3 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
−Removed: $ in millions, except per share amounts June 30, 2024 September 30, 2023
+Added: $ in millions, except per share amounts December 31, 2024 September 30, 2024
Cash and cash equivalents $ 10,048 $ 10,998
32 unchanged sentences
650,000,000 shares authorized;
−Removed: 249,886,619 shares issued and 205,573,733 shares outstanding as of June 30, 2024;
+Added: 250,025,894 shares issued and 204,582,573 shares outstanding as of December 31, 2024;
249,972,182 shares issued and 203,291,449 shares outstanding as of September 30, 2024
2 unchanged sentences
Treasury stock, at cost;
−Removed: 44,312,886 and 39,959,710 common shares as of June 30, 2024 and September 30, 2023, respectively
+Added: 45,443,321 and 46,680,733 common shares as of December 31, 2024 and September 30, 2024, respectively
( 3,007 ) ( 3,051 )
9 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
in millions, except per share amounts
−Removed: 2024 2023 2024 2023
Asset management and related administrative fees $ 1,743 $ 1,407
5 unchanged sentences
Investment banking
−Removed: 183 151 543 446
Interest income
−Removed: 1,057 987 3,159 2,729
−Removed: 51 57 120 133
Total revenues
−Removed: 3,762 3,293 10,920 9,477
Interest expense
( 498 ) ( 507 )
−Removed: 3,228 2,907 9,359 8,566
Non-interest expenses:
Compensation, commissions and benefits
−Removed: 2,090 1,851 6,054 5,407
Non-compensation expenses:
Communications and information processing
−Removed: 166 149 481 441
Occupancy and equipment
−Removed: 75 68 220 202
Business development
−Removed: 72 66 193 176
Investment sub-advisory fees
−Removed: 48 40 132 110
Professional fees
−Removed: 38 35 103 105
−Removed: Bank loan provision/(benefit) for credit losses
−Removed: ( 10 ) 54 23 96
−Removed: 105 158 270 334
+Added: Bank loan provision for credit losses
Total non-compensation expenses 516 462
1 unchanged sentence
Pre-tax income
−Removed: 644 486 1,883 1,695
Provision for income taxes
−Removed: 152 117 417 390
Net income 600 498
6 unchanged sentences
Weighted-average common shares outstanding – basic
−Removed: 206.8 210.1 207.9 213.0
Weighted-average common and common equivalent shares outstanding – diluted
−Removed: 212.3 214.8 213.1 218.0
−Removed: $ 492 $ 369 $ 1,466 $ 1,305
Other comprehensive income/(loss), net of tax:
Available-for-sale securities
−Removed: 11 ( 76 ) 255 68
Currency translations, net of the impact of net investment hedges ( 53 ) 29
Cash flow hedges
−Removed: ( 2 ) 12 ( 17 ) ( 1 )
Total other comprehensive income/(loss), net of tax
−Removed: 7 ( 44 ) 254 140
Total comprehensive income $ 447 $ 776
3 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions, except per share amounts 2024 2023
1 unchanged sentence
Balance beginning of period
−Removed: $ 79 $ 120 $ 79 $ 120
−Removed: Redemption of preferred stock — ( 41 ) — ( 41 )
+Added: Share issuances
Balance end of period
1 unchanged sentence
Balance beginning of period
−Removed: Share issuances — — — —
+Added: Share issuances due to vesting of restricted stock units and employee stock purchases
Balance end of period
1 unchanged sentence
Balance beginning of period
−Removed: 3,186 3,035 3,143 2,987
+Added: Share-based compensation amortization 92 89
Employee stock purchases
Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures
−Removed: Share-based compensation amortization 52 51 196 187
−Removed: Balance end of period
( 227 ) ( 82 )
+Added: Balance end of period
Retained earnings:
2 unchanged sentences
Net income attributable to Raymond James Financial, Inc.
−Removed: 492 369 1,466 1,305
Common and preferred stock cash dividends declared (see Note 16)
13 unchanged sentences
Other comprehensive income/(loss), net of tax
−Removed: 7 ( 44 ) 254 140
Balance end of period
5 unchanged sentences
$ ( 6 ) $ ( 27 )
−Removed: Net loss attributable to noncontrolling interests
−Removed: — ( 1 ) — ( 1 )
−Removed: Other net changes in noncontrolling interests
+Added: Net changes in noncontrolling interests
Balance end of period
−Removed: ( 7 ) ( 27 ) ( 7 ) ( 27 )
Total shareholders’ equity
4 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
Cash flows from operating activities:
−Removed: $ 1,466 $ 1,305
−Removed: Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 47 42
4 unchanged sentences
Unrealized gain on company-owned life insurance policies, net of expenses
−Removed: ( 174 ) ( 125 )
Other 31 ( 8 )
9 unchanged sentences
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale ( 67 ) ( 97 )
−Removed: Net cash provided by/(used in) operating activities 1,645 ( 3,948 )
+Added: Net cash provided by operating activities
Cash flows from investing activities:
5 unchanged sentences
Available-for-sale securities maturations, repayments and redemptions
+Added: Proceeds from sales of available-for-sale securities
Additions to property and equipment
( 41 ) ( 50 )
−Removed: Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, net
−Removed: Investment in solar tax credit equity investment ( 15 ) —
−Removed: Purchases of other investments, net — ( 6 )
+Added: Renewable energy tax credit equity investments — ( 15 )
Other investing activities, net ( 40 ) ( 26 )
−Removed: Net cash provided by/(used in) investing activities
+Added: Net cash used in investing activities
+Added: ( 937 ) ( 176 )
Cash flows from financing activities:
−Removed: Increase in bank deposits 202 2,411
+Added: Increase/(decrease) in bank deposits
+Added: ( 160 ) 1,194
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 185 ) ( 199 )
2 unchanged sentences
Exercise of stock options and employee stock purchases 10 10
−Removed: Redemption of preferred stock — ( 40 )
Proceeds from FHLB advances
−Removed: Repayments of FHLB advances and other borrowed funds
+Added: Repayments of FHLB advances
( 450 ) ( 750 )
1 unchanged sentence
Net cash provided by/(used in) financing activities
−Removed: ( 756 ) 1,089
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
19 unchanged sentences
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
−Removed: June 30, 2024
+Added: December 31, 2024
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
18 unchanged sentences
Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES
A summary of our significant accounting policies is included in Note 2 of our 2024 Form 10-K.
−Removed: During the three and nine months ended June 30, 2024, 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 section.
−Removed: Accounting guidance adopted in fiscal 2024
−Removed: 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).
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Refer to Note 7 for additional disclosures required by this guidance and changes to our accounting policies as a result of this adoption.
−Removed: 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.
+Added: There have been no significant changes in our significant accounting policies since September 30, 2024.
RAYMOND JAMES FINANCIAL, INC.
5 unchanged sentences
The following tables present assets and liabilities measured at fair value on a recurring basis.
−Removed: Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition.
−Removed: See Note 5 for additional information.
$ in millions Level 1 Level 2 Level 3 Netting
−Removed: adjustments Balance as of June 30, 2024
+Added: adjustments (1)
+Added: Balance as of December 31, 2024
Assets at fair value on a recurring basis:
12 unchanged sentences
641 7,086 — — 7,727
−Removed: Derivative assets - interest rate
+Added: Derivative assets:
+Added: Interest rate
4 374 — ( 301 ) 77
+Added: Foreign exchange — 14 — — 14
+Added: Total derivative assets 4 388 — ( 301 ) 91
All other investments:
17 unchanged sentences
Interest rate 4 394 — ( 70 ) 328
−Removed: Foreign exchange — 2 — — 2
+Added: Other — — 2 — 2
Total derivative liabilities 4 394 2 ( 70 ) 330
5 unchanged sentences
$ in millions Level 1 Level 2 Level 3 Netting
−Removed: adjustments Balance as of September 30, 2023
+Added: adjustments (1)
+Added: Balance as of September 30, 2024
Assets at fair value on a recurring basis:
33 unchanged sentences
Government and agency obligations 243 6 — — 249
+Added: Agency MBS and CMOs
Total debt securities 248 630 — — 878
8 unchanged sentences
$ 481 $ 975 $ — $ ( 123 ) $ 1,333
+Added: (1) Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition.
