.5 % Total capital $ 9,934 22.8 % $ 3,484 8.0 % $ 4,355 10.0 % As of December 31, 2023, RJF’s regulatory capital increase compared with September 30, 2023 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, 2023 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets. The increase in risk-weighted assets was primarily driven by an increase in our bank loan portfolio and company-owned life insurance policies. RJF’s Tier 1 leverage ratio at December 31, 2023 increased compared to September 30, 2023 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by an increase in cash and our bank loan portfolio. 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 December 31, 2023: Tier 1 leverage $ 3,375 7.9 % $ 1,702 4.0 % $ 2,127 5.0 % Tier 1 capital $ 3,375 13.9 % $ 1,457 6.0 % $ 1,942 8.0 % CET1 $ 3,375 13.9 % $ 1,093 4.5 % $ 1,578 6.5 % Total capital $ 3,681 15.2 % $ 1,942 8.0 % $ 2,428 10.0 % Raymond James Bank as of September 30, 2023: Tier 1 leverage $ 3,355 7.8 % $ 1,710 4.0 % $ 2,137 5.0 % Tier 1 capital $ 3,355 13.7 % $ 1,465 6.0 % $ 1,954 8.0 % CET1 $ 3,355 13.7 % $ 1,099 4.5 % $ 1,587 6.5 % Total capital $ 3,662 15.0 % $ 1,954 8.0 % $ 2,442 10.0 % TriState Capital Bank as of December 31, 2023: Tier 1 leverage $ 1,358 7.1 % $ 764 4.0 % $ 956 5.0 % Tier 1 capital $ 1,358 15.2 % $ 536 6.0 % $ 715 8.0 % CET1 $ 1,358 15.2 % $ 402 4.5 % $ 581 6.5 % Total capital $ 1,403 15.7 % $ 715 8.0 % $ 894 10.0 % TriState Capital Bank as of September 30, 2023: Tier 1 leverage $ 1,290 7.2 % $ 721 4.0 % $ 902 5.0 % Tier 1 capital $ 1,290 14.8 % $ 524 6.0 % $ 699 8.0 % CET1 $ 1,290 14.8 % $ 393 4.5 % $ 568 6.5 % Total capital $ 1,333 15.3 % $ 699 8.0 % $ 874 10.0 % Our bank 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 bank 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 December 31, 2023 September 30, 2023 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 38.5 % 43.3 % Net capital $ 988 $ 1,035 Less: required net capital (51) (48) Excess net capital $ 937 $ 987 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Dec. 31, 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 December 31, in millions, except per share amounts 2023 2022 Income for basic earnings per common share: Net income available to common shareholders $ 497 $ 507 Less allocation of earnings and dividends to participating securities (1) (1) Net income available to common shareholders after participating securities $ 496 $ 506 Income for diluted earnings per common share: Net income available to common shareholders $ 497 $ 507 Less allocation of earnings and dividends to participating securities (1) (1) Net income available to common shareholders after participating securities $ 496 $ 506 Common shares: Average common shares in basic computation 208.6 214.7 Dilutive effect of outstanding stock options and certain RSUs 5.2 5.7 Average common and common equivalent shares used in diluted computation 213.8 220.4 Earnings per common share: Basic $ 2.38 $ 2.36 Diluted $ 2.32 $ 2.30 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive 1.2 1.2 The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of RSAs and certain RSUs, 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 months ended December 31, 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 | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K. The following table presents information concerning operations in these segments. Three months ended December 31, $ in millions 2023 2022 Net revenues: Private Client Group $ 2,226 $ 2,063 Capital Markets 338 295 Asset Management 235 207 Bank 441 508 Other 26 9 Intersegment eliminations (253) (296) Total net revenues $ 3,013 $ 2,786 Pre-tax income/(loss): Private Client Group $ 439 $ 434 Capital Markets 3 (16) Asset Management 93 80 Bank 92 136 Other 3 18 Total pre-tax income $ 630 $ 652 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 December 31, $ in millions 2023 2022 Net interest income: Private Client Group $ 92 $ 87 Capital Markets 1 — Asset Management 3 2 Bank 426 491 Other 24 6 Net interest income $ 546 $ 586 The following table presents our total assets on a segment basis. $ in millions December 31, 2023 September 30, 2023 Total assets: Private Client Group $ 12,744 $ 12,375 Capital Markets 2,732 3,087 Asset Management 569 567 Bank 61,517 60,041 Other 2,568 2,290 Total $ 80,130 $ 78,360 The following table presents goodwill, which was included in our total assets, on a segment basis. $ in millions December 31, 2023 September 30, 2023 Goodwill: Private Client Group $ 571 $ 564 Capital Markets 275 275 Asset Management 69 69 Bank 529 529 Total $ 1,444 $ 1,437 We have operations in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned. Three months ended December 31, $ in millions 2023 2022 Net revenues: U.S. $ 2,761 $ 2,540 Canada 139 134 Europe 113 112 Total $ 3,013 $ 2,786 Pre-tax income/(loss): U.S. $ 605 $ 609 Canada 27 31 Europe (2) 12 Total $ 630 $ 652 The following table presents our total assets by major geographic area in which they were held. $ in millions December 31, 2023 September 30, 2023 Total assets: U.S. $ 74,319 $ 72,506 Canada 3,382 3,404 Europe 2,429 2,450 Total $ 80,130 $ 78,360 The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held. $ in millions December 31, 2023 September 30, 2023 Goodwill: U.S. $ 1,250 $ 1,250 Canada 25 25 Europe 169 162 Total $ 1,444 $ 1,437 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net income attributable to Raymond James Financial, Inc. | $ 498 | $ 509 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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) | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
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 2023 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 contingent 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. |
Accounting guidance adopted in fiscal 2024 | Accounting guidance adopted in fiscal 2024 In March 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance related to troubled debt restructurings (“TDRs”) and disclosures regarding write-offs of financing receivables (ASU 2022-02), amending guidance related to the measurement of credit losses on financial instruments (ASU 2016-13). The update eliminates the requirement to use a discounted cash flow approach to measure the allowance for credit losses for TDRs and instead allows for the use of a current expected credit loss (“CECL”) approach for all loans. Under a CECL approach, the impact of loan modifications and the subsequent performance of modified loans, including defaults, is reflected in the historical loss data used to calculate expected lifetime credit losses. In addition, the update requires new disclosures about modifications granted to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or a combination of these modifications. The update also requires new disclosures for the financial effects of these modifications and for loan performance in the twelve months following the modification, and also requires disclosure of current period gross charge-offs by year of origination. We adopted this guidance on a prospective basis as of October 1, 2023, which did not have a material impact on our financial position or results of operations. Refer to Note 7 for additional disclosures required by this guidance and changes to our accounting policies as a result of this adoption. See Note 2 of our 2023 Form 10-K for a discussion of our accounting policies related to our nonperforming assets and allowance for credit losses. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 191 $ — $ — $ 191 Corporate obligations 22 640 — — 662 Government and agency obligations 44 69 — — 113 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 93 — — 93 Non-agency CMOs and ABS — 9 — — 9 Total debt securities 66 1,002 — — 1,068 Equity securities 14 2 — — 16 Brokered certificates of deposit — 18 — — 18 Other — — 1 — 1 Total trading assets 80 1,022 1 — 1,103 Available-for-sale securities (1) 1,149 8,049 — — 9,198 Derivative assets - interest rate 8 375 — (188) 195 All other investments: Government and agency obligations (2) 72 — — — 72 Other 106 2 29 — 137 Total all other investments 178 2 29 — 209 Other assets - client-owned fractional shares 110 — — — 110 Subtotal 1,525 9,448 30 (188) 10,815 Other investments - private equity - measured at net asset value (“NAV”) 101 Total assets at fair value on a recurring basis $ 1,525 $ 9,448 $ 30 $ (188) $ 10,916 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 8 $ — $ — $ — $ 8 Corporate obligations — 614 — — 614 Government and agency obligations 127 1 — — 128 Total debt securities 135 615 — — 750 Equity securities 44 — — — 44 Total trading liabilities 179 615 — — 794 Derivative liabilities: Interest rate 9 400 — (114) 295 Foreign exchange — 15 — — 15 Total derivative liabilities 9 415 — (114) 310 Other payables - repurchase liabilities related to client-owned fractional shares 110 — — — 110 Total liabilities at fair value on a recurring basis $ 298 $ 1,030 $ — $ (114) $ 1,214 $ in millions Level 1 Level 2 Level 3 Netting Balance as of September 30, 2023 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ — $ 239 $ — $ — $ 239 Corporate obligations 22 620 — — 642 Government and agency obligations 24 117 — — 141 Agency MBS, CMOs, and ABS — 35 — — 35 Non-agency CMOs and ABS — 68 — — 68 Total debt securities 46 1,079 — — 1,125 Equity securities 20 2 — — 22 Brokered certificates of deposit — 36 — — 36 Other — — 4 — 4 Total trading assets 66 1,117 4 — 1,187 Available-for-sale securities (1) 1,240 7,941 — — 9,181 Derivative assets: Interest rate 14 503 — (261) 256 Foreign exchange — 9 — — 9 Total derivative assets 14 512 — (261) 265 All other investments: Government and agency obligations (2) 71 — — — 71 Other 102 2 30 — 134 Total all other investments 173 2 30 — 205 Other assets - client-owned fractional shares 98 — — — 98 Subtotal 1,591 9,572 34 (261) 10,936 Other investments - private equity - measured at NAV 101 Total assets at fair value on a recurring basis $ 1,591 $ 9,572 $ 34 $ (261) $ 11,037 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 10 $ — $ — $ — $ 10 Corporate obligations — 514 — — 514 Government and agency obligations 161 1 — — 162 Total debt securities 171 515 — — 686 Equity securities 30 — — — 30 Total trading liabilities 201 515 — — 716 Derivative liabilities: Interest rate 13 563 — (88) 488 Foreign exchange — 2 — — 2 Total derivative liabilities 13 565 — (88) 490 Other payables - repurchase liabilities related to client-owned fractional shares 98 — — — 98 Total liabilities at fair value on a recurring basis $ 312 $ 1,080 $ — $ (88) $ 1,304 (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 Other Three months ended December 31, 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 $ 4 $ 30 $ — Total gains/(losses) included in earnings — (1) — Purchases and contributions 12 — — Sales and distributions (15) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 1 $ 29 $ — Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ (1) $ — Three months ended December 31, 2022 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 25 — — Sales and distributions (20) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 6 $ 30 $ (4) Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ (1) $ 1 $ (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 December 31, 2023 Private equity investments measured at NAV $ 101 $ 25 Private equity investments not measured at NAV 7 Total private equity investments $ 108 September 30, 2023 Private equity investments measured at NAV $ 101 $ 29 Private equity investments not measured at NAV 7 Total private equity investments $ 108 |
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 December 31, 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 $ — $ 104 $ 104 Collateral or discounted cash flow (1) Recovery rate 3% - 63% (49%) Loans held for sale $ 30 $ — $ 30 N/A N/A N/A September 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 $ — $ 84 $ 84 Collateral or discounted cash flow (1) Recovery rate 22% - 65% (53%) Loans held for sale $ 2 $ — $ 2 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 December 31, 2023 and September 30, 2023. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 4 of our 2023 Form 10-K for a discussion of our financial instruments that are not recorded at fair value. $ in millions Level 2 Level 3 Total estimated fair value Carrying amount December 31, 2023 Financial assets: Bank loans, net $ 181 $ 43,020 $ 43,201 $ 44,038 Financial liabilities: Bank deposits - certificates of deposit $ 2,882 $ — $ 2,882 $ 2,885 Other borrowings - subordinated notes payable $ 95 $ — $ 95 $ 99 Senior notes payable $ 1,817 $ — $ 1,817 $ 2,039 September 30, 2023 Financial assets: Bank loans, net $ 142 $ 42,622 $ 42,764 $ 43,679 Financial liabilities: Bank deposits - certificates of deposit $ 2,817 $ — $ 2,817 $ 2,831 Other borrowings - subordinated notes payable $ 94 $ — $ 94 $ 100 Senior notes payable $ 1,640 $ — $ 1,640 $ 2,039 |
AVAILABLE-FOR-SALE SECURITIES (
AVAILABLE-FOR-SALE SECURITIES (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 Agency residential MBS $ 4,665 $ 2 $ (451) $ 4,216 Agency commercial MBS 1,457 — (162) 1,295 Agency CMOs 1,407 — (213) 1,194 Other agency obligations 694 — (17) 677 Non-agency residential MBS 550 1 (37) 514 U.S. Treasuries 1,161 — (12) 1,149 Corporate bonds 140 — (5) 135 Other 18 — — 18 Total available-for-sale securities $ 10,092 $ 3 $ (897) $ 9,198 September 30, 2023 Agency residential MBS $ 4,865 $ — $ (654) $ 4,211 Agency commercial MBS 1,464 — (211) 1,253 Agency CMOs 1,448 — (265) 1,183 Other agency obligations 710 — (31) 679 Non-agency residential MBS 527 — (64) 463 U.S. Treasuries 1,261 — (21) 1,240 Corporate bonds 140 — (6) 134 Other 18 — — 18 Total available-for-sale securities $ 10,433 $ — $ (1,252) $ 9,181 |
Contractual Maturities, Amortized Cost, Carrying Values, and Current Yields for Available-For-Sales Securities | The following table details the contractual maturities, amortized costs, fair 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. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.0 years as of December 31, 2023. December 31, 2023 $ in millions Within one year After one but After five but After ten years Total Agency residential MBS Amortized cost $ 1 $ 112 $ 2,033 $ 2,519 $ 4,665 Fair value $ 1 $ 108 $ 1,865 $ 2,242 $ 4,216 Weighted-average yield 2.11 % 2.53 % 1.31 % 1.95 % 1.68 % Agency commercial MBS Amortized cost $ 18 $ 933 $ 457 $ 49 $ 1,457 Fair value $ 18 $ 856 $ 380 $ 41 $ 1,295 Weighted-average yield 3.45 % 1.60 % 1.20 % 1.87 % 1.51 % Agency CMOs Amortized cost $ — $ 7 $ 39 $ 1,361 $ 1,407 Fair value $ — $ 7 $ 35 $ 1,152 $ 1,194 Weighted-average yield — % 2.39 % 1.52 % 1.58 % 1.58 % Other agency obligations Amortized cost $ 79 $ 525 $ 80 $ 10 $ 694 Fair value $ 79 $ 513 $ 76 $ 9 $ 677 Weighted-average yield 2.08 % 3.26 % 3.43 % 3.07 % 3.15 % Non-agency residential MBS Amortized cost $ — $ — $ — $ 550 $ 550 Fair value $ — $ — $ — $ 514 $ 514 Weighted-average yield — % — % — % 4.33 % 4.33 % U.S. Treasuries Amortized cost $ 821 $ 340 $ — $ — $ 1,161 Fair value $ 811 $ 338 $ — $ — $ 1,149 Weighted-average yield 2.67 % 4.64 % — % — % 3.25 % Corporate bonds Amortized cost $ 31 $ 86 $ 23 $ — $ 140 Fair value $ 30 $ 84 $ 21 $ — $ 135 Weighted-average yield 4.73 % 5.58 % 5.02 % — % 5.30 % Other Amortized cost $ — $ 5 $ 5 $ 8 $ 18 Fair value $ — $ 5 $ 4 $ 9 $ 18 Weighted-average yield — % 7.39 % 5.22 % 8.32 % 7.26 % Total available-for-sale securities Amortized cost $ 950 $ 2,008 $ 2,637 $ 4,497 $ 10,092 Fair value $ 939 $ 1,911 $ 2,381 $ 3,967 $ 9,198 Weighted-average yield 2.70 % 2.79 % 1.39 % 2.14 % 2.13 % |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | 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 Fair value Unrealized Fair value Unrealized Fair value Unrealized December 31, 2023 Agency residential MBS $ 18 $ — $ 4,121 $ (451) $ 4,139 $ (451) Agency commercial MBS — — 1,292 (162) 1,292 (162) Agency CMOs — — 1,194 (213) 1,194 (213) Other agency obligations 63 — 614 (17) 677 (17) Non-agency residential MBS 17 — 430 (37) 447 (37) U.S. Treasuries 245 — 904 (12) 1,149 (12) Corporate bonds 15 — 81 (5) 96 (5) Other 8 — 9 — 17 — Total $ 366 $ — $ 8,645 $ (897) $ 9,011 $ (897) September 30, 2023 Agency residential MBS $ 73 $ (3) $ 4,119 $ (651) $ 4,192 $ (654) Agency commercial MBS 3 — 1,250 (211) 1,253 (211) Agency CMOs — — 1,183 (265) 1,183 (265) Other agency obligations 97 (1) 582 (30) 679 (31) Non-agency residential MBS 62 (1) 401 (63) 463 (64) U.S. Treasuries 120 — 995 (21) 1,115 (21) Corporate bonds 13 — 78 (6) 91 (6) Other 5 — 9 — 14 — Total $ 373 $ (5) $ 8,617 $ (1,247) $ 8,990 $ (1,252) |
DERIVATIVE ASSETS AND DERIVAT_2
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES (Tables) | 3 Months Ended |
Dec. 31, 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. December 31, 2023 September 30, 2023 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate (1) $ 377 $ 409 $ 17,861 $ 509 $ 576 $ 18,270 Foreign exchange — 7 1,183 4 2 1,191 Other — — 1,037 — — 608 Subtotal 377 416 20,081 513 578 20,069 Derivatives designated as hedging instruments Interest rate 6 — 1,225 8 — 1,200 Foreign exchange — 8 1,208 5 — 1,172 Subtotal 6 8 2,433 13 — 2,372 Total gross fair value/notional amount 383 424 $ 22,514 526 578 $ 22,441 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (57) (57) (29) (29) Cash collateral netting (131) (57) (232) (59) Total amounts offset (188) (114) (261) (88) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 195 $ 310 $ 265 $ 490 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (81) — (131) — Total $ 114 $ 310 $ 134 $ 490 (1) Included to-be-announced security contracts that are accounted for as derivatives. |