+Added: See Note 5 for additional information.
(2) Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S.
11 unchanged sentences
In the following tables, gains/(losses) on trading and derivative instruments are reported in “ Principal transactions ” and gains/(losses) on other investments are reported in “ Other ” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.
−Removed: Three months ended June 30, 2024
+Added: Three months ended December 31, 2024
Level 3 instruments at fair value
−Removed: Financial assets
−Removed: Trading assets Other investments
−Removed: $ in millions Other All other
+Added: Financial assets Financial liabilities
+Added: Trading assets Derivative assets
+Added: Other investments
+Added: Derivative liabilities
+Added: $ in millions Other Other
+Added: All other Other
Fair value beginning of period
+Added: $ 3 $ 4 $ 7 $ —
Total gains/(losses) included in earnings — ( 4 ) — ( 2 )
4 unchanged sentences
Fair value end of period
+Added: $ 2 $ — $ 7 $ ( 2 )
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
−Removed: Nine months ended June 30, 2024
+Added: $ ( 3 ) $ — $ — $ ( 6 )
+Added: Three months ended December 31, 2023
Level 3 instruments at fair value
10 unchanged sentences
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Three months ended June 30, 2023
−Removed: Level 3 instruments at fair value
−Removed: Financial assets Financial liabilities
−Removed: Trading assets Other investments Derivative liabilities
−Removed: $ in millions Other All other Other
−Removed: Fair value beginning of period
−Removed: $ 3 $ 28 $ ( 4 )
−Removed: Total gains/(losses) included in earnings ( 1 ) 1 —
−Removed: Purchases and contributions
−Removed: Sales and distributions
−Removed: Into Level 3 — — —
−Removed: Out of Level 3 — — —
−Removed: Fair value end of period
−Removed: $ 9 $ 29 $ ( 4 )
−Removed: Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
−Removed: Nine months ended June 30, 2023
−Removed: Level 3 instruments at fair value
−Removed: Financial assets Financial liabilities
−Removed: Trading assets Other investments Derivative liabilities
−Removed: $ in millions Other All other Other
−Removed: Fair value beginning of period
−Removed: $ 1 $ 29 $ ( 3 )
−Removed: Total gains/(losses) included in earnings
−Removed: ( 1 ) — ( 1 )
−Removed: Purchases and contributions
−Removed: Sales, distributions, and deconsolidations ( 46 ) — —
−Removed: Into Level 3 — — —
−Removed: Out of Level 3 — — —
−Removed: Fair value end of period
−Removed: $ 9 $ 29 $ ( 4 )
−Removed: Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
−Removed: $ 1 $ — $ ( 1 )
−Removed: As of June 30, 2024, 13 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.
−Removed: In comparison, as of September 30, 2023, 14 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.
−Removed: As of both June 30, 2024 and September 30, 2023, Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.
+Added: As of both December 31, 2024 and September 30, 2024, 12 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.
+Added: As of both December 31, 2024 and September 30, 2024, 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
1 unchanged sentence
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.
−Removed: Our private equity portfolio as of June 30, 2024 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.
+Added: Our private equity portfolio as of December 31, 2024 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.
5 unchanged sentences
$ in millions Recorded value Unfunded commitment
−Removed: June 30, 2024
+Added: December 31, 2024
Private equity investments measured at NAV $ 104 $ 25
11 unchanged sentences
(weighted-average)
−Removed: June 30, 2024
+Added: December 31, 2024
Residential mortgage loans $ 2 $ 7 $ 9 Collateral or
12 unchanged sentences
Recovery rate 0 % - 37 % ( 37 %)
−Removed: 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.
5 unchanged sentences
Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition.
−Removed: The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at June 30, 2024 and September 30, 2023.
+Added: 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, 2024 and September 30, 2024.
This table excludes financial instruments that are carried at amounts which approximate fair value.
1 unchanged sentence
$ in millions Level 2 Level 3 Total estimated fair value Carrying amount
−Removed: June 30, 2024
+Added: December 31, 2024
Financial assets:
17 unchanged sentences
NOTE 4 – AVAILABLE-FOR-SALE SECURITIES
−Removed: 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.
−Removed: See Note 3 for additional information regarding the fair value of available-for-sale securities.
+Added: See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities.
+Added: See Note 3 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.
$ in millions Cost basis Gross
1 unchanged sentence
unrealized losses Fair value
−Removed: June 30, 2024
+Added: December 31, 2024
Agency residential MBS $ 3,975 $ — $ ( 411 ) $ 3,564
1 unchanged sentence
Agency CMOs 1,372 — ( 195 ) 1,177
+Added: Treasuries 642 — ( 1 ) 641
Other agency obligations 505 — ( 8 ) 497
Non-agency residential MBS 532 1 ( 45 ) 488
−Removed: Treasuries 949 — ( 4 ) 945
Corporate bonds 107 1 ( 1 ) 107
5 unchanged sentences
Agency CMOs 1,394 1 ( 170 ) 1,225
+Added: Treasuries 706 — ( 2 ) 704
Other agency obligations 565 — ( 6 ) 559
Non-agency residential MBS 553 1 ( 27 ) 527
−Removed: Treasuries 1,261 — ( 21 ) 1,240
Corporate bonds 107 1 ( 2 ) 106
1 unchanged sentence
Total available-for-sale securities $ 8,906 $ 7 $ ( 653 ) $ 8,260
−Removed: The amortized costs and fair values in the preceding table exclude $ 28 million of accrued interest on available-for-sale securities as of both June 30, 2024 and September 30, 2023, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.
−Removed: See Note 6 for more information regarding available-for-sale securities pledged with the FHLB and FRB.
+Added: The amortized costs and fair values in the preceding table exclude $ 23 million of accrued interest on available-for-sale securities as of both December 31, 2024 and September 30, 2024 which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.
+Added: See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.
RAYMOND JAMES FINANCIAL, INC.
4 unchanged sentences
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.
−Removed: 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 June 30, 2024.
−Removed: June 30, 2024
+Added: 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, 2024.
+Added: December 31, 2024
$ in millions Within one year After one but
18 unchanged sentences
— % — % 1.43 % 1.95 % 1.94 %
−Removed: Other agency obligations
Amortized cost
3 unchanged sentences
4.18 % 4.40 % — % — % 4.30 %
−Removed: Non-agency residential MBS
+Added: Other agency obligations
Amortized cost
3 unchanged sentences
2.75 % 3.57 % 2.42 % 3.07 % 3.05 %
+Added: Non-agency residential MBS
Amortized cost
28 unchanged sentences
losses Fair value Unrealized
−Removed: June 30, 2024
+Added: December 31, 2024
Agency residential MBS
3 unchanged sentences
94 ( 1 ) 1,038 ( 194 ) 1,132 ( 195 )
+Added: Treasuries 75 — 61 ( 1 ) 136 ( 1 )
Other agency obligations 10 — 487 ( 8 ) 497 ( 8 )
Non-agency residential MBS 22 — 392 ( 45 ) 414 ( 45 )
−Removed: Treasuries — — 525 ( 4 ) 525 ( 4 )
Corporate bonds 5 — 33 ( 1 ) 38 ( 1 )
7 unchanged sentences
30 — 1,114 ( 170 ) 1,144 ( 170 )
+Added: Treasuries 475 — 229 ( 2 ) 704 ( 2 )
Other agency obligations 10 — 539 ( 6 ) 549 ( 6 )
Non-agency residential MBS — — 417 ( 27 ) 417 ( 27 )
−Removed: Treasuries 120 — 995 ( 21 ) 1,115 ( 21 )
Corporate bonds — — 42 ( 2 ) 42 ( 2 )
1 unchanged sentence
$ 515 $ — $ 7,311 $ ( 653 ) $ 7,826 $ ( 653 )
−Removed: At June 30, 2024, of the 1,000 available-for-sale securities in an unrealized loss position, 17 were in a continuous unrealized loss position for less than 12 months and 983 securities were in a continuous unrealized loss position for greater than 12 months.