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. December 31, 2023 September 30, 2023 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate (1) $ 377 $ 409 $ 17,861 $ 509 $ 576 $ 18,270 Foreign exchange — 7 1,183 4 2 1,191 Other — — 1,037 — — 608 Subtotal 377 416 20,081 513 578 20,069 Derivatives designated as hedging instruments Interest rate 6 — 1,225 8 — 1,200 Foreign exchange — 8 1,208 5 — 1,172 Subtotal 6 8 2,433 13 — 2,372 Total gross fair value/notional amount 383 424 $ 22,514 526 578 $ 22,441 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting (57) (57) (29) (29) Cash collateral netting (131) (57) (232) (59) Total amounts offset (188) (114) (261) (88) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 195 $ 310 $ 265 $ 490 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments (81) — (131) — Total $ 114 $ 310 $ 134 $ 490 (1) Included to-be-announced security contracts that are accounted for as derivatives. |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table details the losses included in accumulated other comprehensive loss (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These losses included any amounts reclassified from AOCI to net income during the period. See Note 16 for additional information. Three months ended December 31, $ in millions 2023 2022 Interest rate (cash flow hedges) $ (21) $ (2) Foreign exchange (net investment hedges) (22) (14) Total losses included in AOCI, net of taxes $ (43) $ (16) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table details the losses included in accumulated other comprehensive loss (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These losses included any amounts reclassified from AOCI to net income during the period. See Note 16 for additional information. Three months ended December 31, $ in millions 2023 2022 Interest rate (cash flow hedges) $ (21) $ (2) Foreign exchange (net investment hedges) (22) (14) Total losses included in AOCI, net of taxes $ (43) $ (16) |
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 December 31, Location of gain/(loss) 2023 2022 Interest rate Principal transactions/other revenues $ 1 $ 6 Foreign exchange Other revenues $ (33) $ (30) Other Principal transactions $ — $ (1) |
COLLATERALIZED AGREEMENTS AND_2
COLLATERALIZED AGREEMENTS AND FINANCINGS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Offsetting Transactions, Assets | 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 December 31, 2023 Gross amounts of recognized assets/liabilities $ 194 $ 260 $ 454 $ 169 $ 347 $ 516 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 194 260 454 169 347 516 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (194) (248) (442) (169) (332) (501) Net amounts $ — $ 12 $ 12 $ — $ 15 $ 15 September 30, 2023 Gross amounts of recognized assets/liabilities $ 187 $ 231 $ 418 $ 157 $ 180 $ 337 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 187 231 418 157 180 337 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (187) (224) (411) (157) (173) (330) Net amounts $ — $ 7 $ 7 $ — $ 7 $ 7 |
Schedule of Offsetting Transactions, Liabilities | 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 December 31, 2023 Gross amounts of recognized assets/liabilities $ 194 $ 260 $ 454 $ 169 $ 347 $ 516 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 194 260 454 169 347 516 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (194) (248) (442) (169) (332) (501) Net amounts $ — $ 12 $ 12 $ — $ 15 $ 15 September 30, 2023 Gross amounts of recognized assets/liabilities $ 187 $ 231 $ 418 $ 157 $ 180 $ 337 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 187 231 418 157 180 337 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition (187) (224) (411) (157) (173) (330) Net amounts $ — $ 7 $ 7 $ — $ 7 $ 7 |
Remaining Contractual Maturity of Repurchase Agreements and Securities Lending Transactions 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 December 31, 2023 Repurchase agreements: Government and agency obligations $ 107 $ — $ — $ — $ 107 Agency MBS and agency CMOs 62 — — — 62 Total repurchase agreements 169 — — — 169 Securities loaned: Equity securities 347 — — — 347 Total collateralized financings $ 516 $ — $ — $ — $ 516 September 30, 2023 Repurchase agreements: Government and agency obligations $ 122 $ — $ — $ — $ 122 Agency MBS and agency CMOs 35 — — — 35 Total repurchase agreements 157 — — — 157 Securities loaned: Equity securities 180 — — — 180 Total collateralized financings $ 337 $ — $ — $ — $ 337 |
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 December 31, 2023 September 30, 2023 Collateral we received that was available to be delivered or repledged $ 3,230 $ 3,267 Collateral that we delivered or repledged $ 1,126 $ 730 |
Encumbered assets | The following table presents information about our assets that have been pledged for one of the purposes previously described. $ in millions December 31, 2023 September 30, 2023 Had the right to deliver or repledge $ 1,046 $ 1,091 Did not have the right to deliver or repledge $ 64 $ 63 Assets pledged with the FHLB and FRB: Available-for-sale securities $ 3,947 $ 3,897 Bank loans 10,396 10,166 Total assets pledged with the FHLB and FRB $ 14,343 $ 14,063 |
BANK LOANS, NET (Tables)
BANK LOANS, NET (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 September 30, 2023 SBL $ 14,647 $ 14,606 C&I loans 10,503 10,406 CRE loans 7,331 7,221 REIT loans 1,697 1,668 Residential mortgage loans 8,861 8,662 Tax-exempt loans 1,411 1,541 Total loans held for investment 44,450 44,104 Held for sale loans 211 145 Total loans held for sale and investment 44,661 44,249 Allowance for credit losses (479) (474) Bank loans, net (1) $ 44,182 $ 43,775 ACL as a % of total loans held for investment 1.08 % 1.07 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 212 $ 200 (1) $ in millions December 31, 2023 September 30, 2023 Affiliated with the firm as of period-end (1) $ 1,206 $ 1,158 No longer affiliated with the firm as of period-end (2) 13 10 Total loans to financial advisors 1,219 1,168 Allowance for credit losses (35) (32) Loans to financial advisors, net $ 1,184 $ 1,136 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 6 $ 6 Allowance for credit losses as a percent of total loans to financial advisors 2.87 % 2.74 % (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 December 31, 2023 Purchases $ 206 $ — $ — $ 45 $ 251 Sales $ 119 $ — $ — $ — $ 119 Three months ended December 31, 2022 Purchases $ 163 $ 39 $ 24 $ 190 $ 416 Sales $ — $ — $ — $ — $ — |
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 December 31, 2023 SBL $ 7 $ — $ 7 $ — $ — $ 14,640 $ 14,647 C&I loans 3 — 3 64 — 10,436 10,503 CRE loans — — — 81 12 7,238 7,331 REIT loans — — — — — 1,697 1,697 Residential mortgage loans 5 — 5 — 7 8,849 8,861 Tax-exempt loans — — — — — 1,411 1,411 Total loans held for investment $ 15 $ — $ 15 $ 145 $ 19 $ 44,271 $ 44,450 September 30, 2023 SBL $ 9 $ — $ 9 $ — $ — $ 14,597 $ 14,606 C&I loans — — — 69 2 10,335 10,406 CRE loans — — — 35 13 7,173 7,221 REIT loans — — — — — 1,668 1,668 Residential mortgage loans 2 — 2 — 9 8,651 8,662 Tax-exempt loans — — — — — 1,541 1,541 Total loans held for investment $ 11 $ — $ 11 $ 104 $ 24 $ 43,965 $ 44,104 |
Loans Pledged as Collateral | The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral. Loan type ($ in millions) Nature of collateral December 31, 2023 September 30, 2023 C&I loans Commercial real estate and other business assets $ 9 $ 11 CRE loans Office, multi-family residential, healthcare, and industrial real estate $ 146 $ 47 Residential mortgage loans Single family homes $ 4 $ 5 |
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. As of and for the three months ended December 31, 2023 Loans by origination fiscal year $ in millions 2024 2023 2022 2021 2020 Prior Revolving loans Total SBL Risk rating: Pass $ 31 $ 47 $ 19 $ 82 $ 36 $ 74 $ 14,339 $ 14,628 Special mention — — — — — — — — Substandard (1) 19 — — — — — — 19 Doubtful — — — — — — — — Total SBL $ 50 $ 47 $ 19 $ 82 $ 36 $ 74 $ 14,339 $ 14,647 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — C&I loans Risk rating: Pass $ 138 $ 732 $ 1,206 $ 1,067 $ 877 $ 3,457 $ 2,784 $ 10,261 Special mention — — 5 — 68 — 3 76 Substandard — — — 29 62 59 16 166 Doubtful — — — — — — — — Total C&I loans $ 138 $ 732 $ 1,211 $ 1,096 $ 1,007 $ 3,516 $ 2,803 $ 10,503 Gross charge-offs $ — $ — $ — $ 1 $ — $ 5 $ — $ 6 CRE loans Risk rating: Pass $ 131 $ 1,182 $ 2,317 $ 1,107 $ 739 $ 1,411 $ 255 $ 7,142 Special mention — 6 — — 14 19 — 39 Substandard — — — 5 32 113 — 150 Doubtful — — — — — — — — Total CRE loans $ 131 $ 1,188 $ 2,317 $ 1,112 $ 785 $ 1,543 $ 255 $ 7,331 Gross charge offs $ — $ — $ — $ — $ — $ 2 $ — $ 2 REIT loans Risk rating: Pass $ 51 $ 236 $ 184 $ 232 $ 103 $ 311 $ 580 $ 1,697 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 51 $ 236 $ 184 $ 232 $ 103 $ 311 $ 580 $ 1,697 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgage loans Risk rating: Pass $ 323 $ 1,747 $ 2,857 $ 1,588 $ 903 $ 1,388 $ 33 $ 8,839 Special mention — — 2 — — 5 — 7 Substandard — — 2 — — 13 — 15 Doubtful — — — — — — — — Total residential mortgage loans $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Tax-exempt loans Risk rating: Pass $ — $ 57 $ 270 $ 160 $ 54 $ 870 $ — $ 1,411 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ — $ 57 $ 270 $ 160 $ 54 $ 870 $ — $ 1,411 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) As of December 31, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market. September 30, 2023 Loans by origination fiscal year $ in millions 2023 2022 2021 2020 2019 Prior Revolving loans Total SBL Risk rating: Pass $ 74 $ 18 $ 83 $ 40 $ 15 $ 59 $ 14,293 $ 14,582 Special mention — — — — — — — — Substandard (1) — — — — — — 24 24 Doubtful — — — — — — — — Total SBL $ 74 $ 18 $ 83 $ 40 $ 15 $ 59 $ 14,317 $ 14,606 C&I loans Risk rating: Pass $ 672 $ 1,148 $ 1,091 $ 965 $ 1,020 $ 2,675 $ 2,564 $ 10,135 Special mention — 5 29 69 — — 4 107 Substandard — — — 62 17 65 17 161 Doubtful — — — — — 3 — 3 Total C&I loans $ 672 $ 1,153 $ 1,120 $ 1,096 $ 1,037 $ 2,743 $ 2,585 $ 10,406 CRE loans Risk rating: Pass $ 1,130 $ 2,344 $ 1,115 $ 766 $ 604 $ 845 $ 220 $ 7,024 Special mention 7 — — 14 5 55 — 81 Substandard — — 5 32 12 67 — 116 Doubtful — — — — — — — — Total CRE loans $ 1,137 $ 2,344 $ 1,120 $ 812 $ 621 $ 967 $ 220 $ 7,221 REIT loans Risk rating: Pass $ 258 $ 200 $ 214 $ 101 $ 172 $ 176 $ 547 $ 1,668 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 258 $ 200 $ 214 $ 101 $ 172 $ 176 $ 547 $ 1,668 Residential mortgage loans Risk rating: Pass $ 1,765 $ 2,889 $ 1,607 $ 919 $ 433 $ 992 $ 31 $ 8,636 Special mention — — 2 — 2 5 — 9 Substandard — 2 — 1 — 14 — 17 Doubtful — — — — — — — — Total residential mortgage loans $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 Tax-exempt loans Risk rating: Pass $ 147 $ 279 $ 161 $ 54 $ 97 $ 803 $ — $ 1,541 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 147 $ 279 $ 161 $ 54 $ 97 $ 803 $ — $ 1,541 (1) As of September 30, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market. December 31, 2023 Loans by origination fiscal year $ in millions 2024 2023 2022 2021 2020 Prior Revolving loans Total FICO score: Below 600 $ — $ 4 $ 11 $ 3 $ 3 $ 16 $ — $ 37 600 - 699 23 83 102 65 33 80 3 389 700 - 799 240 1,280 1,581 867 525 770 22 5,285 800 + 60 376 1,167 651 341 537 7 3,139 FICO score not available — 4 — 2 1 3 1 11 Total $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 LTV ratio: Below 80% $ 232 $ 1,230 $ 2,196 $ 1,241 $ 703 $ 1,073 $ 32 $ 6,707 80%+ 91 517 665 347 200 333 1 2,154 Total $ 323 $ 1,747 $ 2,861 $ 1,588 $ 903 $ 1,406 $ 33 $ 8,861 September 30, 2023 Loans by origination fiscal year $ in millions 2022 2021 2020 2019 2018 Prior Revolving loans Total FICO score: Below 600 $ 7 $ 1 $ 3 $ 2 $ 3 $ 55 $ — $ 71 600 - 699 99 154 106 83 30 79 4 555 700 - 799 1,381 2,327 1,218 666 320 609 20 6,541 800 + 274 407 279 168 77 265 6 1,476 FICO score not available 4 2 3 1 5 3 1 19 Total $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 LTV ratio: Below 80% $ 1,244 $ 2,218 $ 1,257 $ 716 $ 323 $ 780 $ 29 $ 6,567 80%+ 521 673 352 204 112 231 2 2,095 Total $ 1,765 $ 2,891 $ 1,609 $ 920 $ 435 $ 1,011 $ 31 $ 8,662 |
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 December 31, 2023 Balance at beginning of period $ 7 $ 214 $ 161 $ 16 $ 74 $ 2 $ 474 Provision/(benefit) for credit losses — 3 14 1 (6) — 12 Net (charge-offs)/recoveries: Charge-offs — (6) (2) — — — (8) Recoveries — — — — — — — Net (charge-offs)/recoveries — (6) (2) — — — (8) Foreign exchange translation adjustment — — 1 — — — 1 Balance at end of period $ 7 $ 211 $ 174 $ 17 $ 68 $ 2 $ 479 ACL by loan portfolio segment as a % of total ACL 1.5 % 44.1 % 36.3 % 3.5 % 14.2 % 0.4 % 100.0 % Three months ended December 31, 2022 Balance at beginning of period $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396 Provision/(benefit) for credit losses 1 — 2 (6) 17 — 14 Net (charge-offs)/recoveries: Charge-offs — (4) (1) — — — (5) Recoveries — — 3 — — — 3 Net (charge-offs)/recoveries — (4) 2 — — — (2) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 4 $ 222 $ 91 $ 15 $ 74 $ 2 $ 408 ACL by loan portfolio segment as a % of total ACL 1.0 % 54.4 % 22.3 % 3.7 % 18.1 % 0.5 % 100.0 % |
LOANS TO FINANCIAL ADVISORS, _2
LOANS TO FINANCIAL ADVISORS, NET (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 September 30, 2023 SBL $ 14,647 $ 14,606 C&I loans 10,503 10,406 CRE loans 7,331 7,221 REIT loans 1,697 1,668 Residential mortgage loans 8,861 8,662 Tax-exempt loans 1,411 1,541 Total loans held for investment 44,450 44,104 Held for sale loans 211 145 Total loans held for sale and investment 44,661 44,249 Allowance for credit losses (479) (474) Bank loans, net (1) $ 44,182 $ 43,775 ACL as a % of total loans held for investment 1.08 % 1.07 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 212 $ 200 (1) $ in millions December 31, 2023 September 30, 2023 Affiliated with the firm as of period-end (1) $ 1,206 $ 1,158 No longer affiliated with the firm as of period-end (2) 13 10 Total loans to financial advisors 1,219 1,168 Allowance for credit losses (35) (32) Loans to financial advisors, net $ 1,184 $ 1,136 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 6 $ 6 Allowance for credit losses as a percent of total loans to financial advisors 2.87 % 2.74 % (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) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 LIHTC funds $ 123 $ 50 Restricted Stock Trust Fund 29 29 Total $ 152 $ 79 September 30, 2023 LIHTC funds $ 51 $ 6 Restricted Stock Trust Fund 20 20 Total $ 71 $ 26 |
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 December 31, 2023 September 30, 2023 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 14 $ 5 Other assets 109 46 Total assets $ 123 $ 51 Liabilities: Other payables $ 30 $ — Total liabilities $ 30 $ — Noncontrolling interests $ (9) $ (27) |
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. December 31, 2023 September 30, 2023 $ in millions Aggregate Aggregate Our risk Aggregate Aggregate Our risk LIHTC funds $ 8,854 $ 3,146 $ 47 $ 8,451 $ 2,964 $ 113 Private Equity Interests 2,709 752 101 2,591 655 101 Other 184 69 3 201 84 3 Total $ 11,747 $ 3,967 $ 151 $ 11,243 $ 3,703 $ 217 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets [Abstract] | |
Other Assets | The following table details the components of other assets as of the dates indicated. See Note 2 of our 2023 Form 10-K for a discussion of our accounting polices related to certain of these components. $ in millions December 31, 2023 September 30, 2023 Investments in company-owned life insurance policies $ 1,228 $ 1,110 Property and equipment, net 580 561 Lease right-of-use (“ROU”) assets 552 560 Prepaid expenses 257 209 Investments in FHLB and FRB stock 114 114 Client-owned fractional shares 110 98 All other 219 141 Total other assets $ 3,060 $ 2,793 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions December 31, 2023 September 30, 2023 ROU assets (included in “Other assets”) $ 552 $ 560 Lease liabilities (included in “Other payables”) $ 537 $ 539 |
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 December 31, $ in millions 2023 2022 Lease costs $ 35 $ 31 Variable lease costs $ 9 $ 7 |
BANK DEPOSITS (Tables)
BANK DEPOSITS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Summary of Bank Deposits | The following table presents a summary of bank deposits, excluding affiliate 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. December 31, 2023 September 30, 2023 $ in millions Balance Weighted-average rate Balance Weighted-average rate Money market and savings accounts $ 31,315 1.96 % $ 32,268 1.85 % Interest-bearing demand deposits 20,423 5.02 % 18,376 4.98 % Certificates of deposit 2,885 4.63 % 2,831 4.41 % Non-interest-bearing demand deposits 770 — 724 — Total bank deposits $ 55,393 3.25 % $ 54,199 3.06 % |
Bank Deposits by Insured and Uninsured | The following table details the amount of total bank deposits (which excludes affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period. $ in millions December 31, 2023 September 30, 2023 FDIC-insured bank deposits $ 49,152 $ 48,344 Bank deposits exceeding FDIC insurance limit (1) (2) 6,241 5,855 Total bank deposits $ 55,393 $ 54,199 FDIC-insured bank deposits as a % of total bank deposits 89 % 89 % (1) Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements. (2) Excluded affiliate deposits exceeding the FDIC insurance limit of $924 million and $764 million as of December 31, 2023 and September 30, 2023, respectively. |
Scheduled Maturities of Certificates of Deposit | The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of December 31, 2023. $ in millions December 31, 2023 Three months or less $ 74 Over three through six months 37 Over six through twelve months 28 Over twelve months 12 Total certificates of deposit that exceeded the FDIC insurance limit (1) $ 151 (1) Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements. |
Interest Expense on Deposits | Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table. Three months ended December 31, $ in millions 2023 2022 Money market and savings accounts $ 156 $ 117 Interest-bearing demand deposits 243 47 Certificates of deposit 32 8 Total interest expense on deposits $ 431 $ 172 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 3 Months Ended |
Dec. 31, 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. December 31, 2023 September 30, 2023 $ in millions Weighted-average interest rate Maturity date Balance Weighted-average interest rate Maturity date Balance FHLB advances: Floating rate - term 5.71 % March 2025 - June 2025 $ 650 5.62 % December 2023 - March 2025 $ 850 Fixed rate 4.76 % March 2024 - December 2028 350 5.70 % December 2023 150 Total FHLB advances 1,000 1,000 Subordinated notes - fixed-to-floating (including an unaccreted premium of $1 and $2, respectively) 5.75 % May 2030 99 5.75 % May 2030 100 Total other borrowings $ 1,099 $ 1,100 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Off-Balance Sheet Risks | 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 December 31, 2023 September 30, 2023 SBL and other consumer lines of credit $ 39,731 $ 38,791 Commercial lines of credit $ 4,144 $ 4,131 Unfunded lending commitments $ 869 $ 936 Standby letters of credit $ 112 $ 123 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K. $ in millions December 31, 2023 September 30, 2023 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 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Preferred Stock for the three months ended December 31, 2023 and 2022. We redeemed all outstanding shares of our Series A Preferred Stock on April 3, 2023. Dividends declared Dividends paid $ in millions, except per share amounts Total dividends Per preferred Total dividends Per preferred Three months ended December 31, 2023 Series B Preferred Stock $ 1 $ 15.94 $ 1 $ 15.94 Three months ended December 31, 2022 Series A Preferred Stock $ 1 $ 16.88 $ 1 $ 16.88 Series B Preferred Stock 1 $ 15.94 1 $ 15.94 Total $ 2 $ 2 Dividends per common share declared and paid are detailed in the following table for each respective period. Three months ended December 31, 2023 2022 Dividends per common share - declared $ 0.45 $ 0.42 Dividends per common share - paid $ 0.42 $ 0.34 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 December 31, 2023 2022 Dividend payout ratio 19.4 % 18.3 % |
Schedule of Common Stock Outstanding Roll Forward | The following table presents the changes in our common shares outstanding for the three months ended December 31, 2023 and 2022. Three months ended December 31, Shares in millions 2023 2022 Balance beginning of period 208.8 215.1 Repurchases of common stock (1.4) (1.3) Issuances due to vesting of RSUs and exercise of stock options, net of forfeitures 1.3 1.2 Balance end of period 208.7 215.0 |
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 December 31, 2023 AOCI as of beginning of period $ 143 $ (216) $ (73) $ (942) $ 44 $ (971) OCI: OCI before reclassifications and taxes (29) 51 22 358 (18) 362 Amounts reclassified from AOCI, before tax — — — — (10) (10) Pre-tax net OCI (29) 51 22 358 (28) 352 Income tax effect 7 — 7 (88) 7 (74) OCI for the period, net of tax (22) 51 29 270 (21) 278 AOCI as of end of period $ 121 $ (165) $ (44) $ (672) $ 23 $ (693) Three months ended December 31, 2022 AOCI as of beginning of period $ 153 $ (276) $ (123) $ (902) $ 43 $ (982) OCI: OCI before reclassifications and taxes (19) 60 41 85 2 128 Amounts reclassified from AOCI, before tax — — — — (5) (5) Pre-tax net OCI (19) 60 41 85 (3) 123 Income tax effect 5 — 5 (38) 1 (32) OCI for the period, net of tax (14) 60 46 47 (2) 91 AOCI as of end of period $ 139 $ (216) $ (77) $ (855) $ 41 $ (891) |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Dec. 31, 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 2023 Form 10-K. See Note 26 of our 2023 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments. Three months ended December 31, 2023 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,191 $ — $ 224 $ — $ (8) $ 1,407 Brokerage revenues: Securities commissions: Mutual and other fund products 136 2 2 — (3) 137 Insurance and annuity products 125 — — — — 125 Equities, exchange-traded funds (“ETFs”) and fixed income products 89 33 — — (1) 121 Subtotal securities commissions 350 35 2 — (4) 383 Principal transactions (1) 32 105 — 2 — 139 Total brokerage revenues 382 140 2 2 (4) 522 Account and service fees: Mutual fund and annuity service fees 106 — 1 — (1) 106 RJBDP fees 375 1 — — (224) 152 Client account and other fees 65 2 5 — (11) 61 Total account and service fees 546 3 6 — (236) 319 Investment banking: Merger & acquisition and advisory — 118 — — — 118 Equity underwriting 11 26 — — — 37 Debt underwriting — 26 — — — 26 Total investment banking 11 170 — — — 181 Other: Affordable housing investments business revenues — 23 — — — 23 All other (1) 4 1 — 13 (3) 15 Total other 4 24 — 13 (3) 38 Total non-interest revenues 2,134 337 232 15 (251) 2,467 Interest income (1) 118 23 3 872 37 1,053 Total revenues 2,252 360 235 887 (214) 3,520 Interest expense (26) (22) — (446) (13) (507) Net revenues $ 2,226 $ 338 $ 235 $ 441 $ (227) $ 3,013 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. Three months ended December 31, 2022 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,053 $ 1 $ 197 $ — $ (9) $ 1,242 Brokerage revenues: Securities commissions: Mutual and other fund products 128 1 1 — — 130 Insurance and annuity products 104 — — — — 104 Equities, ETFs and fixed income products 85 33 — — — 118 Subtotal securities commissions 317 34 1 — — 352 Principal transactions (1) 28 100 — 4 — 132 Total brokerage revenues 345 134 1 4 — 484 Account and service fees: Mutual fund and annuity service fees 98 — — — — 98 RJBDP fees 405 1 — — (269) 137 Client account and other fees 60 2 5 — (13) 54 Total account and service fees 563 3 5 — (282) 289 Investment banking: Merger & acquisition and advisory — 102 — — — 102 Equity underwriting 9 15 — — (1) 23 Debt underwriting — 16 — — — 16 Total investment banking 9 133 — — (1) 141 Other: Affordable housing investments business revenues — 24 — — — 24 All other (1) 6 — 2 13 (1) 20 Total other 6 24 2 13 (1) 44 Total non-interest revenues 1,976 295 205 17 (293) 2,200 Interest income (1) 109 23 2 676 17 827 Total revenues 2,085 318 207 693 (276) 3,027 Interest expense (22) (23) — (185) (11) (241) Net revenues $ 2,063 $ 295 $ 207 $ 508 $ (287) $ 2,786 (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) | 3 Months Ended |
Dec. 31, 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 December 31, $ in millions 2023 2022 Interest income: Cash and cash equivalents $ 132 $ 55 Assets segregated for regulatory purposes and restricted cash 47 50 Trading assets — debt securities 15 14 Available-for-sale securities 56 53 Brokerage client receivables 45 41 Bank loans, net 734 599 All other 24 15 Total interest income $ 1,053 $ 827 Interest expense: Bank deposits $ 431 $ 172 Trading liabilities — debt securities 11 10 Brokerage client payables 20 17 Other borrowings 8 9 Senior notes payable 23 23 All other 14 10 Total interest expense $ 507 $ 241 Net interest income $ 546 $ 586 Bank loan provision for credit losses (12) (14) Net interest income after bank loan provision for credit losses $ 534 $ 572 |
REGULATORY CAPITAL REQUIREMEN_2
REGULATORY CAPITAL REQUIREMENTS (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2023: Tier 1 leverage $ 9,646 12.1 % $ 3,185 4.0 % $ 3,981 5.0 % Tier 1 capital $ 9,646 21.6 % $ 2,676 6.0 % $ 3,568 8.0 % CET1 $ 9,570 21.5 % $ 2,007 4.5 % $ 2,899 6.5 % Total capital $ 10,271 23.0 % $ 3,568 8.0 % $ 4,461 10.0 % RJF as of September 30, 2023: Tier 1 leverage $ 9,321 11.9 % $ 3,123 4.0 % $ 3,904 5.0 % Tier 1 capital $ 9,321 21.4 % $ 2,613 6.0 % $ 3,484 8.0 % CET1 $ 9,245 21.2 % $ 1,960 4.5 % $ 2,831 6.5 % Total capital $ 9,934 22.8 % $ 3,484 8.0 % $ 4,355 10.0 % |
Raymond James Bank | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Summary of Minimum Requirements Under Regulatory Framework | 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 December 31, 2023: Tier 1 leverage $ 3,375 7.9 % $ 1,702 4.0 % $ 2,127 5.0 % Tier 1 capital $ 3,375 13.9 % $ 1,457 6.0 % $ 1,942 8.0 % CET1 $ 3,375 13.9 % $ 1,093 4.5 % $ 1,578 6.5 % Total capital $ 3,681 15.2 % $ 1,942 8.0 % $ 2,428 10.0 % Raymond James Bank as of September 30, 2023: Tier 1 leverage $ 3,355 7.8 % $ 1,710 4.0 % $ 2,137 5.0 % Tier 1 capital $ 3,355 13.7 % $ 1,465 6.0 % $ 1,954 8.0 % CET1 $ 3,355 13.7 % $ 1,099 4.5 % $ 1,587 6.5 % Total capital $ 3,662 15.0 % $ 1,954 8.0 % $ 2,442 10.0 % TriState Capital Bank as of December 31, 2023: Tier 1 leverage $ 1,358 7.1 % $ 764 4.0 % $ 956 5.0 % Tier 1 capital $ 1,358 15.2 % $ 536 6.0 % $ 715 8.0 % CET1 $ 1,358 15.2 % $ 402 4.5 % $ 581 6.5 % Total capital $ 1,403 15.7 % $ 715 8.0 % $ 894 10.0 % TriState Capital Bank as of September 30, 2023: Tier 1 leverage $ 1,290 7.2 % $ 721 4.0 % $ 902 5.0 % Tier 1 capital $ 1,290 14.8 % $ 524 6.0 % $ 699 8.0 % CET1 $ 1,290 14.8 % $ 393 4.5 % $ 568 6.5 % Total capital $ 1,333 15.3 % $ 699 8.0 % $ 874 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 December 31, 2023 September 30, 2023 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 38.5 % 43.3 % Net capital $ 988 $ 1,035 Less: required net capital (51) (48) Excess net capital $ 937 $ 987 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, in millions, except per share amounts 2023 2022 Income for basic earnings per common share: Net income available to common shareholders $ 497 $ 507 Less allocation of earnings and dividends to participating securities (1) (1) Net income available to common shareholders after participating securities $ 496 $ 506 Income for diluted earnings per common share: Net income available to common shareholders $ 497 $ 507 Less allocation of earnings and dividends to participating securities (1) (1) Net income available to common shareholders after participating securities $ 496 $ 506 Common shares: Average common shares in basic computation 208.6 214.7 Dilutive effect of outstanding stock options and certain RSUs 5.2 5.7 Average common and common equivalent shares used in diluted computation 213.8 220.4 Earnings per common share: Basic $ 2.38 $ 2.36 Diluted $ 2.32 $ 2.30 Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive 1.2 1.2 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents information concerning operations in these segments. Three months ended December 31, $ in millions 2023 2022 Net revenues: Private Client Group $ 2,226 $ 2,063 Capital Markets 338 295 Asset Management 235 207 Bank 441 508 Other 26 9 Intersegment eliminations (253) (296) Total net revenues $ 3,013 $ 2,786 Pre-tax income/(loss): Private Client Group $ 439 $ 434 Capital Markets 3 (16) Asset Management 93 80 Bank 92 136 Other 3 18 Total pre-tax income $ 630 $ 652 |
Reconciliation of Net Income (Loss) from Segments to Consolidated | The following table presents information concerning operations in these segments. Three months ended December 31, $ in millions 2023 2022 Net revenues: Private Client Group $ 2,226 $ 2,063 Capital Markets 338 295 Asset Management 235 207 Bank 441 508 Other 26 9 Intersegment eliminations (253) (296) Total net revenues $ 3,013 $ 2,786 Pre-tax income/(loss): Private Client Group $ 439 $ 434 Capital Markets 3 (16) Asset Management 93 80 Bank 92 136 Other 3 18 Total pre-tax income $ 630 $ 652 |
Reconciliation of Other Significant Items from Segments to Consolidated | The following table presents our net interest income on a segment basis. Three months ended December 31, $ in millions 2023 2022 Net interest income: Private Client Group $ 92 $ 87 Capital Markets 1 — Asset Management 3 2 Bank 426 491 Other 24 6 Net interest income $ 546 $ 586 The following table presents goodwill, which was included in our total assets, on a segment basis. $ in millions December 31, 2023 September 30, 2023 Goodwill: Private Client Group $ 571 $ 564 Capital Markets 275 275 Asset Management 69 69 Bank 529 529 Total $ 1,444 $ 1,437 |
Reconciliation of Total Assets from Segment to Consolidated | The following table presents our total assets on a segment basis. $ in millions December 31, 2023 September 30, 2023 Total assets: Private Client Group $ 12,744 $ 12,375 Capital Markets 2,732 3,087 Asset Management 569 567 Bank 61,517 60,041 Other 2,568 2,290 Total $ 80,130 $ 78,360 |
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/(loss) classified by major geographic area in which they were earned. Three months ended December 31, $ in millions 2023 2022 Net revenues: U.S. $ 2,761 $ 2,540 Canada 139 134 Europe 113 112 Total $ 3,013 $ 2,786 Pre-tax income/(loss): U.S. $ 605 $ 609 Canada 27 31 Europe (2) 12 Total $ 630 $ 652 The following table presents our total assets by major geographic area in which they were held. $ in millions December 31, 2023 September 30, 2023 Total assets: U.S. $ 74,319 $ 72,506 Canada 3,382 3,404 Europe 2,429 2,450 Total $ 80,130 $ 78,360 |
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 December 31, 2023 September 30, 2023 Goodwill: U.S. $ 1,250 $ 1,250 Canada 25 25 Europe 169 162 Total $ 1,444 $ 1,437 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent ownership of subsidiaries that are consolidated (as a percent) | 100% |
FAIR VALUE, Recurring and Nonre
FAIR VALUE, Recurring and Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Assets at fair value on a recurring basis: | ||
Available-for-sale securities | $ 9,198 | $ 9,181 |
Total derivative assets | 383 | 526 |
Total derivative assets | (188) | (261) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 195 | 265 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 424 | 578 |
Total amounts offset | (114) | (88) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 310 | 490 |
Recurring | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 1,068 | 1,125 |
Equity securities | 16 | 22 |
Brokered certificates of deposit | 18 | 36 |
Other | 1 | 4 |
Total trading assets | 1,103 | 1,187 |
Available-for-sale securities | 9,198 | 9,181 |
Total derivative assets | (261) | |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 265 | |
Total all other investments | 209 | 205 |
Other assets - client-owned fractional shares | 110 | 98 |
Total assets at fair value on a recurring basis | 10,916 | 11,037 |
Netting adjustments | (188) | (261) |
Other investments - private equity - measured at net asset value (“NAV”) | 101 | 101 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 750 | 686 |
Equity securities | 44 | 30 |
Total trading liabilities | 794 | 716 |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 310 | 490 |
Netting adjustments | (114) | (88) |
Other payables - repurchase liabilities related to client-owned fractional shares | 110 | 98 |
Total liabilities at fair value on a recurring basis | 1,214 | 1,304 |
Recurring | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Total derivative assets | (188) | (261) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 195 | 256 |
Liabilities at fair value on a recurring basis: | ||
Total amounts offset | (114) | (88) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 295 | 488 |
Recurring | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 9 | |
Liabilities at fair value on a recurring basis: | ||
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 15 | 2 |
Recurring | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 8 | 10 |
Recurring | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 614 | 514 |
Recurring | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 128 | 162 |
Recurring | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 191 | 239 |
Recurring | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 662 | 642 |
Recurring | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 113 | 141 |
Total all other investments | 72 | 71 |
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 | 93 | 35 |
Recurring | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 9 | 68 |
Recurring | Other | ||
Assets at fair value on a recurring basis: | ||
Total all other investments | 137 | 134 |
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 | 10,815 | 10,936 |
Recurring | Level 1 | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 66 | 46 |
Equity securities | 14 | 20 |
Brokered certificates of deposit | 0 | 0 |
Other | 0 | 0 |
Total trading assets | 80 | 66 |
Available-for-sale securities | 1,149 | 1,240 |
Total derivative assets | 14 | |
Total all other investments | 178 | 173 |
Other assets - client-owned fractional shares | 110 | 98 |
Total assets at fair value on a recurring basis | 1,525 | 1,591 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 135 | 171 |
Equity securities | 44 | 30 |
Total trading liabilities | 179 | 201 |
Derivative contracts liability, gross | 9 | 13 |
Other payables - repurchase liabilities related to client-owned fractional shares | 110 | 98 |
Total liabilities at fair value on a recurring basis | 298 | 312 |
Recurring | Level 1 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Total derivative assets | 8 | 14 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 9 | 13 |
Recurring | Level 1 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Total derivative assets | 0 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | |
Derivative contracts liability, gross | 0 | |
Recurring | Level 1 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 8 | 10 |
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 | 127 | 161 |
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 | 22 | 22 |
Recurring | Level 1 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 44 | 24 |
Total all other investments | 72 | 71 |
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: | ||
Total all other investments | 106 | 102 |
Recurring | Level 2 | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 1,002 | 1,079 |
Equity securities | 2 | 2 |
Brokered certificates of deposit | 18 | 36 |
Other | 0 | 0 |
Total trading assets | 1,022 | 1,117 |
Available-for-sale securities | 8,049 | 7,941 |
Total derivative assets | 512 | |
Total all other investments | 2 | 2 |
Other assets - client-owned fractional shares | 0 | 0 |
Total assets at fair value on a recurring basis | 9,448 | 9,572 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 615 | 515 |
Equity securities | 0 | 0 |
Total trading liabilities | 615 | 515 |