−Removed: At June 30, 2024, 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 $ 4.36 billion and $ 2.66 billion, respectively, and fair values of $ 3.86 billion and $ 2.33 billion, respectively.
−Removed: During the three and nine months ended June 30, 2024 and 2023, there were no sales of available-for-sale securities.
+Added: At December 31, 2024, of the 851 available-for-sale securities in an unrealized loss position, 41 were in a continuous unrealized loss position for less than 12 months and 810 securities were in a continuous unrealized loss position for greater than 12 months.
+Added: At December 31, 2024, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 3.99 billion and $ 2.43 billion, respectively, and fair values of $ 3.57 billion and $ 2.14 billion, respectively.
+Added: During the three months ended December 31, 2024, we received proceeds of $ 78 million from sales of available-for-sale securities resulting in $ 2 million of losses.
+Added: Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the three months ended December 31, 2024.
+Added: During the three months ended December 31, 2023, there were no sales of available-for-sale securities.
RAYMOND JAMES FINANCIAL, INC.
7 unchanged sentences
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.
−Removed: June 30, 2024 September 30, 2023
+Added: December 31, 2024 September 30, 2024
$ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount
28 unchanged sentences
The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments.
+Added: These amounts do not include any offsetting gains/(losses) on the related hedged item.
These gains/(losses) included any amounts reclassified from AOCI to net income during the period.
See Note 16 for additional information.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
3 unchanged sentences
$ 63 $ ( 43 )
−Removed: There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2024 and 2023.
+Added: 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, 2024 and 2023.
We expect to reclassify $ 15 million of interest expense out of AOCI and into earnings within the next 12 months.
5 unchanged sentences
These amounts do not include any offsetting gains/(losses) on the related hedged item.
−Removed: $ in millions Three months ended June 30, Nine months ended June 30,
+Added: $ in millions Three months ended December 31,
Location of gain/(loss) 2024 2023
Interest rate
−Removed: Principal transactions/other revenues $ 3 $ 6 $ 7 $ 17
−Removed: Foreign exchange Other revenues $ 11 $ ( 20 ) $ 3 $ ( 56 )
+Added: Principal transactions/other revenue
+Added: Foreign exchange (1)
+Added: Other revenue
+Added: $ 61 $ ( 33 )
Other Principal transactions $ ( 6 ) $ —
+Added: (1) For the three months ended December 31, 2024 and 2023, we recognized offsetting losses of $ 59 million and offsetting gains of $ 35 million, respectively, on the related hedged item, which were included in “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income .
Risks associated with our derivatives and related risk mitigation
11 unchanged sentences
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.
−Removed: The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was $ 2 million as of June 30, 2024 and $ 3 million as of September 30, 2023.
+Added: The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either December 31, 2024 or September 30, 2024.
RAYMOND JAMES FINANCIAL, INC.
11 unchanged sentences
$ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total
−Removed: June 30, 2024
+Added: December 31, 2024
Gross amounts of recognized assets/liabilities $ 267 $ 263 $ 530 $ 307 $ 461 $ 768
13 unchanged sentences
Such secured borrowings have no stated maturity and are generally overnight and continuous.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Repurchase agreements:
13 unchanged sentences
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.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Collateral we received that was available to be delivered or repledged $ 3,770 $ 3,800
1 unchanged sentence
Encumbered assets
−Removed: We also 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.
+Added: 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.
The following table presents information about our assets that have been pledged for such purposes.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Had the right to deliver or repledge $ 1,230 $ 1,281
Did not have the right to deliver or repledge $ 66 $ 66
−Removed: We also 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.
−Removed: The FHLB does not have the ability to sell or repledge such securities until they are borrowed against.
+Added: 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.
−Removed: The FRB does not have the ability to sell or repledge such securities.
+Added: Both the FHLB and the FRB do not have the ability to sell or repledge such loans and securities.
For additional information regarding our outstanding FHLB advances see Note 13.
The following table presents information about our assets that have been pledged with the FHLB or FRB.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Assets pledged with the FHLB or FRB:
10 unchanged sentences
SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt.
−Removed: 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.
+Added: See Note 2 of our 2024 Form 10-K for a discussion of our 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”).
−Removed: 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.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
SBL $ 16,869 $ 16,233
12 unchanged sentences
Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 205 $ 214
−Removed: (1) Bank loans, net as of June 30, 2024 and September 30, 2023 are presented net of $ 8 million and $ 52 million, respectively, of net unamortized discounts, unearned income, and deferred loan fees and costs, which included $ 51 million and $ 84 million, respectively, of net unamortized discounts that arose from the acquisition date fair value purchase discount on bank loans acquired in the TriState Capital Holdings, Inc.
−Removed: (“TriState Capital”) acquisition.
−Removed: See Note 3 of our 2023 Form 10-K for additional information.
−Removed: See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB and Note 14 for additional information regarding borrowings from the FHLB.
+Added: See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB.
Held for sale loans
−Removed: We originated or purchased $ 856 million and $ 1.85 billion of loans held for sale during the three and nine months ended June 30, 2024, respectively, and $ 699 million and $ 2.13 billion during the three and nine months ended June 30, 2023, respectively.
+Added: We originated or purchased $ 706 million and $ 441 million of loans held for sale during the three months ended December 31, 2024 and 2023, 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.
−Removed: Proceeds from the sales of these loans held for sale and not securitized amounted to $ 200 million and $ 443 million during the three and nine months ended June 30, 2024, respectively, and $ 221 million and $ 574 million during the three and nine months ended June 30, 2023, respectively.
−Removed: Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2024 and 2023.
+Added: Proceeds from the sales of these loans held for sale and not securitized amounted to $ 165 million and $ 102 million during the three months ended December 31, 2024 and 2023, respectively.
+Added: Net gains resulting from such sales were insignificant for each of the three months ended December 31, 2024 and 2023.
RAYMOND JAMES FINANCIAL, INC.
3 unchanged sentences
The following table presents purchases and sales of loans held for investment by portfolio segment.
−Removed: $ in millions C&I loans CRE loans REIT loans Residential mortgage loans Total
−Removed: Three months ended June 30, 2024
−Removed: Purchases $ 218 $ — $ 5 $ 112 $ 335
−Removed: Sales $ 159 $ — $ — $ — $ 159
−Removed: Nine months ended June 30, 2024
−Removed: Purchases $ 738 $ — $ 5 $ 234 $ 977
−Removed: Sales $ 322 $ — $ 9 $ — $ 331
−Removed: Three months ended June 30, 2023
+Added: $ in millions C&I loans Residential mortgage loans Total
+Added: Three months ended December 31, 2024
Purchases $ 242 $ 65 $ 307
Sales $ 48 $ — $ 48
−Removed: Nine months ended June 30, 2023
+Added: Three months ended December 31, 2023
Purchases $ 206 $ 45 $ 251
5 unchanged sentences
$ 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
−Removed: June 30, 2024
+Added: December 31, 2024
SBL $ 1 $ — $ 1 $ — $ — $ 16,868 $ 16,869
13 unchanged sentences
Total loans held for investment $ 6 $ — $ 6 $ 144 $ 31 $ 46,086 $ 46,267
−Removed: The preceding table includes $ 56 million and $ 96 million at June 30, 2024 and September 30, 2023, respectively, of nonaccrual loans which were current pursuant to their contractual terms.
−Removed: In the normal course of business, we may modify the original terms of a loan agreement.
+Added: The preceding table includes $ 72 million and $ 89 million at December 31, 2024 and September 30, 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.
+Added: As more fully described in Note 2 of our 2024 Form 10-K, 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.
−Removed: Modifications of loans to borrowers experiencing financial difficulty are designed to reduce our loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy.
−Removed: Loan modifications to borrowers experiencing financial difficulty typically involve principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (i.e., payment or maturity forbearance greater than six months), or a term extension, or any combination thereof.
−Removed: Modified loans to
+Added: Loans to borrowers experiencing financial difficulty modified during the three months ended December 31, 2024 were not significant.
RAYMOND JAMES FINANCIAL, INC.
1 unchanged sentence
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: borrowers experiencing financial difficulty are subject to our nonaccrual policies.
−Removed: Loans to borrowers experiencing financial difficulty which were modified during the three and nine months ended June 30, 2024 were not significant.
−Removed: Prior to September 30, 2023, loan modifications to borrowers experiencing financial difficulty, to the extent significant, were considered TDRs.
−Removed: On October 1, 2023, we adopted ASU 2022-02, which eliminated the recognition and measurement guidance for TDRs.
−Removed: See Note 2 for additional information about this guidance.
−Removed: 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.
−Removed: Other real estate owned, included in “Other assets” on our Condensed Consolidated Statements of Financial Condition, was insignificant at both June 30, 2024 and September 30, 2023.
Collateral-dependent loans
2 unchanged sentences
The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.
−Removed: $ in millions Nature of collateral June 30, 2024 September 30, 2023
+Added: $ in millions Nature of collateral December 31, 2024 September 30, 2024
C&I loans Commercial real estate and other business assets $ 9 $ 9
1 unchanged sentence
Residential mortgage loans Single family homes $ 10 $ 8
−Removed: CRE collateral dependent loans as of June 30, 2024 included certain loans that were placed on nonaccrual status with an associated allowance during the nine months ended June 30, 2024.
−Removed: The recorded investments in residential mortgage loans secured by one-to-four family residential properties for which formal foreclosure proceedings were in process were $ 2 million and $ 4 million as of June 30, 2024 and September 30, 2023, respectively.
Credit quality indicators
16 unchanged sentences
Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.
−Removed: As of and for the nine months ended June 30, 2024
+Added: As of and for the three months ended December 31, 2024
Loans by origination fiscal year
3 unchanged sentences
— — — — — — — —
−Removed: Substandard (1)
— — — — — — — —
40 unchanged sentences
$ — $ — $ — $ — $ — $ — $ — $ —
−Removed: (1) As of June 30, 2024, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market.
RAYMOND JAMES FINANCIAL, INC.
1 unchanged sentence
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: September 30, 2023
+Added: As of and for the year ended September 30, 2024
Loans by origination fiscal year
6 unchanged sentences
Total SBL $ 133 $ 30 $ 15 $ 76 $ 27 $ 52 $ 15,900 $ 16,233
+Added: Gross charge-offs
+Added: $ — $ — $ — $ — $ — $ — $ — $ —
Pass $ 616 $ 454 $ 1,178 $ 716 $ 586 $ 3,287 $ 2,966 $ 9,803
3 unchanged sentences
Total C&I loans $ 616 $ 458 $ 1,179 $ 716 $ 686 $ 3,318 $ 2,980 $ 9,953
+Added: Gross charge-offs
+Added: $ — $ — $ — $ 3 $ 4 $ 38 $ — $ 45
Pass $ 873 $ 1,156 $ 2,082 $ 930 $ 706 $ 1,111 $ 435 $ 7,293
3 unchanged sentences
Total CRE loans $ 873 $ 1,244 $ 2,167 $ 935 $ 729 $ 1,216 $ 451 $ 7,615
+Added: Gross charge-offs
+Added: $ — $ — $ — $ — $ — $ 21 $ — $ 21
Pass $ 172 $ 250 $ 167 $ 135 $ 55 $ 195 $ 564 $ 1,538
3 unchanged sentences
Total REIT loans $ 172 $ 269 $ 167 $ 135 $ 95 $ 195 $ 683 $ 1,716
+Added: Gross charge-offs
+Added: $ — $ — $ — $ — $ — $ — $ — $ —
Residential mortgage loans
4 unchanged sentences
Total residential mortgage loans $ 1,373 $ 1,637 $ 2,734 $ 1,494 $ 858 $ 1,277 $ 39 $ 9,412
+Added: Gross charge-offs
+Added: $ — $ — $ — $ — $ — $ — $ — $ —
Tax-exempt loans
4 unchanged sentences
Total tax-exempt loans $ 62 $ 57 $ 248 $ 153 $ 52 $ 766 $ — $ 1,338
−Removed: (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.
+Added: Gross charge-offs
+Added: $ — $ — $ — $ — $ — $ — $ — $ —
+Added: (1) As of September 30, 2024, these balances related to loans which were collateralized by private securities or other financial instruments with a limited trading market.
RAYMOND JAMES FINANCIAL, INC.
5 unchanged sentences
The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.
−Removed: June 30, 2024
+Added: December 31, 2024
Loans by origination fiscal year
27 unchanged sentences
$ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total
−Removed: Three months ended June 30, 2024
−Removed: Balance at beginning of period
−Removed: $ 6 $ 196 $ 181 $ 19 $ 67 $ 2 $ 471
−Removed: Provision/(benefit) for credit losses ( 1 ) ( 20 ) 16 1 ( 6 ) — ( 10 )
−Removed: Net (charge-offs)/recoveries:
−Removed: Charge-offs — ( 6 ) ( 1 ) — — — ( 7 )
−Removed: Recoveries — — — — 1 — 1
−Removed: Net (charge-offs)/recoveries
−Removed: — ( 6 ) ( 1 ) — 1 — ( 6 )
−Removed: Foreign exchange translation adjustment
−Removed: — — 1 — — — 1
−Removed: Balance at end of period
−Removed: $ 5 $ 170 $ 197 $ 20 $ 62 $ 2 $ 456
−Removed: Nine months ended June 30, 2024
+Added: Three months ended December 31, 2024
Balance at beginning of period
11 unchanged sentences
ACL by loan portfolio segment as a % of total ACL 1.1 % 38.9 % 39.2 % 6.0 % 14.4 % 0.4 % 100.0 %
−Removed: Three months ended June 30, 2023
−Removed: Balance at beginning of period
−Removed: $ 5 $ 219 $ 100 $ 15 $ 74 $ 2 $ 415
−Removed: Provision/(benefit) for credit losses — ( 8 ) 55 1 6 — 54
−Removed: Net (charge-offs)/recoveries:
−Removed: Charge-offs — ( 6 ) ( 9 ) — — — ( 15 )
−Removed: Recoveries — — — — — — —
−Removed: Net (charge-offs)/recoveries — ( 6 ) ( 9 ) — — — ( 15 )
−Removed: Foreign exchange translation adjustment
−Removed: — 1 1 — — — 2
−Removed: Balance at end of period
−Removed: $ 5 $ 206 $ 147 $ 16 $ 80 $ 2 $ 456
−Removed: Nine months ended June 30, 2023
+Added: Three months ended December 31, 2023
Balance at beginning of period
11 unchanged sentences
ACL by loan portfolio segment as a % of total ACL 1.5 % 44.1 % 36.3 % 3.5 % 14.2 % 0.4 % 100.0 %
−Removed: The allowance for credit losses on held for investment bank loans decreased $ 15 million during the three months ended June 30, 2024, primarily resulting from a bank loan benefit for credit losses of $ 10 million and net charge-offs on certain loans in the current quarter.