Derivative contracts liability, gross | 415 | 565 |
Other payables - repurchase liabilities related to client-owned fractional shares | 0 | 0 |
Total liabilities at fair value on a recurring basis | 1,030 | 1,080 |
Recurring | Level 2 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Total derivative assets | 375 | 503 |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 400 | 563 |
Recurring | Level 2 | Foreign exchange | ||
Assets at fair value on a recurring basis: | ||
Total derivative assets | 9 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 15 | 2 |
Recurring | Level 2 | Municipal and provincial obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Recurring | Level 2 | Corporate obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 614 | 514 |
Recurring | Level 2 | Government and agency obligations | ||
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 1 | 1 |
Recurring | Level 2 | Municipal and provincial obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 191 | 239 |
Recurring | Level 2 | Corporate obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 640 | 620 |
Recurring | Level 2 | Government and agency obligations | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 69 | 117 |
Total all other investments | 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 | 93 | 35 |
Recurring | Level 2 | Non-agency CMOs and ABS | ||
Assets at fair value on a recurring basis: | ||
Total debt securities | 9 | 68 |
Recurring | Level 2 | Other | ||
Assets at fair value on a recurring basis: | ||
Total all other investments | 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 | 1 | 4 |
Total trading assets | 1 | 4 |
Available-for-sale securities | 0 | 0 |
Total derivative assets | 0 | |
Total all other investments | 29 | 30 |
Other assets - client-owned fractional shares | 0 | 0 |
Total assets at fair value on a recurring basis | 30 | 34 |
Liabilities at fair value on a recurring basis: | ||
Total debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Total trading liabilities | 0 | 0 |
Derivative contracts liability, gross | 0 | 0 |
Other payables - repurchase liabilities related to client-owned fractional shares | 0 | 0 |
Total liabilities at fair value on a recurring basis | 0 | 0 |
Recurring | Level 3 | Interest rate | ||
Assets at fair value on a recurring basis: | ||
Total derivative assets | 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: | ||
Total derivative assets | 0 | |
Liabilities at fair value on a recurring basis: | ||
Derivative liabilities | 0 | |
Derivative contracts liability, gross | 0 | |
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 |
Total all other investments | 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: | ||
Total all other investments | $ 29 | $ 30 |
FAIR VALUE, Level 3 Financial A
FAIR VALUE, Level 3 Financial Assets and Liabilities, Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Principal transactions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Location of gains (losses) included in earnings | Principal transactions | Principal transactions |
Other revenues | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Location of gains (losses) included in earnings | Revenue from contract with customer | Revenue from contract with customer |
Derivative liabilities | Other | ||
Changes in Level 3 recurring fair value measurements, liabilities [Roll Forward] | ||
Fair value beginning of period | $ 0 | $ (3) |
Total gains/(losses) included in earnings | 0 | (1) |
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 | 0 | (4) |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 0 | (1) |
Trading assets | Trading assets | ||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||
Fair value beginning of period | 4 | 1 |
Total gains/(losses) included in earnings | 0 | 0 |
Purchases and contributions | 12 | 25 |
Sales and distributions | (15) | (20) |
Transfers: | ||
Into Level 3 | 0 | 0 |
Out of Level 3 | 0 | 0 |
Fair value end of period | 1 | 6 |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | 0 | (1) |
Other investments | Other investments | ||
Changes in Level 3 recurring fair value measurements, assets [Roll Forward] | ||
Fair value beginning of period | 30 | 29 |
Total gains/(losses) included in earnings | (1) | 1 |
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 | 29 | 30 |
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period | $ (1) | $ 1 |
FAIR VALUE, Level 3 Financial_2
FAIR VALUE, Level 3 Financial Assets and Liabilities, Narrative (Details) | Dec. 31, 2023 | Sep. 30, 2023 |
Fair Value Disclosures [Abstract] | ||
Instruments measured at fair value, percentage of assets (as a percent) | 14% | 14% |
Instruments measured at fair value, percentage of liabilities (as a percent) | 2% | 2% |
Instruments measured at fair value, Level 3, percentage of assets (less than) (as a percent) | 1% | 1% |
FAIR VALUE, Investments in Priv
FAIR VALUE, Investments in Private Equity Measured at Net Asset Value Per Share (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Private equity investments measured at NAV, recorded value | $ 101 | $ 101 |
Private equity investments not measured at NAV, recorded value | 7 | 7 |
Total private equity investments | 108 | 108 |
Parent | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Private equity investments measured at NAV, unfunded commitment | $ 25 | $ 29 |
FAIR VALUE, Financial Instrumen
FAIR VALUE, Financial Instruments Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring $ in Millions | 3 Months Ended | |
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | $ 30 | $ 2 |
Loans held for sale | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 30 | 2 |
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 | 10 |
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 | 8 |
Collateral or discounted cash flow | Bank loans - corporate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Bank loans, net | 104 | 84 |
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 | $ 104 | $ 84 |
Minimum | Collateral or discounted cash flow | Bank loans - residential | Prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Prepayment term (in 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 (as a percent) | 0.03 | 0.22 |
Maximum | Collateral or discounted cash flow | Bank loans - residential | Prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Prepayment term (in 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 (as a percent) | 0.63 | 0.65 |
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 (in years) | 10 years 3 months 18 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 (as a percent) | 0.49 | 0.53 |
FAIR VALUE, Carrying Amounts an
FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments not Recorded on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Carrying amount | ||
Financial assets: | ||
Bank loans, net | $ 44,038 | $ 43,679 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 2,885 | 2,831 |
Carrying amount | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 99 | 100 |
Carrying amount | Senior Notes | ||
Financial liabilities: | ||
Debt | 2,039 | 2,039 |
Recurring | Total Estimated Fair Value | ||
Financial assets: | ||
Bank loans, net | 43,201 | 42,764 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 2,882 | 2,817 |
Recurring | Total Estimated Fair Value | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 95 | 94 |
Recurring | Total Estimated Fair Value | Senior Notes | ||
Financial liabilities: | ||
Debt | 1,817 | 1,640 |
Recurring | Level 2 | Total Estimated Fair Value | ||
Financial assets: | ||
Bank loans, net | 181 | 142 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 2,882 | 2,817 |
Recurring | Level 2 | Total Estimated Fair Value | Other borrowings - subordinated notes payable | ||
Financial liabilities: | ||
Debt | 95 | 94 |
Recurring | Level 2 | Total Estimated Fair Value | Senior Notes | ||
Financial liabilities: | ||
Debt | 1,817 | 1,640 |
Recurring | Level 3 | Total Estimated Fair Value | ||
Financial assets: | ||
Bank loans, net | 43,020 | 42,622 |
Financial liabilities: | ||
Bank deposits - certificates of deposit | 0 | 0 |
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 | ||
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 | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Available for Sale Securities [Abstract] | ||
Fair value | $ 9,198 | $ 9,181 |
Bank | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 10,092 | 10,433 |
Gross unrealized gains | 3 | 0 |
Gross unrealized losses | (897) | (1,252) |
Fair value | 9,198 | 9,181 |
Bank | Agency residential MBS | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 4,665 | 4,865 |
Gross unrealized gains | 2 | 0 |
Gross unrealized losses | (451) | (654) |
Fair value | 4,216 | 4,211 |
Bank | Agency commercial MBS | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 1,457 | 1,464 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (162) | (211) |
Fair value | 1,295 | 1,253 |
Bank | Agency CMOs | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 1,407 | 1,448 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (213) | (265) |
Fair value | 1,194 | 1,183 |
Bank | Other agency obligations | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 694 | 710 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (17) | (31) |
Fair value | 677 | 679 |
Bank | Non-agency residential MBS | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 550 | 527 |
Gross unrealized gains | 1 | 0 |
Gross unrealized losses | (37) | (64) |
Fair value | 514 | 463 |
Bank | U.S. Treasuries | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 1,161 | 1,261 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (12) | (21) |
Fair value | 1,149 | 1,240 |
Bank | Corporate bonds | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 140 | 140 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (5) | (6) |
Fair value | 135 | 134 |
Bank | Other | ||
Schedule of Available for Sale Securities [Abstract] | ||
Cost basis | 18 | 18 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 18 | $ 18 |
AVAILABLE-FOR-SALE SECURITIES_2
AVAILABLE-FOR-SALE SECURITIES, Narrative (Details) | 3 Months Ended | ||
Dec. 31, 2023 USD ($) investmentPosition | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Accrued interest on available-for-sale securities, location | Other receivables, net | Other receivables, net | |
Duration, available for sale securities (in years) | 4 years | ||
Fair value | $ 9,198,000,000 | $ 9,181,000,000 | |
Bank | |||
Debt Securities, Available-for-sale [Line Items] | |||
Accrued interest excluded | $ 29,000,000 | 28,000,000 | |
Number of available-for-sale investment positions determined to be in an unrealized loss position | investmentPosition | 1,066 | ||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for less than 12 months | investmentPosition | 36 | ||
Number of available-for-sale investment positions determined to be in an unrealized loss position continuously for 12 months or more | investmentPosition | 1,030 | ||
Amortized cost basis | $ 10,092,000,000 | 10,433,000,000 | |
Fair value | 9,198,000,000 | $ 9,181,000,000 | |
Proceeds from sales of available-for-sale securities | 0 | $ 0 | |
Bank | Federal National Mortgage Association (FNMA) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost basis | 4,600,000,000 | ||
Fair value | 4,110,000,000 | ||
Bank | Federal Home Loan Mortgage Corporation (FHLMC) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost basis | 2,770,000,000 | ||
Fair value | $ 2,450,000,000 |
AVAILABLE-FOR-SALE SECURITIES_3
AVAILABLE-FOR-SALE SECURITIES, Contractual Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Fair value | ||
Total | $ 9,198 | $ 9,181 |
Bank | ||
Amortized cost | ||
Within one year | 950 | |
After one but within five years | 2,008 | |
After five but within ten years | 2,637 | |
After ten years | 4,497 | |
Cost basis | 10,092 | 10,433 |
Fair value | ||
Within one year | 939 | |
After one but within five years | 1,911 | |
After five but within ten years | 2,381 | |
After ten years | 3,967 | |
Total | $ 9,198 | 9,181 |
Weighted-average yield | ||
Within one year (as a percent) | 2.70% | |
After one but within five years (as a percent) | 2.79% | |
After five but within ten years (as a percent) | 1.39% | |
After ten years (as a percent) | 2.14% | |
Total (as a percent) | 2.13% | |
Bank | Agency residential MBS | ||
Amortized cost | ||
Within one year | $ 1 | |
After one but within five years | 112 | |
After five but within ten years | 2,033 | |
After ten years | 2,519 | |
Cost basis | 4,665 | 4,865 |
Fair value | ||
Within one year | 1 | |
After one but within five years | 108 | |
After five but within ten years | 1,865 | |
After ten years | 2,242 | |
Total | $ 4,216 | 4,211 |
Weighted-average yield | ||
Within one year (as a percent) | 2.11% | |
After one but within five years (as a percent) | 2.53% | |
After five but within ten years (as a percent) | 1.31% | |
After ten years (as a percent) | 1.95% | |
Total (as a percent) | 1.68% | |
Bank | Agency commercial MBS | ||
Amortized cost | ||
Within one year | $ 18 | |
After one but within five years | 933 | |
After five but within ten years | 457 | |
After ten years | 49 | |
Cost basis | 1,457 | 1,464 |
Fair value | ||
Within one year | 18 | |
After one but within five years | 856 | |
After five but within ten years | 380 | |
After ten years | 41 | |
Total | $ 1,295 | 1,253 |
Weighted-average yield | ||
Within one year (as a percent) | 3.45% | |
After one but within five years (as a percent) | 1.60% | |
After five but within ten years (as a percent) | 1.20% | |
After ten years (as a percent) | 1.87% | |
Total (as a percent) | 1.51% | |
Bank | Agency CMOs | ||
Amortized cost | ||
Within one year | $ 0 | |
After one but within five years | 7 | |
After five but within ten years | 39 | |
After ten years | 1,361 | |
Cost basis | 1,407 | 1,448 |
Fair value | ||
Within one year | 0 | |
After one but within five years | 7 | |
After five but within ten years | 35 | |
After ten years | 1,152 | |
Total | $ 1,194 | 1,183 |
Weighted-average yield | ||
Within one year (as a percent) | 0% | |
After one but within five years (as a percent) | 2.39% | |
After five but within ten years (as a percent) | 1.52% | |
After ten years (as a percent) | 1.58% | |
Total (as a percent) | 1.58% | |
Bank | Other agency obligations | ||
Amortized cost | ||
Within one year | $ 79 | |
After one but within five years | 525 | |
After five but within ten years | 80 | |
After ten years | 10 | |
Cost basis | 694 | 710 |
Fair value | ||
Within one year | 79 | |
After one but within five years | 513 | |
After five but within ten years | 76 | |
After ten years | 9 | |
Total | $ 677 | 679 |
Weighted-average yield | ||
Within one year (as a percent) | 2.08% | |
After one but within five years (as a percent) | 3.26% | |
After five but within ten years (as a percent) | 3.43% | |
After ten years (as a percent) | 3.07% | |
Total (as a percent) | 3.15% | |
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 | 550 | |
Cost basis | 550 | 527 |
Fair value | ||
Within one year | 0 | |
After one but within five years | 0 | |
After five but within ten years | 0 | |
After ten years | 514 | |
Total | $ 514 | 463 |
Weighted-average yield | ||
Within one year (as a percent) | 0% | |
After one but within five years (as a percent) | 0% | |
After five but within ten years (as a percent) | 0% | |
After ten years (as a percent) | 4.33% | |
Total (as a percent) | 4.33% | |
Bank | U.S. Treasuries | ||
Amortized cost | ||
Within one year | $ 821 | |
After one but within five years | 340 | |
After five but within ten years | 0 | |
After ten years | 0 | |
Cost basis | 1,161 | 1,261 |
Fair value | ||
Within one year | 811 | |
After one but within five years | 338 | |
After five but within ten years | 0 | |
After ten years | 0 | |
Total | $ 1,149 | 1,240 |
Weighted-average yield | ||
Within one year (as a percent) | 2.67% | |
After one but within five years (as a percent) | 4.64% | |
After five but within ten years (as a percent) | 0% | |
After ten years (as a percent) | 0% | |
Total (as a percent) | 3.25% | |
Bank | Corporate bonds | ||
Amortized cost | ||
Within one year | $ 31 | |
After one but within five years | 86 | |
After five but within ten years | 23 | |
After ten years | 0 | |
Cost basis | 140 | 140 |
Fair value | ||
Within one year | 30 | |
After one but within five years | 84 | |
After five but within ten years | 21 | |
After ten years | 0 | |
Total | $ 135 | 134 |
Weighted-average yield | ||
Within one year (as a percent) | 4.73% | |
After one but within five years (as a percent) | 5.58% | |
After five but within ten years (as a percent) | 5.02% | |
After ten years (as a percent) | 0% | |
Total (as a percent) | 5.30% | |
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 |
Fair value | ||
Within one year | 0 | |
After one but within five years | 5 | |
After five but within ten years | 4 | |
After ten years | 9 | |
Total | $ 18 | $ 18 |
Weighted-average yield | ||
Within one year (as a percent) | 0% | |
After one but within five years (as a percent) | 7.39% | |
After five but within ten years (as a percent) | 5.22% | |
After ten years (as a percent) | 8.32% | |
Total (as a percent) | 7.26% |
AVAILABLE-FOR-SALE SECURITIES_4
AVAILABLE-FOR-SALE SECURITIES, Gross Unrealized Losses and Fair Value and Significant Assumptions (Details) - Bank - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | $ 366 | $ 373 |
Unrealized losses less than 12 months | 0 | (5) |
Fair value 12 months or more | 8,645 | 8,617 |
Unrealized losses 12 months or more | (897) | (1,247) |
Fair value | 9,011 | 8,990 |
Unrealized losses | (897) | (1,252) |
Agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 18 | 73 |
Unrealized losses less than 12 months | 0 | (3) |
Fair value 12 months or more | 4,121 | 4,119 |
Unrealized losses 12 months or more | (451) | (651) |
Fair value | 4,139 | 4,192 |
Unrealized losses | (451) | (654) |
Agency commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 0 | 3 |
Unrealized losses less than 12 months | 0 | 0 |
Fair value 12 months or more | 1,292 | 1,250 |
Unrealized losses 12 months or more | (162) | (211) |
Fair value | 1,292 | 1,253 |
Unrealized losses | (162) | (211) |
Agency CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 0 | 0 |
Unrealized losses less than 12 months | 0 | 0 |
Fair value 12 months or more | 1,194 | 1,183 |
Unrealized losses 12 months or more | (213) | (265) |
Fair value | 1,194 | 1,183 |
Unrealized losses | (213) | (265) |
Other agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 63 | 97 |
Unrealized losses less than 12 months | 0 | (1) |
Fair value 12 months or more | 614 | 582 |
Unrealized losses 12 months or more | (17) | (30) |
Fair value | 677 | 679 |
Unrealized losses | (17) | (31) |
Non-agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 17 | 62 |
Unrealized losses less than 12 months | 0 | (1) |
Fair value 12 months or more | 430 | 401 |
Unrealized losses 12 months or more | (37) | (63) |
Fair value | 447 | 463 |
Unrealized losses | (37) | (64) |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 245 | 120 |
Unrealized losses less than 12 months | 0 | 0 |
Fair value 12 months or more | 904 | 995 |
Unrealized losses 12 months or more | (12) | (21) |
Fair value | 1,149 | 1,115 |
Unrealized losses | (12) | (21) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 15 | 13 |
Unrealized losses less than 12 months | 0 | 0 |
Fair value 12 months or more | 81 | 78 |
Unrealized losses 12 months or more | (5) | (6) |
Fair value | 96 | 91 |
Unrealized losses | (5) | (6) |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value less than 12 months | 8 | 5 |
Unrealized losses less than 12 months | 0 | 0 |
Fair value 12 months or more | 9 | 9 |
Unrealized losses 12 months or more | 0 | 0 |
Fair value | 17 | 14 |
Unrealized losses | $ 0 | $ 0 |
DERIVATIVE ASSETS AND DERIVAT_3
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Asset and Liability Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Derivative assets | ||
Derivative assets | $ 383 | $ 526 |
Counterparty netting | (57) | (29) |
Cash collateral netting | (131) | (232) |
Total amounts offset | (188) | (261) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 195 | 265 |
Financial instruments | (81) | (131) |
Net amount | 114 | 134 |
Derivative liabilities | ||
Derivative liabilities | 424 | 578 |
Counterparty netting | (57) | (29) |
Cash collateral netting | (57) | (59) |
Total amounts offset | (114) | (88) |
Net amounts presented on the Condensed Consolidated Statements of Financial Condition | 310 | 490 |
Financial instruments | 0 | 0 |
Net amount | 310 | 490 |
Notional amount | 22,514 | 22,441 |
Derivatives not designated as hedging instruments | ||
Derivative assets | ||
Derivative assets | 377 | 513 |
Derivative liabilities | ||
Derivative liabilities | 416 | 578 |
Notional amount | 20,081 | 20,069 |
Derivatives not designated as hedging instruments | Interest rate | ||
Derivative assets | ||
Derivative assets | 377 | 509 |
Derivative liabilities | ||
Derivative liabilities | 409 | 576 |
Notional amount | 17,861 | 18,270 |
Derivatives not designated as hedging instruments | Foreign exchange | ||
Derivative assets | ||
Derivative assets | 0 | 4 |
Derivative liabilities | ||
Derivative liabilities | 7 | 2 |
Notional amount | 1,183 | 1,191 |
Derivatives not designated as hedging instruments | Other | ||
Derivative assets | ||
Derivative assets | 0 | 0 |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Notional amount | 1,037 | 608 |
Derivatives designated as hedging instruments | ||
Derivative assets | ||
Derivative assets | 6 | 13 |
Derivative liabilities | ||
Derivative liabilities | 8 | 0 |
Notional amount | 2,433 | 2,372 |
Derivatives designated as hedging instruments | Interest rate | ||
Derivative assets | ||
Derivative assets | 6 | 8 |
Derivative liabilities | ||
Derivative liabilities | 0 | 0 |
Notional amount | 1,225 | 1,200 |
Derivatives designated as hedging instruments | Foreign exchange | ||
Derivative assets | ||
Derivative assets | 0 | 5 |
Derivative liabilities | ||
Derivative liabilities | 8 | 0 |
Notional amount | $ 1,208 | $ 1,172 |
DERIVATIVE ASSETS AND DERIVAT_4
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Derivative Gain (Loss) Recognized in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate (cash flow hedges) | $ (21) | $ (2) |
Total losses included in AOCI, net of taxes | (43) | (16) |
Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate (cash flow hedges) | (21) | (2) |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange (net investment hedges) | $ (22) | $ (14) |
DERIVATIVE ASSETS AND DERIVAT_5
DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES, Narrative (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Derivative [Line Items] | |||
Gain (loss) excluded from assessment of hedge effectiveness | $ 0 | $ 0 | |
Amount of interest expense expected to reclassify from AOCI | 27,000,000 | ||
Derivative liabilities | 310,000,000 | $ 490,000,000 | |
Credit Risk Contract | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 6,000,000 | $ 3,000,000 | |
Bank | |||
Derivative [Line Items] | |||
Maximum length of time hedged in cash flow hedge (in years) | 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 | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives | $ 1 | $ 6 |
Interest rate | Principal transactions | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives, location | Principal transactions | Principal transactions |
Interest rate | Other revenues | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives, location | Revenue from contract with customer | Revenue from contract with customer |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives | $ (33) | $ (30) |
Gain (loss) on derivatives, location | Revenue from contract with customer | Revenue from contract with customer |
Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives | $ 0 | $ (1) |
Gain (loss) on derivatives, location | Principal transactions | Principal transactions |
COLLATERALIZED AGREEMENTS AND_3
COLLATERALIZED AGREEMENTS AND FINANCINGS, Schedule of Offsetting Transactions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Reverse repurchase agreements | ||
Gross amounts of recognized assets/liabilities | $ 194 | $ 187 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 194 | 187 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (194) | (187) |
Net amounts | 0 | 0 |
Securities borrowed | ||
Gross amounts of recognized assets/liabilities | 260 | 231 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 260 | 231 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (248) | (224) |
Net amounts | 12 | 7 |
Gross amounts of recognized assets/liabilities | 454 | 418 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 454 | 418 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (442) | (411) |
Net amounts | 12 | 7 |
Repurchase agreements | ||
Gross amounts of recognized assets/liabilities | 169 | 157 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 169 | 157 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (169) | (157) |
Net amounts | 0 | 0 |
Securities loaned | ||
Gross amounts of recognized assets/liabilities | 347 | 180 |
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amounts included in the Condensed Consolidated Statements of Financial Condition | 347 | 180 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (332) | (173) |
Net amounts | 15 | 7 |
Gross amounts of recognized assets/liabilities | 516 | 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 | 516 | 337 |
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition | (501) | (330) |
Net amounts | $ 15 | $ 7 |
COLLATERALIZED AGREEMENTS AND_4
COLLATERALIZED AGREEMENTS AND FINANCINGS, Repurchase Agreements, Securities Lending Transactions & Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 169 | $ 157 |
Total | 516 | 337 |
Government and agency obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 107 | 122 |
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 | 62 | 35 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 347 | 180 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 169 | 157 |
Total | 516 | 337 |
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 | 122 |
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 | 62 | 35 |
Overnight and continuous | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 347 | 180 |
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 | Dec. 31, 2023 | Sep. 30, 2023 |
Collateral Received that Can be Resold or Repledged [Abstract] | ||
Collateral we received that was available to be delivered or repledged | $ 3,230 | $ 3,267 |
Collateral that we delivered or repledged | $ 1,126 | $ 730 |
COLLATERALIZED AGREEMENTS AND_6
COLLATERALIZED AGREEMENTS AND FINANCINGS, Encumbered Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Asset pledged as collateral | Assets pledged with the FHLB and FRB: | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | $ 14,343 | $ 14,063 |
Asset pledged as collateral | Assets pledged with the FHLB and FRB: | Available-for-sale securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | 3,947 | 3,897 |
Asset pledged as collateral | Assets pledged with the FHLB and FRB: | Bank loans | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | 10,396 | 10,166 |
Had the right to deliver or repledge | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | 1,046 | 1,091 |
Did not have the right to deliver or repledge | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial instruments, owned, at fair value | $ 64 | $ 63 |
BANK LOANS, NET, Held for Sale
BANK LOANS, NET, Held for Sale and Held for Investment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable on bank loans, location | Other receivables, net | Other receivables, net | ||
Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | $ 44,661 | $ 44,249 | ||
Allowance for credit losses | (479) | (474) | ||
Bank loans, net | $ 44,182 | $ 43,775 | ||
ACL as a % of total loans held for investment | 1.08% | 1.07% | ||
Accrued interest receivable on bank loans (included in “Other receivables, net”) | $ 212 | $ 200 | ||
Net unamortized discounts, unearned income, and deferred loan fees and costs | 37 | 52 | ||
Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 44,450 | 44,104 | ||
Allowance for credit losses | (479) | (474) | $ (408) | $ (396) |
Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 44,450 | 44,104 | ||
Loans held for sale | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 211 | 145 | ||
SBL | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 14,647 | 14,606 | ||
SBL | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 14,647 | 14,606 | ||
Allowance for credit losses | (7) | (7) | (4) | (3) |
SBL | Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 14,647 | 14,606 | ||
C&I loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 10,503 | 10,406 | ||
C&I loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 10,503 | 10,406 | ||
Allowance for credit losses | (211) | (214) | (222) | (226) |
C&I loans | Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 10,503 | 10,406 | ||
CRE loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 7,331 | 7,221 | ||
CRE loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 7,331 | 7,221 | ||
Allowance for credit losses | (174) | (161) | (91) | (87) |
CRE loans | Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 7,331 | 7,221 | ||
REIT loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,697 | 1,668 | ||
REIT loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,697 | 1,668 | ||
Allowance for credit losses | (17) | (16) | (15) | (21) |
REIT loans | Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,697 | 1,668 | ||
Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 8,861 | 8,662 | ||
Residential mortgage loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 8,861 | 8,662 | ||
Allowance for credit losses | (68) | (74) | (74) | (57) |
Residential mortgage loans | Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 8,861 | 8,662 | ||
Tax-exempt loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,411 | 1,541 | ||
Tax-exempt loans | Loans held for investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,411 | 1,541 | ||
Allowance for credit losses | (2) | (2) | $ (2) | $ (2) |
Tax-exempt loans | Loans held for investment | Nonrelated party | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | $ 1,411 | $ 1,541 |
BANK LOANS, NET, Originations,
BANK LOANS, NET, Originations, Purchases, and Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans held for sale | ||
Payments for Origination and Purchases of Loans Held-for-sale [Abstract] | ||
Loans held for sale originated or purchased | $ 441 | $ 802 |
Proceeds from Sale of Loans Held-for-sale [Abstract] | ||
Proceeds from sale of loans held-for-sale | 102 | 198 |
Loans held for investment | ||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||
Purchases | 251 | 416 |
Sales | 119 | 0 |
Loans held for investment | C&I loans | ||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||
Purchases | 206 | 163 |
Sales | 119 | 0 |
Loans held for investment | CRE loans | ||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||
Purchases | 0 | 39 |
Sales | 0 | 0 |
Loans held for investment | REIT loans | ||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||
Purchases | 0 | 24 |
Sales | 0 | 0 |
Loans held for investment | Residential mortgage loans | ||
Purchases and sales of loans held for investment by portfolio segment [Abstract] | ||
Purchases | 45 | 190 |
Sales | $ 0 | $ 0 |
BANK LOANS, NET, Past Due, Nona
BANK LOANS, NET, Past Due, Nonaccrual, and Modified Loans and Collateral Dependent Loans (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Performing nonaccrual loans | $ 87 | $ 96 |
SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 14,647 | 14,606 |
C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 10,503 | 10,406 |
Loans modified | 21 | |
CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 7,331 | 7,221 |
Loans modified | 3 | |
REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 1,697 | 1,668 |
Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 8,861 | 8,662 |
Residential mortgage - first mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans modified | 10 | |
Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 1,411 | 1,541 |
Loans held for investment | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 44,450 | 44,104 |
Nonaccrual with allowance | 145 | 104 |
Nonaccrual with no allowance | 19 | 24 |
Loans held for investment | SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 14,647 | 14,606 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
Loans held for investment | C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 10,503 | 10,406 |
Nonaccrual with allowance | 64 | 69 |
Nonaccrual with no allowance | 0 | 2 |
Loans held for investment | CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 7,331 | 7,221 |
Nonaccrual with allowance | 81 | 35 |
Nonaccrual with no allowance | 12 | 13 |
Loans held for investment | REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 1,697 | 1,668 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
Loans held for investment | Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 8,861 | 8,662 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 7 | 9 |
Loans held for investment | Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 1,411 | 1,541 |
Nonaccrual with allowance | 0 | 0 |
Nonaccrual with no allowance | 0 | 0 |
Loans held for investment | Total past due and accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 15 | 11 |
Loans held for investment | Total past due and accruing | SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 7 | 9 |
Loans held for investment | Total past due and accruing | C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 3 | 0 |
Loans held for investment | Total past due and accruing | CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | Total past due and accruing | REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | Total past due and accruing | Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 5 | 2 |
Loans held for investment | Total past due and accruing | Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 30-89 days and accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 15 | 11 |
Loans held for investment | 30-89 days and accruing | SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 7 | 9 |
Loans held for investment | 30-89 days and accruing | C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 3 | 0 |
Loans held for investment | 30-89 days and accruing | CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 30-89 days and accruing | REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 30-89 days and accruing | Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 5 | 2 |
Loans held for investment | 30-89 days and accruing | Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | 90 days or more and accruing | Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 0 | 0 |
Loans held for investment | Current and accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 44,271 | 43,965 |
Loans held for investment | Current and accruing | SBL | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 14,640 | 14,597 |
Loans held for investment | Current and accruing | C&I loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 10,436 | 10,335 |
Loans held for investment | Current and accruing | CRE loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 7,238 | 7,173 |
Loans held for investment | Current and accruing | REIT loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 1,697 | 1,668 |
Loans held for investment | Current and accruing | Residential mortgage loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | 8,849 | 8,651 |
Loans held for investment | Current and accruing | Tax-exempt loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans held for investment | $ 1,411 | $ 1,541 |
BANK LOANS, NET, Collateral-dep