−Removed: The bank loan benefit for credit losses for the three months ended June 30, 2024 primarily reflected the positive impacts of net loan repayments, sales, and improved loan grades on the C&I loan portfolio, and an improvement in forecasted home prices on the residential mortgage portfolio, partially offset by the impact of loan downgrades in our CRE portfolio.
−Removed: The allowance for credit losses on held for investment bank loans decreased $ 18 million during the nine months ended June 30, 2024, primarily resulting from net-charges off during the period, partially offset by the bank loan provision for credit losses of $ 23 million.
−Removed: The bank loan provision for credit losses for the nine months ended June 30, 2024 primarily reflected the impacts
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: of loan growth, specific reserves, loan downgrades, and charge-offs in our C&I and CRE loan portfolios, partially offset by the favorable impacts of an improved economic forecast, loan repayments, and loan sales.
−Removed: The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 22 million, $ 20 million, and $ 22 million at June 30, 2024, March 31, 2024, and September 30, 2023, respectively.
+Added: The allowance for credit losses on held for investment bank loans decreased $ 5 million during the three months ended December 31, 2024, primarily resulting from net charge-offs during the period.
+Added: The bank loan provision for credit losses for the three months ended December 31, 2024 primarily reflected the impacts of an improved macroeconomic forecast and loan repayments on criticized loans, offset by provisions on new loans, loan downgrades, primarily in the CRE and C&I loan portfolios, and charge-offs of certain loans.
+Added: The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 20 million and $ 22 million at December 31, 2024 and September 30, 2024, respectively.
NOTE 8 – LOANS TO FINANCIAL ADVISORS, NET
2 unchanged sentences
The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Affiliated with the firm as of period-end (1)
8 unchanged sentences
(1) These loans were predominantly current.
−Removed: (2) These loans were predominantly past due for a period of 180 days or more.
+Added: (2) These loans were on nonaccrual status and predominantly past due for a period of 180 days or more.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 9 – VARIABLE INTEREST ENTITIES
7 unchanged sentences
$ in millions Aggregate assets Aggregate liabilities
−Removed: June 30, 2024
+Added: December 31, 2024
Restricted Stock Trust Fund
3 unchanged sentences
Total $ 155 $ 79
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
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.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 20 $ 17
3 unchanged sentences
Noncontrolling interests
−Removed: $ ( 7 ) $ ( 27 )
VIEs where we hold a variable interest but are not the primary beneficiary
4 unchanged sentences
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.
−Removed: June 30, 2024 September 30, 2023
+Added: December 31, 2024 September 30, 2024
$ in millions Aggregate
8 unchanged sentences
Total $ 12,770 $ 4,354 $ 170 $ 12,077 $ 4,098 $ 282
−Removed: NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET
−Removed: Our goodwill and identifiable intangible assets result from various acquisitions.
−Removed: See Notes 2 and 11 of our 2023 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.
−Removed: We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired.
−Removed: We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2024 evaluation date, evaluating balances as of December 31, 2023.
−Removed: In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.
−Removed: Our qualitative assessments considered macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets.
−Removed: We also considered regulatory changes, as well as company-specific factors such as market capitalization, reporting unit specific results, and changes in key personnel and strategy.
−Removed: Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date.
−Removed: Based upon the outcome of our qualitative assessments, no impairment was identified.
−Removed: No events have occurred since such assessments that would cause us to update this impairment testing.
RAYMOND JAMES FINANCIAL, INC.
4 unchanged sentences
See Note 2 of our 2024 Form 10-K for a discussion of our accounting polices related to certain of these components.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Investments in company-owned life insurance policies $ 1,424 $ 1,396
10 unchanged sentences
See Notes 2 and 14 of our 2024 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.
−Removed: $ in millions June 30, 2024 September 30, 2023
−Removed: ROU assets (included in “Other assets”)
+Added: $ in millions December 31, 2024 September 30, 2024
+Added: ROU lease assets (included in “Other assets”)
Lease liabilities (included in “Other payables”)
−Removed: Lease liabilities as of June 30, 2024 excluded $ 17 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.
−Removed: These leases are estimated to commence between dates later in fiscal year 2024 through fiscal year 2025 with lease terms ranging from three to eight years .
+Added: Lease liabilities as of December 31, 2024 excluded $ 29 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.
+Added: These leases are estimated to commence later in fiscal year 2025 with lease terms ranging from approximately two to eight years .
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.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
1 unchanged sentence
Variable lease costs $ 6 $ 9
−Removed: 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.
+Added: 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 lease assets and lease liabilities.
RAYMOND JAMES FINANCIAL, INC.
5 unchanged sentences
The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.
−Removed: June 30, 2024 September 30, 2023
+Added: December 31, 2024 September 30, 2024
$ in millions Balance Weighted-average rate Balance Weighted-average rate
4 unchanged sentences
Total bank deposits $ 55,850 2.78 % $ 56,010 3.18 %
−Removed: Money market and savings accounts in the preceding table included $ 23.37 billion and $ 25.36 billion as of June 30, 2024 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.
+Added: Money market and savings accounts in the preceding table included $ 23.95 billion and $ 23.98 billion as of December 31, 2024 and September 30, 2024, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.
Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”).
−Removed: Total bank deposits in the preceding table included $ 14.04 billion and $ 13.59 billion of deposits as of June 30, 2024 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.
−Removed: Substantially all of the ESP balances are reflected in interest-bearing demand deposits in the preceding table.
+Added: Total bank deposits in the preceding table included $ 13.79 billion and $ 14.02 billion of deposits as of December 31, 2024 and September 30, 2024, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account.
+Added: The vast majority 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 end.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
FDIC-insured bank deposits $ 48,451 $ 48,964
3 unchanged sentences
(1) Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.
−Removed: (2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 962 million and $ 764 million as of June 30, 2024 and September 30, 2023, respectively.
−Removed: 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 June 30, 2024.
−Removed: $ in millions June 30, 2024
+Added: (2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.18 billion and $ 1.05 billion as of December 31, 2024 and September 30, 2024, respectively.
+Added: 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, 2024.
+Added: $ in millions December 31, 2024
Three months or less
7 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: The maturities by fiscal year of our certificates of deposit as of June 30, 2024 are presented in the following table.
+Added: The maturities by fiscal year of our certificates of deposit as of December 31, 2024 are presented in the following table.
$ in millions
2 unchanged sentences
Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
7 unchanged sentences
The following table details the components of our other borrowings.
−Removed: June 30, 2024 September 30, 2023
+Added: December 31, 2024 September 30, 2024
$ in millions Weighted-average interest rate Maturity date Balance Weighted-average interest rate Maturity date Balance
1 unchanged sentence
Floating rate - term
−Removed: 5.64 % March 2025 - December 2025 $ 650 5.62 % December 2023 - March 2025 $ 850
−Removed: Fixed rate 4.62 % September 2024 - December 2028 300 5.70 % December 2023 150
+Added: 4.75 % March 2025 - June 2026 $ 650 5.14 % March 2025 - December 2025 $ 650
+Added: Fixed rate 4.29 % March 2025 - December 2028 300 4.47 % December 2024 - December 2028 300
Total FHLB advances 950 950
2 unchanged sentences
Total other borrowings $ 1,049 $ 1,049
+Added: FHLB advances
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.