BANK LOANS, NET, Collateral-dependent loans (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
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 | Office, multi-family residential, healthcare, and industrial real estate | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | 146 | 47 |
Residential mortgage loans | One-to-four family residential mortgage loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage loans in process of foreclosure | 3 | 4 |
Residential mortgage loans | Single family homes | Loans held for investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | $ 4 | $ 5 |
BANK LOANS, NET, Credit Quality
BANK LOANS, NET, Credit Quality of Held for Investment Loan Portfolio (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
SBL | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 50 | $ 74 |
Fiscal year before current fiscal year | 47 | 18 |
Fiscal year two years before current fiscal year | 19 | 83 |
Fiscal year three years before current fiscal year | 82 | 40 |
Fiscal year four years before current fiscal year | 36 | 15 |
Prior | 74 | 59 |
Revolving loans | 14,339 | 14,317 |
Total loans held for investment | 14,647 | 14,606 |
Gross charge-offs, current fiscal year | 0 | |
Gross charge-offs, fiscal year before current fiscal year | 0 | |
Gross charge-offs, fiscal year two years before current fiscal year | 0 | |
Gross charge-offs, fiscal year three years before current fiscal year | 0 | |
Gross charge-offs, fiscal year four years before current fiscal year | 0 | |
Gross charge-offs, prior | 0 | |
Gross charge-offs, revolving loans | 0 | |
Gross charge-offs, total | 0 | |
SBL | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 31 | 74 |
Fiscal year before current fiscal year | 47 | 18 |
Fiscal year two years before current fiscal year | 19 | 83 |
Fiscal year three years before current fiscal year | 82 | 40 |
Fiscal year four years before current fiscal year | 36 | 15 |
Prior | 74 | 59 |
Revolving loans | 14,339 | 14,293 |
Total loans held for investment | 14,628 | 14,582 |
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 | 0 | 0 |
Total loans held for investment | 0 | 0 |
SBL | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 19 | 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 | 24 |
Total loans held for investment | 19 | 24 |
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 | 138 | 672 |
Fiscal year before current fiscal year | 732 | 1,153 |
Fiscal year two years before current fiscal year | 1,211 | 1,120 |
Fiscal year three years before current fiscal year | 1,096 | 1,096 |
Fiscal year four years before current fiscal year | 1,007 | 1,037 |
Prior | 3,516 | 2,743 |
Revolving loans | 2,803 | 2,585 |
Total loans held for investment | 10,503 | 10,406 |
Gross charge-offs, current fiscal year | 0 | |
Gross charge-offs, fiscal year before current fiscal year | 0 | |
Gross charge-offs, fiscal year two years before current fiscal year | 0 | |
Gross charge-offs, fiscal year three years before current fiscal year | 1 | |
Gross charge-offs, fiscal year four years before current fiscal year | 0 | |
Gross charge-offs, prior | 5 | |
Gross charge-offs, revolving loans | 0 | |
Gross charge-offs, total | 6 | |
C&I loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 138 | 672 |
Fiscal year before current fiscal year | 732 | 1,148 |
Fiscal year two years before current fiscal year | 1,206 | 1,091 |
Fiscal year three years before current fiscal year | 1,067 | 965 |
Fiscal year four years before current fiscal year | 877 | 1,020 |
Prior | 3,457 | 2,675 |
Revolving loans | 2,784 | 2,564 |
Total loans held for investment | 10,261 | 10,135 |
C&I loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 5 |
Fiscal year two years before current fiscal year | 5 | 29 |
Fiscal year three years before current fiscal year | 0 | 69 |
Fiscal year four years before current fiscal year | 68 | 0 |
Prior | 0 | 0 |
Revolving loans | 3 | 4 |
Total loans held for investment | 76 | 107 |
C&I 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 | 29 | 62 |
Fiscal year four years before current fiscal year | 62 | 17 |
Prior | 59 | 65 |
Revolving loans | 16 | 17 |
Total loans held for investment | 166 | 161 |
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 | 0 |
Prior | 0 | 3 |
Revolving loans | 0 | 0 |
Total loans held for investment | 0 | 3 |
CRE loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 131 | 1,137 |
Fiscal year before current fiscal year | 1,188 | 2,344 |
Fiscal year two years before current fiscal year | 2,317 | 1,120 |
Fiscal year three years before current fiscal year | 1,112 | 812 |
Fiscal year four years before current fiscal year | 785 | 621 |
Prior | 1,543 | 967 |
Revolving loans | 255 | 220 |
Total loans held for investment | 7,331 | 7,221 |
Gross charge-offs, current fiscal year | 0 | |
Gross charge-offs, fiscal year before current fiscal year | 0 | |
Gross charge-offs, fiscal year two years before current fiscal year | 0 | |
Gross charge-offs, fiscal year three years before current fiscal year | 0 | |
Gross charge-offs, fiscal year four years before current fiscal year | 0 | |
Gross charge-offs, prior | 2 | |
Gross charge-offs, revolving loans | 0 | |
Gross charge-offs, total | 2 | |
CRE loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 131 | 1,130 |
Fiscal year before current fiscal year | 1,182 | 2,344 |
Fiscal year two years before current fiscal year | 2,317 | 1,115 |
Fiscal year three years before current fiscal year | 1,107 | 766 |
Fiscal year four years before current fiscal year | 739 | 604 |
Prior | 1,411 | 845 |
Revolving loans | 255 | 220 |
Total loans held for investment | 7,142 | 7,024 |
CRE loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 7 |
Fiscal year before current fiscal year | 6 | 0 |
Fiscal year two years before current fiscal year | 0 | 0 |
Fiscal year three years before current fiscal year | 0 | 14 |
Fiscal year four years before current fiscal year | 14 | 5 |
Prior | 19 | 55 |
Revolving loans | 0 | 0 |
Total loans held for investment | 39 | 81 |
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 | 5 |
Fiscal year three years before current fiscal year | 5 | 32 |
Fiscal year four years before current fiscal year | 32 | 12 |
Prior | 113 | 67 |
Revolving loans | 0 | 0 |
Total loans held for investment | 150 | 116 |
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 | 51 | 258 |
Fiscal year before current fiscal year | 236 | 200 |
Fiscal year two years before current fiscal year | 184 | 214 |
Fiscal year three years before current fiscal year | 232 | 101 |
Fiscal year four years before current fiscal year | 103 | 172 |
Prior | 311 | 176 |
Revolving loans | 580 | 547 |
Total loans held for investment | 1,697 | 1,668 |
Gross charge-offs, current fiscal year | 0 | |
Gross charge-offs, fiscal year before current fiscal year | 0 | |
Gross charge-offs, fiscal year two years before current fiscal year | 0 | |
Gross charge-offs, fiscal year three years before current fiscal year | 0 | |
Gross charge-offs, fiscal year four years before current fiscal year | 0 | |
Gross charge-offs, prior | 0 | |
Gross charge-offs, revolving loans | 0 | |
Gross charge-offs, total | 0 | |
REIT loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 51 | 258 |
Fiscal year before current fiscal year | 236 | 200 |
Fiscal year two years before current fiscal year | 184 | 214 |
Fiscal year three years before current fiscal year | 232 | 101 |
Fiscal year four years before current fiscal year | 103 | 172 |
Prior | 311 | 176 |
Revolving loans | 580 | 547 |
Total loans held for investment | 1,697 | 1,668 |
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 |
Residential mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 323 | 1,765 |
Fiscal year before current fiscal year | 1,747 | 2,891 |
Fiscal year two years before current fiscal year | 2,861 | 1,609 |
Fiscal year three years before current fiscal year | 1,588 | 920 |
Fiscal year four years before current fiscal year | 903 | 435 |
Prior | 1,406 | 1,011 |
Revolving loans | 33 | 31 |
Total loans held for investment | 8,861 | 8,662 |
Gross charge-offs, current fiscal year | 0 | |
Gross charge-offs, fiscal year before current fiscal year | 0 | |
Gross charge-offs, fiscal year two years before current fiscal year | 0 | |
Gross charge-offs, fiscal year three years before current fiscal year | 0 | |
Gross charge-offs, fiscal year four years before current fiscal year | 0 | |
Gross charge-offs, prior | 0 | |
Gross charge-offs, revolving loans | 0 | |
Gross charge-offs, total | 0 | |
Residential mortgage loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 323 | 1,765 |
Fiscal year before current fiscal year | 1,747 | 2,889 |
Fiscal year two years before current fiscal year | 2,857 | 1,607 |
Fiscal year three years before current fiscal year | 1,588 | 919 |
Fiscal year four years before current fiscal year | 903 | 433 |
Prior | 1,388 | 992 |
Revolving loans | 33 | 31 |
Total loans held for investment | 8,839 | 8,636 |
Residential mortgage 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 | 2 | 2 |
Fiscal year three years before current fiscal year | 0 | 0 |
Fiscal year four years before current fiscal year | 0 | 2 |
Prior | 5 | 5 |
Revolving loans | 0 | 0 |
Total loans held for investment | 7 | 9 |
Residential mortgage loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 2 |
Fiscal year two years before current fiscal year | 2 | 0 |
Fiscal year three years before current fiscal year | 0 | 1 |
Fiscal year four years before current fiscal year | 0 | 0 |
Prior | 13 | 14 |
Revolving loans | 0 | 0 |
Total loans held for investment | 15 | 17 |
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 |
Tax-exempt loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 147 |
Fiscal year before current fiscal year | 57 | 279 |
Fiscal year two years before current fiscal year | 270 | 161 |
Fiscal year three years before current fiscal year | 160 | 54 |
Fiscal year four years before current fiscal year | 54 | 97 |
Prior | 870 | 803 |
Revolving loans | 0 | 0 |
Total loans held for investment | 1,411 | 1,541 |
Gross charge-offs, current fiscal year | 0 | |
Gross charge-offs, fiscal year before current fiscal year | 0 | |
Gross charge-offs, fiscal year two years before current fiscal year | 0 | |
Gross charge-offs, fiscal year three years before current fiscal year | 0 | |
Gross charge-offs, fiscal year four years before current fiscal year | 0 | |
Gross charge-offs, prior | 0 | |
Gross charge-offs, revolving loans | 0 | |
Gross charge-offs, total | 0 | |
Tax-exempt loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 147 |
Fiscal year before current fiscal year | 57 | 279 |
Fiscal year two years before current fiscal year | 270 | 161 |
Fiscal year three years before current fiscal year | 160 | 54 |
Fiscal year four years before current fiscal year | 54 | 97 |
Prior | 870 | 803 |
Revolving loans | 0 | 0 |
Total loans held for investment | 1,411 | 1,541 |
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 |
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 | Dec. 31, 2023 | Sep. 30, 2023 |
Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans held for investment | $ 44,450 | $ 44,104 |
Residential mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 323 | 1,765 |
Fiscal year before current fiscal year | 1,747 | 2,891 |
Fiscal year two years before current fiscal year | 2,861 | 1,609 |
Fiscal year three years before current fiscal year | 1,588 | 920 |
Fiscal year four years before current fiscal year | 903 | 435 |
Prior | 1,406 | 1,011 |
Revolving loans | 33 | 31 |
Total loans held for investment | 8,861 | 8,662 |
Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 323 | 1,765 |
Fiscal year before current fiscal year | 1,747 | 2,891 |
Fiscal year two years before current fiscal year | 2,861 | 1,609 |
Fiscal year three years before current fiscal year | 1,588 | 920 |
Fiscal year four years before current fiscal year | 903 | 435 |
Prior | 1,406 | 1,011 |
Revolving loans | 33 | 31 |
Total loans held for investment | 8,861 | 8,662 |
Below 80% | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 232 | 1,244 |
Fiscal year before current fiscal year | 1,230 | 2,218 |
Fiscal year two years before current fiscal year | 2,196 | 1,257 |
Fiscal year three years before current fiscal year | 1,241 | 716 |
Fiscal year four years before current fiscal year | 703 | 323 |
Prior | 1,073 | 780 |
Revolving loans | 32 | 29 |
Total loans held for investment | 6,707 | 6,567 |
80%+ | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 91 | 521 |
Fiscal year before current fiscal year | 517 | 673 |
Fiscal year two years before current fiscal year | 665 | 352 |
Fiscal year three years before current fiscal year | 347 | 204 |
Fiscal year four years before current fiscal year | 200 | 112 |
Prior | 333 | 231 |
Revolving loans | 1 | 2 |
Total loans held for investment | 2,154 | 2,095 |
Below 600 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 7 |
Fiscal year before current fiscal year | 4 | 1 |
Fiscal year two years before current fiscal year | 11 | 3 |
Fiscal year three years before current fiscal year | 3 | 2 |
Fiscal year four years before current fiscal year | 3 | 3 |
Prior | 16 | 55 |
Revolving loans | 0 | 0 |
Total loans held for investment | 37 | 71 |
600 - 699 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 23 | 99 |
Fiscal year before current fiscal year | 83 | 154 |
Fiscal year two years before current fiscal year | 102 | 106 |
Fiscal year three years before current fiscal year | 65 | 83 |
Fiscal year four years before current fiscal year | 33 | 30 |
Prior | 80 | 79 |
Revolving loans | 3 | 4 |
Total loans held for investment | 389 | 555 |
700 - 799 | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 240 | 1,381 |
Fiscal year before current fiscal year | 1,280 | 2,327 |
Fiscal year two years before current fiscal year | 1,581 | 1,218 |
Fiscal year three years before current fiscal year | 867 | 666 |
Fiscal year four years before current fiscal year | 525 | 320 |
Prior | 770 | 609 |
Revolving loans | 22 | 20 |
Total loans held for investment | 5,285 | 6,541 |
800 + | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 60 | 274 |
Fiscal year before current fiscal year | 376 | 407 |
Fiscal year two years before current fiscal year | 1,167 | 279 |
Fiscal year three years before current fiscal year | 651 | 168 |
Fiscal year four years before current fiscal year | 341 | 77 |
Prior | 537 | 265 |
Revolving loans | 7 | 6 |
Total loans held for investment | 3,139 | 1,476 |
FICO score not available | Residential mortgage loans | Loans held for investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 4 |
Fiscal year before current fiscal year | 4 | 2 |
Fiscal year two years before current fiscal year | 0 | 3 |
Fiscal year three years before current fiscal year | 2 | 1 |
Fiscal year four years before current fiscal year | 1 | 5 |
Prior | 3 | 3 |
Revolving loans | 1 | 1 |
Total loans held for investment | $ 11 | $ 19 |
BANK LOANS, NET, Allowance for
BANK LOANS, NET, Allowance for Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Net (charge-offs)/recoveries: | |||
Increase (decrease) in allowance for credit losses | $ 5 | ||
Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 474 | $ 396 | |
Provision/(benefit) for credit losses | 12 | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | (8) | (5) | |
Recoveries | 0 | 3 | |
Net (charge-offs)/recoveries | (8) | (2) | |
Foreign exchange translation adjustment | 1 | 0 | |
Balance at end of period | $ 479 | $ 408 | |
ACL by loan portfolio segment as a % of total ACL | 100% | 100% | |
Unfunded lending commitments | |||
Net (charge-offs)/recoveries: | |||
Unfunded lending commitments | $ 20 | $ 22 | |
Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ 14 | ||
SBL | |||
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | ||
SBL | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 7 | 3 | |
Provision/(benefit) for credit losses | 0 | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | $ 7 | $ 4 | |
ACL by loan portfolio segment as a % of total ACL | 1.50% | 1% | |
SBL | Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ 1 | ||
C&I | |||
Net (charge-offs)/recoveries: | |||
Charge-offs | $ (6) | ||
C&I | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 214 | 226 | |
Provision/(benefit) for credit losses | 3 | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | (6) | (4) | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | (6) | (4) | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | $ 211 | $ 222 | |
ACL by loan portfolio segment as a % of total ACL | 44.10% | 54.40% | |
C&I | Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ 0 | ||
CRE loans | |||
Net (charge-offs)/recoveries: | |||
Charge-offs | $ (2) | ||
CRE loans | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 161 | 87 | |
Provision/(benefit) for credit losses | 14 | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | (2) | (1) | |
Recoveries | 0 | 3 | |
Net (charge-offs)/recoveries | (2) | 2 | |
Foreign exchange translation adjustment | 1 | 0 | |
Balance at end of period | $ 174 | $ 91 | |
ACL by loan portfolio segment as a % of total ACL | 36.30% | 22.30% | |
CRE loans | Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ 2 | ||
REIT loans | |||
Net (charge-offs)/recoveries: | |||
Charge-offs | $ 0 | ||
REIT loans | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 16 | 21 | |
Provision/(benefit) for credit losses | 1 | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | $ 17 | $ 15 | |
ACL by loan portfolio segment as a % of total ACL | 3.50% | 3.70% | |
REIT loans | Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ (6) | ||
Residential mortgage loans | |||
Net (charge-offs)/recoveries: | |||
Charge-offs | $ 0 | ||
Residential mortgage loans | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 74 | 57 | |
Provision/(benefit) for credit losses | (6) | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | $ 68 | $ 74 | |
ACL by loan portfolio segment as a % of total ACL | 14.20% | 18.10% | |
Residential mortgage loans | Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ 17 | ||