−Removed: See Note 2 of our 2023 Form 10-K for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges.
−Removed: See Note 6 for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.
+Added: See Note 2 of our 2024 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.
+Added: See Note 6 of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.
Subordinated notes
−Removed: As of June 30, 2024, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $ 98 million.
+Added: As of December 31, 2024, 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.
7 unchanged sentences
The interest rates on borrowings under the Credit Facility are variable and based on SOFR, as adjusted for RJF’s credit rating.
−Removed: There were no borrowings outstanding on the Credit Facility as of June 30, 2024 or September 30, 2023.
+Added: There were no borrowings outstanding on the Credit Facility as of December 31, 2024 or September 30, 2024.
There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”).
−Removed: Based upon RJF’s credit rating as of June 30, 2024, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.
+Added: Based upon RJF’s credit rating as of December 31, 2024, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.
In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes.
−Removed: Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of June 30, 2024 or September 30, 2023.
+Added: Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of December 31, 2024 or September 30, 2024.
The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.
−Removed: For further information on our other borrowing arrangements refer to Note 16 of our 2023 Form 10-K.
+Added: A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions.
+Added: The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization.
+Added: Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates.
+Added: While we had borrowings outstanding as of December 31, 2024, the clearing organization is under no contractual obligation to lend to us under this arrangement.
+Added: We also have other collateralized financings included in “Collateralized financings” on our Consolidated Statements of Financial Condition.
+Added: See Note 6 for information regarding our other collateralized financing arrangements.
NOTE 14 – INCOME TAXES
5 unchanged sentences
Effective tax rate
−Removed: Our effective income tax rate of 22.1 % for the nine months ended June 30, 2024 was lower than the 23.7 % effective tax rate for our fiscal year 2023.
−Removed: The decrease in the effective income tax rate was primarily due to a larger tax benefit recognized during the current period related to nontaxable valuation gains associated with our company-owned life insurance policies compared to that for the fiscal year 2023, as well as a change in the amount of nondeductible fines and penalties compared to fiscal year 2023.
+Added: Our effective income tax rate of 19.9 % for the three months ended December 31, 2024 was lower than the 21.8 % effective tax rate for our fiscal year 2024.
+Added: The decrease in the effective income tax rate was primarily due to the impact of a larger tax benefit recognized during the current quarter related to share-based compensation that vested during the period, compared with fiscal 2024.
+Added: The benefit was partially offset by the impact of non-taxable gains on our corporate-owned life insurance in fiscal 2024, which did not reoccur in our fiscal first quarter of 2025.
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 $ 22 million due to expiration of statutes of limitations of federal and state tax returns.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE 15 – COMMITMENTS, CONTINGENCIES AND GUARANTEES
2 unchanged sentences
In the normal course of business, we enter into commitments for debt and equity underwritings.
−Removed: As of June 30, 2024, we had no such open underwriting commitments.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: As of December 31, 2024, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.
Lending commitments and other credit-related financial instruments
3 unchanged sentences
The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
SBL and other consumer lines of credit $ 46,111 $ 44,057
10 unchanged sentences
RJ&A enters into margin lending arrangements which allow clients to borrow against the value of qualifying securities.
+Added: Such loans are extended on a demand basis and are generally not committed facilities.
Margin loans are collateralized by the securities held in the client’s account at RJ&A.
3 unchanged sentences
These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer.
−Removed: We had unfunded commitments of $ 11 million for loans to financial advisors who have met such conditions as of June 30, 2024.
Investment commitments
−Removed: We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 80 million as of June 30, 2024.
−Removed: In July 2024, we entered into an agreement to invest approximately $ 90 million in a renewable energy project expected to qualify for tax credits and other tax benefits.
−Removed: Of the total investment, $ 18 million was funded upon the closing of the transaction in July 2024, and we expect to fund the remaining $ 72 million in our fiscal 2025 upon the project satisfying certain conditions.
+Added: We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 76 million as of December 31, 2024.
Other commitments
2 unchanged sentences
RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition.
−Removed: Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships.
−Removed: As of June 30, 2024, RJAHI had committed approximately $ 145 million to project partnerships that had not yet been sold to LIHTC funds.
−Removed: 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.
−Removed: RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.
+Added: Until such investments
RAYMOND JAMES FINANCIAL, INC.
1 unchanged sentence
Notes to Condensed Consolidated Financial Statements (Unaudited)
+Added: are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships.
+Added: As of December 31, 2024, RJAHI had committed approximately $ 48 million to project partnerships that had not yet been sold to LIHTC funds.
+Added: 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.
+Added: 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 2024 Form 10-K.
8 unchanged sentences
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.
−Removed: RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations.
+Added: RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations (“SROs”).
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.
−Removed: 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.
−Removed: As previously disclosed, the firm has been cooperating with the SEC in connection with an investigation of the firm’s compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by the firm.
−Removed: The SEC has reportedly been conducting similar investigations of record preservation practices at other financial institutions.
−Removed: We have reached a settlement in principle with the SEC’s Division of Enforcement to resolve this investigation, which will include the payment of a $ 50 million civil monetary penalty.
−Removed: That amount was accrued within “Other payables” on our Condensed Consolidated Statements of Financial Condition as of June 30, 2024.
−Removed: The settlement is subject to review and final approval by the SEC.
−Removed: Refer to Note 2 of our 2023 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.
+Added: In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things, which can also result in the imposition of such sanctions.
We may contest liability and/or the amount of damages, as appropriate, in each pending matter.
15 unchanged sentences
There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss.
−Removed: With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2024, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 40 million in excess of the aggregate accruals for such matters.
+Added: 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, 2024, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 30 million in excess of the aggregate accruals for such matters.
Refer to Note 2 of our 2024 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.
6 unchanged sentences
For further details regarding our preferred stock see Note 20 of our 2024 Form 10-K.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
2 unchanged sentences
Aggregate liquidation preference $ 81 $ 81
−Removed: 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 and nine months ended June 30, 2024 and 2023.
−Removed: Dividends declared Dividends paid
−Removed: $ in millions, except per share amounts Total dividends Per preferred
−Removed: share amount Total dividends Per preferred
−Removed: Three months ended June 30, 2024
−Removed: Series B Preferred Stock $ 1 $ 15.94 $ 1 $ 15.94
−Removed: Nine months ended June 30, 2024
−Removed: Series B Preferred Stock $ 4 $ 47.82 $ 4 $ 47.82
−Removed: Three months ended June 30, 2023
−Removed: Series A Preferred Stock (1)
+Added: The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three months ended December 31, 2024 and 2023.
+Added: Three months ended December 31,
+Added: $ in millions, except per share amounts 2024 2023
+Added: Dividends declared:
+Added: Total dividends declared
+Added: Dividends declared per preferred share
$ 15.94 $ 15.94
−Removed: Series B Preferred Stock 1 $ 15.94 1 $ 15.94
−Removed: Nine months ended June 30, 2023
−Removed: Series A Preferred Stock (1)
+Added: Dividends paid:
+Added: Total dividends paid
+Added: Dividends paid per preferred share
$ 15.94 $ 15.94
−Removed: Series B Preferred Stock 3 $ 47.82 3 $ 47.82
−Removed: (1) On April 3, 2023, we redeemed all 40,250 outstanding shares of our Series A Preferred Stock with a carrying value of $ 41 million, which triggered the redemption of the related depositary shares, each representing a 1/40th interest of a share of Series A Preferred Stock, for an aggregate redemption value of $ 40 million.