Tax-exempt loans | |||
Net (charge-offs)/recoveries: | |||
Charge-offs | $ 0 | ||
Tax-exempt loans | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Balance at beginning of period | 2 | 2 | |
Provision/(benefit) for credit losses | 0 | ||
Net (charge-offs)/recoveries: | |||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Foreign exchange translation adjustment | 0 | 0 | |
Balance at end of period | $ 2 | $ 2 | |
ACL by loan portfolio segment as a % of total ACL | 0.40% | 0.50% | |
Tax-exempt loans | Provision/(benefit) for credit losses | Loans held for investment | |||
Changes in the allowance for loan losses [Roll Forward] | |||
Provision/(benefit) for credit losses | $ 0 |
LOANS TO FINANCIAL ADVISORS, _3
LOANS TO FINANCIAL ADVISORS, NET (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Past due period | 180 days | |
Related party | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Affiliated with the firm as of year-end | $ 1,206 | $ 1,158 |
No longer affiliated with the firm as of year-end | 13 | 10 |
Loans, gross | 1,219 | 1,168 |
Allowance for credit losses | (35) | (32) |
Bank loans, net | 1,184 | 1,136 |
Accrued interest receivable on bank loans (included in “Other receivables, net”) | $ 6 | $ 6 |
ACL as a % of total loans held for investment | 2.87% | 2.74% |
VARIABLE INTEREST ENTITIES, Pri
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Aggregate Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | $ 80,130 | $ 78,360 |
Aggregate liabilities | 69,349 | 68,173 |
Variable Interest Entity, Primary Beneficiary | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 152 | 71 |
Aggregate liabilities | 79 | 26 |
Variable Interest Entity, Primary Beneficiary | LIHTC funds | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 123 | 51 |
Aggregate liabilities | 50 | 6 |
Variable Interest Entity, Primary Beneficiary | Restricted Stock Trust Fund | ||
Variable interest entity, consolidated, aggregate assets and liabilities [Abstract] | ||
Aggregate assets | 29 | 20 |
Aggregate liabilities | $ 29 | $ 20 |
VARIABLE INTEREST ENTITIES, P_2
VARIABLE INTEREST ENTITIES, Primary Beneficiary - Carrying Value of Assets, Liabilities and Equity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets: | ||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | $ 13,937 | $ 12,548 | $ 11,293 | $ 14,659 |
Other assets | 3,060 | 2,793 | ||
Total assets | 80,130 | 78,360 | ||
Liabilities: | ||||
Other payables | 1,909 | 1,931 | ||
Total liabilities | 69,349 | 68,173 | ||
Noncontrolling interests | (9) | (27) | ||
Variable Interest Entity, Primary Beneficiary | ||||
Assets: | ||||
Total assets | 152 | 71 | ||
Liabilities: | ||||
Total liabilities | 79 | 26 | ||
Variable Interest Entity, Primary Beneficiary | Carrying amount | ||||
Assets: | ||||
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash | 14 | 5 | ||
Other assets | 109 | 46 | ||
Total assets | 123 | 51 | ||
Liabilities: | ||||
Other payables | 30 | 0 | ||
Total liabilities | 30 | 0 | ||
Noncontrolling interests | $ (9) | $ (27) |
VARIABLE INTEREST ENTITIES, Not
VARIABLE INTEREST ENTITIES, Not the Primary Beneficiary - Aggregate Assets, Liabilities Exposure to Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Variable Interest Entity [Line Items] | ||
Aggregate assets | $ 80,130 | $ 78,360 |
Aggregate liabilities | 69,349 | 68,173 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 11,747 | 11,243 |
Aggregate liabilities | 3,967 | 3,703 |
Our risk of loss | 151 | 217 |
Variable Interest Entity, Not Primary Beneficiary | LIHTC | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 8,854 | 8,451 |
Aggregate liabilities | 3,146 | 2,964 |
Our risk of loss | 47 | 113 |
Variable Interest Entity, Not Primary Beneficiary | Private Equity Interests | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 2,709 | 2,591 |
Aggregate liabilities | 752 | 655 |
Our risk of loss | 101 | 101 |
Variable Interest Entity, Not Primary Beneficiary | Other | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 184 | 201 |
Aggregate liabilities | 69 | 84 |
Our risk of loss | $ 3 | $ 3 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Prepaid Expense and Other Assets [Abstract] | ||
Investments in company-owned life insurance policies | $ 1,228 | $ 1,110 |
Property and equipment, net | 580 | 561 |
Lease right-of-use (“ROU”) assets | 552 | 560 |
Prepaid expenses | 257 | 209 |
Investments in FHLB and FRB stock | 114 | 114 |
Client-owned fractional shares | 110 | 98 |
All other | 219 | 141 |
Total other assets | $ 3,060 | $ 2,793 |
LEASES, Operating Lease Assets
LEASES, Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Leases [Abstract] | ||
ROU assets (included in “Other assets”) | $ 552 | $ 560 |
Lease liabilities (included in “Other payables”) | $ 537 | $ 539 |
Location of ROU assets | Other assets | Other assets |
Location of lease liabilities | Other Liabilities | Other Liabilities |
LEASES, Narrative (Details)
LEASES, Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Minimum lease payments related to lease arrangements that were signed but not yet commenced | $ 42 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Contract term (in years) | 4 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Contract term (in years) | 10 years |
LEASES, Lease Cost (Details)
LEASES, Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Lease costs | $ 35 | $ 31 |
Variable lease costs | $ 9 | $ 7 |
BANK DEPOSITS, Summary of Bank
BANK DEPOSITS, Summary of Bank Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Bank deposits: | ||
Money market and savings accounts | $ 31,315 | $ 32,268 |
Interest-bearing demand deposits | 20,423 | 18,376 |
Certificates of deposit | 2,885 | 2,831 |
Non-interest-bearing demand deposits | 770 | 724 |
Total bank deposits | $ 55,393 | $ 54,199 |
Weighted-average rate | ||
Money market and savings accounts | 1.96% | 1.85% |
Interest-bearing demand deposits | 5.02% | 4.98% |
Certificates of deposit | 4.63% | 4.41% |
Non-interest-bearing demand deposits | 0% | 0% |
Total bank deposits | 3.25% | 3.06% |
BANK DEPOSITS, Narrative (Detai
BANK DEPOSITS, Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Bank Deposits [Line Items] | ||
Bank deposits | $ 55,393 | $ 54,199 |
Raymond James & Associates, Inc. | ||
Bank Deposits [Line Items] | ||
Related party deposit liabilities | 23,910 | 25,360 |
Private Client Group clients | ||
Bank Deposits [Line Items] | ||
Bank deposits | $ 14,480 | $ 13,590 |
BANK DEPOSITS, Bank Deposits by
BANK DEPOSITS, Bank Deposits by Insured and Uninsured (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Deposits [Abstract] | ||
FDIC-insured bank deposits | $ 49,152 | $ 48,344 |
Bank deposits exceeding FDIC insurance limit | 6,241 | 5,855 |
Total bank deposits | $ 55,393 | $ 54,199 |
FDIC-insured bank deposits as a % of total bank deposits | 89% | 89% |
Related Party Transaction [Line Items] | ||
Bank deposits exceeding FDIC insurance limit | $ 6,241 | $ 5,855 |
Related party | ||
Deposits [Abstract] | ||
Bank deposits exceeding FDIC insurance limit | 924 | 764 |
Related Party Transaction [Line Items] | ||
Bank deposits exceeding FDIC insurance limit | $ 924 | $ 764 |
BANK DEPOSITS, Schedule Maturit
BANK DEPOSITS, Schedule Maturities of Certificates of Deposit (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Deposits [Abstract] | |
Three months or less | $ 74 |
Over three through six months | 37 |
Over six through twelve months | 28 |
Over twelve months | 12 |
Total certificates of deposit that exceeded the FDIC insurance limit | $ 151 |
BANK DEPOSITS, Summary of Inter
BANK DEPOSITS, Summary of Interest Expense on Deposits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deposits [Abstract] | ||
Money market and savings accounts | $ 156 | $ 117 |
Interest-bearing demand deposits | 243 | 47 |
Certificates of deposit | 32 | 8 |
Total interest expense on deposits | $ 431 | $ 172 |
OTHER BORROWINGS, Schedule of O
OTHER BORROWINGS, Schedule of Other Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Other Borrowings [Abstract] | ||
Total FHLB advances | $ 1,000 | $ 1,000 |
Total other borrowings | $ 1,099 | $ 1,100 |
FHLB Advance Maturing March 2025 To June 2025 | ||
Other Borrowings [Abstract] | ||
Weighted average interest rate (as a percent) | 5.71% | |
Total FHLB advances | $ 650 | |
FHLB Advance Maturing March 2024 To December 2028 | ||
Other Borrowings [Abstract] | ||
Weighted average interest rate (as a percent) | 4.76% | |
Total FHLB advances | $ 350 | |
FHLB Advance Maturing December 2023 - March 2025 | ||
Other Borrowings [Abstract] | ||
Weighted average interest rate (as a percent) | 5.62% | |
Total FHLB advances | $ 850 | |
FHLB Advance Maturing December 2023 | ||
Other Borrowings [Abstract] | ||
Weighted average interest rate (as a percent) | 5.70% | |
Total FHLB advances | $ 150 | |
Subordinated notes due 2030 | ||
Other Borrowings [Abstract] | ||
Subordinated notes - fixed-to-floating | 99 | 100 |
Subordinated Debt | ||
Other Borrowings [Abstract] | ||
Unaccreted premium | $ 1 | $ 2 |
Subordinated Debt | Subordinated notes due 2030 | ||
Other Borrowings [Abstract] | ||
Weighted average interest rate (as a percent) | 5.75% | 5.75% |
OTHER BORROWINGS, Subordinated
OTHER BORROWINGS, Subordinated Notes (Details) - Subordinated Debt - Subordinated notes due 2030 $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, face amount | $ 98 |
Stated interest rate (as a percent) | 5.75% |
Redemption price percentage (as a percent) | 100% |
Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Spread on variable interest rate (as a percent) | 5.62% |
OTHER BORROWINGS, Credit Facili
OTHER BORROWINGS, Credit Facility (Details) - Revolving Credit Facility - The Credit Facility - Line of Credit - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
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 | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 21% | 23.70% |
Reasonably possible decrease in uncertain tax position liability | $ 6 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Commitments Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) agreement | |
Underwriting commitment | |
Commitments [Line Items] | |
Number of open underwriting commitments | agreement | 0 |
Investment commitment | |
Commitments [Line Items] | |
Amount of commitment | $ 63 |
Commitment to lend to RJTCF | |
Commitments [Line Items] | |
Amount of commitment | $ 248 |
Number of days that investments in project partnerships are typically sold (in days) | 90 days |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Summary of Off-Balance Sheet Risks (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
SBL and other consumer lines of credit | $ 39,731 | $ 123 |
Commercial lines of credit | 4,144 | 38,791 |
Unfunded lending commitments | 869 | 4,131 |
Standby letters of credit | $ 112 | $ 936 |
COMMITMENTS, CONTINGENCIES AN_5
COMMITMENTS, CONTINGENCIES AND GUARANTEES, Guarantees (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Various lawsuits | Pending Litigation | |
Guarantees [Abstract] | |
Range of loss portion not accrued | $ 35,000 |
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 |
SHAREHOLDERS' EQUITY, Preferred
SHAREHOLDERS' EQUITY, Preferred Stock by Class (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
Class of Stock [Line Items] | ||
Carrying value | $ 79 | $ 79 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividend (as a percent) | 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 Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Apr. 03, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Dividends Payable [Line Items] | |||
Dividends declared | $ 2 | ||
Dividends paid | 2 | ||
Series A Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock dividend (as a percent) | 6.75% | ||
Dividends declared | $ 1 | ||
Dividends declared (in usd per share) | $ 16.88 | ||
Dividends paid | $ 1 | ||
Dividends paid (in usd per share) | $ 16.88 | ||
Series B Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock dividend (as a percent) | 6.375% | ||
Dividends declared | $ 1 | $ 1 | |
Dividends declared (in usd per share) | $ 15.94 | $ 15.94 | |
Dividends paid | $ 1 | $ 1 | |
Dividends paid (in usd per share) | $ 15.94 | $ 15.94 |
SHAREHOLDERS' EQUITY, Common St
SHAREHOLDERS' EQUITY, Common Stock Outstanding Roll Forward (Details) - shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance beginning of period (in shares) | 208,769,095 | 215,100,000 |
Repurchases of common stock (in shares) | (1,410,000) | (1,300,000) |
Issuances due to vesting of RSUs and exercise of stock options, net of forfeitures (in shares) | 1,300,000 | 1,200,000 |
Balance end of period (in shares) | 208,665,962 | 215,000,000 |
SHAREHOLDERS' EQUITY, Share Rep
SHAREHOLDERS' EQUITY, Share Repurchases Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2023 | |
Equity [Abstract] | |||
Share repurchases, authorized amount | $ 1,500 | ||
Shares repurchased (in shares) | 1,410 | 1,300 | |
Shares repurchased | $ 150 | ||
Shares repurchased (in usd per share) | $ 106.51 | ||
Share repurchases, remaining authorized amount | $ 1,390 |
SHAREHOLDERS' EQUITY, Common _2
SHAREHOLDERS' EQUITY, Common Stock Dividends Declared and Paid (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Dividends per common share - declared (in usd per share) | $ 0.45 | $ 0.42 |
Dividends per common share - paid (in usd per share) | $ 0.42 | $ 0.34 |
Dividend payout ratio | 19.40% | 18.30% |
SHAREHOLDERS' EQUITY, Schedule
SHAREHOLDERS' EQUITY, Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | $ 10,187 | |
OCI: | ||
OCI before reclassifications and taxes | 362 | $ 128 |
Amounts reclassified from AOCI, before tax | (10) | (5) |
Pre-tax net OCI | 352 | 123 |
Income tax effect | (74) | (32) |
Total other comprehensive income/(loss), net of tax | 278 | 91 |
Balance end of period | 10,781 | 9,830 |
Accumulated other comprehensive (loss) income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (971) | (982) |
OCI: | ||
Balance end of period | (693) | (891) |
Subtotal: net investment hedges and currency translations | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (73) | (123) |
OCI: | ||
OCI before reclassifications and taxes | 22 | 41 |
Amounts reclassified from AOCI, before tax | 0 | 0 |
Pre-tax net OCI | 22 | 41 |
Income tax effect | 7 | 5 |
Total other comprehensive income/(loss), net of tax | 29 | 46 |
Balance end of period | (44) | (77) |
Net investment hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | 143 | 153 |
OCI: | ||
OCI before reclassifications and taxes | (29) | (19) |
Amounts reclassified from AOCI, before tax | 0 | 0 |
Pre-tax net OCI | (29) | (19) |
Income tax effect | 7 | 5 |
Total other comprehensive income/(loss), net of tax | (22) | (14) |
Balance end of period | 121 | 139 |
Currency translations | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (216) | (276) |
OCI: | ||
OCI before reclassifications and taxes | 51 | 60 |
Amounts reclassified from AOCI, before tax | 0 | 0 |
Pre-tax net OCI | 51 | 60 |
Income tax effect | 0 | 0 |
Total other comprehensive income/(loss), net of tax | 51 | 60 |
Balance end of period | (165) | (216) |
Available- for-sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | (942) | (902) |
OCI: | ||
OCI before reclassifications and taxes | 358 | 85 |
Amounts reclassified from AOCI, before tax | 0 | 0 |
Pre-tax net OCI | 358 | 85 |
Income tax effect | (88) | (38) |
Total other comprehensive income/(loss), net of tax | 270 | 47 |
Balance end of period | (672) | (855) |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of period | 44 | 43 |
OCI: | ||
OCI before reclassifications and taxes | (18) | 2 |
Amounts reclassified from AOCI, before tax | (10) | (5) |
Pre-tax net OCI | (28) | (3) |
Income tax effect | 7 | 1 |
Total other comprehensive income/(loss), net of tax | (21) | (2) |
Balance end of period | $ 23 | $ 41 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Principal transactions | $ 139 | $ 132 | |
All other | 15 | 20 | |
Total non-interest revenues | 2,467 | 2,200 | |
Interest income | 1,053 | 827 | |
Total revenues | 3,520 | 3,027 | |
Interest expense | (507) | (241) | |
Net revenues | 3,013 | 2,786 | |
Receivables related to contracts with customers | 481 | $ 519 | |
Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,407 | 1,242 | |
Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 383 | 352 | |
Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 137 | 130 | |
Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 125 | 104 | |
Equities, exchange traded funds (“ETFs”) and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 121 | 118 | |
Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 522 | 484 | |
Account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 319 | 289 | |
Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 106 | 98 | |
RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 152 | 137 | |
Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 61 | 54 | |
Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 181 | 141 | |
Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 118 | 102 | |
Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 37 | 23 | |
Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 26 | 16 | |
Total other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 38 | 44 | |
Noninterest income | 38 | 44 | |
Affordable housing investments business revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 23 | 24 | |
Operating segments | Private Client Group | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 32 | 28 | |
All other | 4 | 6 | |
Total non-interest revenues | 2,134 | 1,976 | |
Interest income | 118 | 109 | |
Total revenues | 2,252 | 2,085 | |
Interest expense | (26) | (22) | |
Net revenues | 2,226 | 2,063 | |
Operating segments | Private Client Group | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,191 | 1,053 | |
Operating segments | Private Client Group | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 350 | 317 | |
Operating segments | Private Client Group | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 136 | 128 | |
Operating segments | Private Client Group | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 125 | 104 | |
Operating segments | Private Client Group | Equities, exchange traded funds (“ETFs”) and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 89 | 85 | |
Operating segments | Private Client Group | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 382 | 345 | |
Operating segments | Private Client Group | Account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 546 | 563 | |
Operating segments | Private Client Group | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 106 | 98 | |
Operating segments | Private Client Group | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 375 | 405 | |
Operating segments | Private Client Group | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 65 | 60 | |
Operating segments | Private Client Group | Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 11 | 9 | |
Operating segments | Private Client Group | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Private Client Group | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 11 | 9 | |
Operating segments | Private Client Group | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Private Client Group | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 4 | 6 | |
Operating segments | Private Client Group | Affordable housing investments business revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 105 | 100 | |
All other | 1 | 0 | |
Total non-interest revenues | 337 | 295 | |
Interest income | 23 | 23 | |
Total revenues | 360 | 318 | |
Interest expense | (22) | (23) | |
Net revenues | 338 | 295 | |
Operating segments | Capital Markets | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 1 | |
Operating segments | Capital Markets | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 35 | 34 | |
Operating segments | Capital Markets | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 1 | |
Operating segments | Capital Markets | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | Equities, exchange traded funds (“ETFs”) and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 33 | 33 | |
Operating segments | Capital Markets | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 140 | 134 | |
Operating segments | Capital Markets | Account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3 | 3 | |
Operating segments | Capital Markets | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Capital Markets | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1 | 1 | |
Operating segments | Capital Markets | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 2 | |
Operating segments | Capital Markets | Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 170 | 133 | |
Operating segments | Capital Markets | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 118 | 102 | |
Operating segments | Capital Markets | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 26 | 15 | |
Operating segments | Capital Markets | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 26 | 16 | |
Operating segments | Capital Markets | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 24 | 24 | |
Operating segments | Capital Markets | Affordable housing investments business revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 23 | 24 | |
Operating segments | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 0 | 0 | |
All other | 0 | 2 | |
Total non-interest revenues | 232 | 205 | |
Interest income | 3 | 2 | |
Total revenues | 235 | 207 | |
Interest expense | 0 | 0 | |
Net revenues | 235 | 207 | |
Operating segments | Asset Management | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 224 | 197 | |
Operating segments | Asset Management | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 1 | |
Operating segments | Asset Management | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2 | 1 | |
Operating segments | Asset Management | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Equities, exchange traded funds (“ETFs”) and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 2 | 1 | |
Operating segments | Asset Management | Account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 6 | 5 | |
Operating segments | Asset Management | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1 | 0 | |
Operating segments | Asset Management | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 5 | 5 | |
Operating segments | Asset Management | Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Asset Management | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 0 | 2 | |
Operating segments | Asset Management | Affordable housing investments business revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 2 | 4 | |
All other | 13 | 13 | |
Total non-interest revenues | 15 | 17 | |
Interest income | 872 | 676 | |
Total revenues | 887 | 693 | |
Interest expense | (446) | (185) | |
Net revenues | 441 | 508 | |
Operating segments | Bank | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Equities, exchange traded funds (“ETFs”) and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | 2 | 4 | |
Operating segments | Bank | Account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Operating segments | Bank | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | 13 | 13 | |
Operating segments | Bank | Affordable housing investments business revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Principal transactions | 0 | 0 | |
All other | (3) | (1) | |
Total non-interest revenues | (251) | (293) | |
Interest income | 37 | 17 | |
Total revenues | (214) | (276) | |
Interest expense | (13) | (11) | |
Net revenues | (227) | (287) | |
Other and intersegment eliminations | Asset management and related administrative fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (8) | (9) | |
Other and intersegment eliminations | Subtotal securities commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (4) | 0 | |
Other and intersegment eliminations | Mutual and other fund products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (3) | 0 | |
Other and intersegment eliminations | Insurance and annuity products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Equities, exchange traded funds (“ETFs”) and fixed income products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (1) | 0 | |
Other and intersegment eliminations | Total brokerage revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total brokerage revenues | (4) | 0 | |
Other and intersegment eliminations | Account and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (236) | (282) | |
Other and intersegment eliminations | Mutual fund and annuity service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (1) | 0 | |
Other and intersegment eliminations | RJBDP fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (224) | (269) | |
Other and intersegment eliminations | Client account and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | (11) | (13) | |
Other and intersegment eliminations | Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | (1) | |
Other and intersegment eliminations | Merger & acquisition and advisory | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Equity underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | (1) | |
Other and intersegment eliminations | Debt underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | |
Other and intersegment eliminations | Total other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income | (3) | (1) | |
Other and intersegment eliminations | Affordable housing investments business revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 0 | $ 0 |
INTEREST INCOME AND INTEREST _3
INTEREST INCOME AND INTEREST EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income: | ||
Cash and cash equivalents | $ 132 | $ 55 |
Assets segregated for regulatory purposes and restricted cash | 47 | 50 |
Trading assets — debt securities | 15 | 14 |
Available-for-sale securities | 56 | 53 |
Brokerage client receivables | 45 | 41 |
Bank loans, net | 734 | 599 |
All other | 24 | 15 |
Total interest income | 1,053 | 827 |
Interest expense: | ||
Bank deposits | 431 | 172 |
Trading liabilities — debt securities | 11 | 10 |
Brokerage client payables | 20 | 17 |
Other borrowings | 8 | 9 |
Senior notes payable | 23 | 23 |
All other | 14 | 10 |
Total interest expense | 507 | 241 |
Net interest income | 546 | 586 |
Bank loan provision for credit losses | (12) | (14) |
Net interest income after bank loan provision for credit losses | $ 534 | $ 572 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2023 USD ($) plan $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based compensation plans | plan | 1 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs granted during period (in shares) | shares | 1.7 | 1.9 |
RSUs granted during period, weighted-average grant-date fair value (in usd per share) | $ / shares | $ 106.68 | $ 117.66 |
Compensation expense | $ 87 | $ 76 |
Total pre-tax compensation costs not yet recognized, net of forfeitures | $ 425 | |
Compensation costs not yet recognized, period of recognition (in years) | 3 years | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 2 | $ 3 |
Total pre-tax compensation costs not yet recognized, net of forfeitures | $ 10 | |
Compensation costs not yet recognized, period of recognition (in years) | 2 years |
REGULATORY CAPITAL REQUIREMEN_3
REGULATORY CAPITAL REQUIREMENTS, RJF and RJB (Details) $ in Millions | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) |
Raymond James Financial Inc | ||
Tier 1 leverage | ||
Actual, amount | $ 9,646 | $ 9,321 |
Actual, ratio | 0.121 | 0.119 |
Requirement for capital adequacy purposes, amount | $ 3,185 | $ 3,123 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 3,981 | $ 3,904 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 9,646 | $ 9,321 |
Actual, ratio | 0.216 | 0.214 |
Requirement for capital adequacy purposes, amount | $ 2,676 | $ 2,613 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 3,568 | $ 3,484 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 9,570 | $ 9,245 |
Actual, ratio | 21.50% | 21.20% |
Requirement for capital adequacy purposes, amount | $ 2,007 | $ 1,960 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 2,899 | $ 2,831 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 10,271 | $ 9,934 |
Actual ratio | 0.230 | 0.228 |
Requirement for capital adequacy purposes, amount | $ 3,568 | $ 3,484 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 4,461 | $ 4,355 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
Raymond James Bank | ||
Tier 1 leverage | ||
Actual, amount | $ 3,375 | $ 3,355 |
Actual, ratio | 0.079 | 0.078 |
Requirement for capital adequacy purposes, amount | $ 1,702 | $ 1,710 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 2,127 | $ 2,137 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 3,375 | $ 3,355 |
Actual, ratio | 0.139 | 0.137 |
Requirement for capital adequacy purposes, amount | $ 1,457 | $ 1,465 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 1,942 | $ 1,954 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 3,375 | $ 3,355 |
Actual, ratio | 13.90% | 13.70% |
Requirement for capital adequacy purposes, amount | $ 1,093 | $ 1,099 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 1,578 | $ 1,587 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 3,681 | $ 3,662 |
Actual ratio | 0.152 | 0.150 |
Requirement for capital adequacy purposes, amount | $ 1,942 | $ 1,954 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 2,428 | $ 2,442 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
TriState Capital Bank | ||
Tier 1 leverage | ||
Actual, amount | $ 1,358 | $ 1,290 |
Actual, ratio | 0.071 | 0.072 |
Requirement for capital adequacy purposes, amount | $ 764 | $ 721 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.040 | 0.040 |
To be well capitalized under regulatory provisions, amount | $ 956 | $ 902 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.050 | 0.050 |
Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 1,358 | $ 1,290 |
Actual, ratio | 0.152 | 0.148 |
Requirement for capital adequacy purposes, amount | $ 536 | $ 524 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.060 | 0.060 |
To be well capitalized under regulatory provisions, amount | $ 715 | $ 699 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.080 | 0.080 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 1,358 | $ 1,290 |
Actual, ratio | 15.20% | 14.80% |
Requirement for capital adequacy purposes, amount | $ 402 | $ 393 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 4.50% | 4.50% |
To be well capitalized under regulatory provisions, amount | $ 581 | $ 568 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 6.50% | 6.50% |
Total Capital (to Risk-Weighted Assets) | ||
Actual, amount | $ 1,403 | $ 1,333 |
Actual ratio | 0.157 | 0.153 |
Requirement for capital adequacy purposes, amount | $ 715 | $ 699 |
Requirement for capital adequacy purposes, ratio (in hundredths) | 0.080 | 0.080 |
To be well capitalized under regulatory provisions, amount | $ 894 | $ 874 |
To be well capitalized under regulatory provisions, ratio (in hundredths) | 0.100 | 0.100 |
REGULATORY CAPITAL REQUIREMEN_4
REGULATORY CAPITAL REQUIREMENTS, RJ&A (Details) - Raymond James & Associates Inc - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule Of Compliance With Regulatory Capital Requirements, Broker-Dealer [Line Items] | ||
Net capital as a percent of aggregate debit items | 38.50% | 43.30% |
Net capital | $ 988 | $ 1,035 |
Less: required net capital | (51) | (48) |
Excess net capital | $ 937 | $ 987 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income for basic earnings per common share: | ||
Net income available to common shareholders | $ 497 | $ 507 |
Less allocation of earnings and dividends to participating securities | (1) | (1) |
Net income available to common shareholders after participating securities | 496 | 506 |
Income for diluted earnings per common share: | ||
Net income available to common shareholders | 497 | 507 |
Less allocation of earnings and dividends to participating securities | (1) | (1) |
Net income available to common shareholders after participating securities | $ 496 | $ 506 |
Common shares: | ||
Average common shares in basic computation (in shares) | 208.6 | 214.7 |
Dilutive effect of outstanding stock options and certain RSUs (in shares) | 5.2 | 5.7 |
Average common and common equivalent shares used in diluted computation (in shares) | 213.8 | 220.4 |
Earnings per common share: | ||
Basic (in usd per share) | $ 2.38 | $ 2.36 |
Diluted (in usd per share) | $ 2.32 | $ 2.30 |
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive (in shares) | 1.2 | 1.2 |
SEGMENT INFORMATION, Informatio
SEGMENT INFORMATION, Information Concerning Operations (Details) $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 5 | ||
Net revenues: | |||
Total net revenues | $ 3,013 | $ 2,786 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 630 | 652 | |
Net interest income (expense): | |||
Net interest income | 546 | 586 | |
Total assets: | |||
Total assets | 80,130 | $ 78,360 | |
Goodwill and Intangible Assets: | |||
Goodwill | 1,444 | 1,437 | |
Operating segments | Private Client Group | |||
Net revenues: | |||
Total net revenues | 2,226 | 2,063 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 439 | 434 | |
Net interest income (expense): | |||
Net interest income | 92 | 87 | |
Total assets: | |||
Total assets | 12,744 | 12,375 | |
Goodwill and Intangible Assets: | |||
Goodwill | 571 | 564 | |
Operating segments | Capital Markets | |||
Net revenues: | |||
Total net revenues | 338 | 295 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 3 | (16) | |
Net interest income (expense): | |||
Net interest income | 1 | 0 | |
Total assets: | |||
Total assets | 2,732 | 3,087 | |
Goodwill and Intangible Assets: | |||
Goodwill | 275 | 275 | |
Operating segments | Asset Management | |||
Net revenues: | |||
Total net revenues | 235 | 207 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 93 | 80 | |
Net interest income (expense): | |||
Net interest income | 3 | 2 | |
Total assets: | |||
Total assets | 569 | 567 | |
Goodwill and Intangible Assets: | |||
Goodwill | 69 | 529 | |
Operating segments | Bank | |||
Net revenues: | |||
Total net revenues | 441 | 508 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 92 | 136 | |
Net interest income (expense): | |||
Net interest income | 426 | 491 | |
Total assets: | |||
Total assets | 61,517 | 60,041 | |
Goodwill and Intangible Assets: | |||
Goodwill | 529 | 69 | |
Operating segments | Other | |||
Net revenues: | |||
Total net revenues | 26 | 9 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 3 | 18 | |
Net interest income (expense): | |||
Net interest income | 24 | 6 | |
Total assets: | |||
Total assets | 2,568 | $ 2,290 | |
Intersegment eliminations | |||
Net revenues: | |||
Total net revenues | $ (253) | $ (296) |
SEGMENT INFORMATION, Classified
SEGMENT INFORMATION, Classified by Major Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Net revenues: | |||
Total revenues | $ 3,013 | $ 2,786 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 630 | 652 | |
Total assets: | |||
Total assets | 80,130 | $ 78,360 | |
Goodwill and Intangible Assets: | |||
Goodwill | 1,444 | 1,437 | |
U.S. | |||
Net revenues: | |||
Total revenues | 2,761 | 2,540 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 605 | 609 | |
Total assets: | |||
Total assets | 74,319 | 72,506 | |
Goodwill and Intangible Assets: | |||
Goodwill | 1,250 | 1,250 | |
Canada | |||
Net revenues: | |||
Total revenues | 139 | 134 | |
Pre-tax income/(loss): | |||
Total pre-tax income | 27 | 31 | |
Total assets: | |||
Total assets | 3,382 | 3,404 | |
Goodwill and Intangible Assets: | |||
Goodwill | 25 | 25 | |
Europe | |||
Net revenues: | |||
Total revenues | 113 | 112 | |
Pre-tax income/(loss): | |||
Total pre-tax income | (2) | $ 12 | |
Total assets: | |||
Total assets | 2,429 | 2,450 | |
Goodwill and Intangible Assets: | |||
Goodwill | $ 169 | $ 162 |