−Removed: Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2023 included dividends declared during the periods, as well as the $ 1 million excess of the carrying value of our Series A Preferred Stock over the redemption value, which was reported as an offset to preferred dividends and increased net income available to common shareholders.
Common equity
−Removed: The following table presents the changes in our common shares outstanding for the three and nine months ended June 30, 2024 and 2023.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: The following table presents the changes in our common shares outstanding for the three months ended December 31, 2024 and 2023.
+Added: Three months ended December 31,
Shares in millions
−Removed: 2024 2023 2024 2023
Balance beginning of period
−Removed: 207.3 211.6 208.8 215.1
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization
2 unchanged sentences
Balance end of period
−Removed: 205.6 208.5 205.6 208.5
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 2024 Form 10-K for additional information on these programs.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
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.
−Removed: In November 2023, our Board of Directors authorized common stock repurchases of up to $ 1.5 billion, which replaced the previous authorization.
+Added: In December 2024, 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.
−Removed: During the three months ended June 30, 2024, we repurchased 2.0 million shares of our common stock for $ 243 million at an average price of $ 121.98 per share under the Board of Directors’ common stock repurchase authorization.
−Removed: During the nine months ended June 30, 2024, we repurchased 5.1 million shares of our common stock for $ 600 million at an average price of $ 117.71 per share.
−Removed: As of June 30, 2024, $ 944 million remained available under the Board of Directors’ common stock repurchase authorization.
+Added: During the three months ended December 31, 2024, we repurchased 310 thousand shares of our common stock for $ 50 million at an average price of $ 161.13 per share.
+Added: As of December 31, 2024, $ 1.45 billion remained available under the Board of Directors’ common stock repurchase authorization.
+Added: RAYMOND JAMES FINANCIAL, INC.
+Added: AND SUBSIDIARIES
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
Common stock dividends
Dividends per common share declared and paid are detailed in the following table for each respective period.
−Removed: Three months ended June 30, Nine months ended June 30,
−Removed: 2024 2023 2024 2023
+Added: Three months ended December 31,
Dividends per common share - declared $ 0.50 $ 0.45
1 unchanged sentence
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.
−Removed: Three months ended June 30, Nine months ended June 30,
−Removed: 2024 2023 2024 2023
+Added: Three months ended December 31,
Dividend payout ratio
12 unchanged sentences
net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total
−Removed: Three months ended June 30, 2024
−Removed: AOCI as of beginning of period $ 143 $ ( 198 ) $ ( 55 ) $ ( 698 ) $ 29 $ ( 724 )
−Removed: OCI before reclassifications and taxes 14 ( 12 ) 2 14 4 20
−Removed: Amounts reclassified from AOCI, before tax — — — — ( 7 ) ( 7 )
−Removed: Pre-tax net OCI 14 ( 12 ) 2 14 ( 3 ) 13
−Removed: Income tax effect ( 4 ) — ( 4 ) ( 3 ) 1 ( 6 )
−Removed: OCI for the period, net of tax 10 ( 12 ) ( 2 ) 11 ( 2 ) 7
−Removed: AOCI as of end of period $ 153 $ ( 210 ) $ ( 57 ) $ ( 687 ) $ 27 $ ( 717 )
−Removed: Nine months ended June 30, 2024
−Removed: AOCI as of beginning of period $ 143 $ ( 216 ) $ ( 73 ) $ ( 942 ) $ 44 $ ( 971 )
−Removed: OCI before reclassifications and taxes 14 6 20 338 4 362
−Removed: Amounts reclassified from AOCI, before tax — — — — ( 26 ) ( 26 )
−Removed: Pre-tax net OCI 14 6 20 338 ( 22 ) 336
−Removed: Income tax effect ( 4 ) — ( 4 ) ( 83 ) 5 ( 82 )
−Removed: OCI for the period, net of tax 10 6 16 255 ( 17 ) 254
−Removed: AOCI as of end of period $ 153 $ ( 210 ) $ ( 57 ) $ ( 687 ) $ 27 $ ( 717 )
−Removed: Three months ended June 30, 2023
+Added: Three months ended December 31, 2024
AOCI as of beginning of period $ 145 $ ( 169 ) $ ( 24 ) $ ( 485 ) $ 7 $ ( 502 )
5 unchanged sentences
AOCI as of end of period $ 202 $ ( 279 ) $ ( 77 ) $ ( 591 ) $ 13 $ ( 655 )
−Removed: Nine months ended June 30, 2023
+Added: Three months ended December 31, 2023
AOCI as of beginning of period $ 143 $ ( 216 ) $ ( 73 ) $ ( 942 ) $ 44 $ ( 971 )
5 unchanged sentences
AOCI as of end of period $ 121 $ ( 165 ) $ ( 44 ) $ ( 672 ) $ 23 $ ( 693 )
−Removed: Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2024 and 2023 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.
+Added: Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2024 were recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.
+Added: Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2023 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.
8 unchanged sentences
See Note 26 of our 2024 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments.
−Removed: Three months ended June 30, 2024
+Added: Three months ended December 31, 2024
$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
34 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Three months ended June 30, 2023
−Removed: $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
−Removed: Asset management and related administrative fees $ 1,164 $ 1 $ 217 $ — $ ( 9 ) $ 1,373
−Removed: Brokerage revenues:
−Removed: Securities commissions:
−Removed: Mutual and other fund products 135 1 2 — ( 1 ) 137
−Removed: Insurance and annuity products 103 — — — — 103
−Removed: Equities, ETFs and fixed income products 86 31 — — ( 1 ) 116
−Removed: Subtotal securities commissions 324 32 2 — ( 2 ) 356
−Removed: Principal transactions (1)
−Removed: 25 78 — 3 ( 1 ) 105
−Removed: Total brokerage revenues 349 110 2 3 ( 3 ) 461
−Removed: Account and service fees:
−Removed: Mutual fund and annuity service fees 103 — — — — 103
−Removed: RJBDP fees 384 1 — — ( 278 ) 107
−Removed: Client account and other fees 59 2 5 — ( 12 ) 54
−Removed: Total account and service fees 546 3 5 — ( 290 ) 264
−Removed: Investment banking:
−Removed: Merger & acquisition and advisory — 88 — — — 88
−Removed: Equity underwriting 9 25 — — 1 35
−Removed: Debt underwriting — 28 — — — 28
−Removed: Total investment banking 9 141 — — 1 151
−Removed: Affordable housing investments business revenues — 21 — — — 21
−Removed: All other (1)
−Removed: 25 — — 14 ( 3 ) 36
−Removed: Total other 25 21 — 14 ( 3 ) 57
−Removed: Total non-interest revenues 2,093 276 224 17 ( 304 ) 2,306
−Removed: Interest income (1)
−Removed: 114 21 2 826 24 987
−Removed: Total revenues 2,207 297 226 843 ( 280 ) 3,293
−Removed: Interest expense ( 25 ) ( 21 ) — ( 329 ) ( 11 ) ( 386 )
−Removed: Net revenues $ 2,182 $ 276 $ 226 $ 514 $ ( 291 ) $ 2,907
−Removed: (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Nine months ended June 30, 2024
−Removed: $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
−Removed: Asset management and related administrative fees $ 3,838 $ 1 $ 720 $ — $ ( 25 ) $ 4,534
−Removed: Brokerage revenues:
−Removed: Securities commissions:
−Removed: Mutual and other fund products 419 4 4 — ( 3 ) 424
−Removed: Insurance and annuity products 382 — — — — 382
−Removed: Equities, ETFs and fixed income products
−Removed: 313 101 — — ( 7 ) 407
−Removed: Subtotal securities commissions 1,114 105 4 — ( 10 ) 1,213
−Removed: Principal transactions (1)
−Removed: 84 278 — 7 — 369
−Removed: Total brokerage revenues 1,198 383 4 7 ( 10 ) 1,582
−Removed: Account and service fees:
−Removed: Mutual fund and annuity service fees 339 — 7 — ( 1 ) 345
−Removed: RJBDP fees 1,088 4 — — ( 631 ) 461
−Removed: Client account and other fees 195 4 9 — ( 32 ) 176
−Removed: Total account and service fees 1,622 8 16 — ( 664 ) 982
−Removed: Investment banking:
−Removed: Merger & acquisition and advisory — 316 — — — 316
−Removed: Equity underwriting 29 82 — — — 111
−Removed: Debt underwriting — 116 — — — 116
−Removed: Total investment banking 29 514 — — — 543
−Removed: Affordable housing investments business revenues — 75 — — — 75
−Removed: All other (1)
−Removed: 23 3 2 31 ( 14 ) 45
−Removed: Total other 23 78 2 31 ( 14 ) 120
−Removed: Total non-interest revenues 6,710 984 742 38 ( 713 ) 7,761
−Removed: Interest income (1)
−Removed: 361 81 10 2,607 100 3,159
−Removed: Total revenues 7,071 1,065 752 2,645 ( 613 ) 10,920
−Removed: Interest expense ( 88 ) ( 76 ) — ( 1,362 ) ( 35 ) ( 1,561 )
−Removed: Net revenues $ 6,983 $ 989 $ 752 $ 1,283 $ ( 648 ) $ 9,359
−Removed: (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: Nine months ended June 30, 2023
+Added: Three months ended December 31, 2023
$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total
30 unchanged sentences
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
−Removed: At June 30, 2024 and September 30, 2023, net receivables related to contracts with customers were $ 595 million and $ 519 million, respectively.
+Added: At December 31, 2024 and September 30, 2024, net receivables related to contracts with customers were $ 454 million and $ 600 million, respectively.
RAYMOND JAMES FINANCIAL, INC.
3 unchanged sentences
The following table details the components of interest income and interest expense.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
4 unchanged sentences
Available-for-sale securities
−Removed: 55 56 167 163
Brokerage client receivables 45 45
5 unchanged sentences
Bank deposits
−Removed: $ 446 $ 312 1,318 $ 690
Trading liabilities — debt securities 11 11
4 unchanged sentences
Total interest expense
−Removed: $ 534 $ 386 $ 1,561 $ 911
Net interest income $ 529 $ 546
−Removed: Bank loan provision/(benefit) for credit losses
−Removed: ( 10 ) 54 23 96
−Removed: Net interest income after bank loan provision/(benefit) for credit losses
−Removed: $ 533 $ 547 $ 1,575 $ 1,722
+Added: Bank loan provision for credit losses
+Added: Net interest income after bank loan provision for credit losses
Interest expense related to bank deposits in the preceding table excludes interest expense associated with affiliate deposits, which has been eliminated in consolidation.
7 unchanged sentences
Restricted stock units
−Removed: During the three and nine months ended June 30, 2024, we granted approximately 90 thousand and 1.9 million RSUs, respectively, with a weighted-average grant-date fair value of $ 125.42 and $ 108.09 , respectively, compared with approximately 47 thousand and 2.1 million RSUs granted during the three and nine months ended June 30, 2023, respectively, with a weighted-average grant-date fair value of $ 90.86 and $ 116.18 , respectively.
−Removed: For the three and nine months ended June 30, 2024, total share-based compensation amortization related to RSUs was $ 51 million and $ 191 million, respectively, compared with $ 50 million and $ 180 million for the three and nine months ended June 30, 2023, respectively.
−Removed: As of June 30, 2024, there were $ 337 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2024.
+Added: During the three months ended December 31, 2024, we granted approximately 1.3 million RSUs with a weighted-average grant-date fair value of $ 163.63 , compared with approximately 1.7 million RSUs granted during the three months ended December 31, 2023, with a weighted-average grant-date fair value of $ 106.68 .
+Added: For the three months ended December 31, 2024, total share-based compensation amortization related to RSUs was $ 91 million, compared with $ 87 million for the three months ended December 31, 2023.
+Added: As of December 31, 2024, there were $ 388 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, 2024.
These costs are expected to be recognized over a weighted-average period of three years .
3 unchanged sentences
Restricted stock awards
−Removed: 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.
−Removed: See Note 23 of our 2023 Form 10-K for further discussion of these awards.
−Removed: For the three and nine months ended June 30, 2024 total share-based compensation amortization related to these RSAs was $ 1 million and $ 5 million, respectively, compared with $ 2 million and $ 7 million for the three and nine months ended June 30, 2023, respectively.
−Removed: As of June 30, 2024, there were $ 7 million of total pre-tax compensation costs not yet recognized for these RSAs.
+Added: Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital Holdings, Inc.
+Added: (“TriState Capital”) on June 1, 2022, in accordance with the terms of the acquisition.
+Added: For the three months ended December 31, 2024, total share-based compensation amortization related to these RSAs was $ 1 million, compared with $ 2 million for the three months ended December 31, 2023.
+Added: As of December 31, 2024, there were $ 4 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 .
+Added: See Note 3 of our 2024 Form 10-K for additional information regarding the acquisition of TriState Capital.
NOTE 20 – REGULATORY CAPITAL REQUIREMENTS
1 unchanged sentence
Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements.
−Removed: 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.
+Added: Failure to meet applicable 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”).
1 unchanged sentence
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”).
−Removed: Under these rules, minimum requirements are established for both the quantity and quality of capital held by banking organizations.
+Added: Under these rules, 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.
1 unchanged sentence
We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies.
−Removed: 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.
−Removed: As of June 30, 2024, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.”
+Added: In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements.
+Added: As of December 31, 2024, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements 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 2024 Form 10-K.
−Removed: RAYMOND JAMES FINANCIAL, INC.
−Removed: AND SUBSIDIARIES
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: 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.
−Removed: Actual Requirement for capital
−Removed: adequacy purposes To be well-capitalized
−Removed: under regulatory provisions
−Removed: $ in millions Amount Ratio Amount Ratio Amount Ratio
−Removed: RJF as of June 30, 2024:
−Removed: Tier 1 leverage $ 10,092 12.7 % $ 3,191 4.0 % $ 3,989 5.0 %
−Removed: Tier 1 capital $ 10,092 22.2 % $ 2,726 6.0 % $ 3,635 8.0 %
−Removed: CET1 $ 10,016 22.0 % $ 2,045 4.5 % $ 2,953 6.5 %
−Removed: Total capital $ 10,707 23.6 % $ 3,635 8.0 % $ 4,544 10.0 %
−Removed: RJF as of September 30, 2023:
−Removed: Tier 1 leverage $ 9,321 11.9 % $ 3,123 4.0 % $ 3,904 5.0 %
+Added: To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain tier 1 leverage, tier 1 capital, CET1, and total capital amounts and ratios as set forth in the following table.
+Added: Required ratio (1)
+Added: Well-capitalized
+Added: December 31, 2024 September 30, 2024
+Added: $ in millions Ratio Amount Ratio Amount
+Added: Tier 1 leverage 4.0 % N/A (2)
+Added: 13.0 % $ 10,760 12.8 % $ 10,383
Tier 1 capital 8.5 % 6.0 % 23.7 % $ 10,760 22.8 % $ 10,383
−Removed: CET1 $ 9,245 21.2 % $ 1,960 4.5 % $ 2,831 6.5 %
+Added: CET1 7.0 % N/A (2)
+Added: 23.5 % $ 10,684 22.6 % $ 10,307
Total capital 10.5 % 10.0 % 25.0 % $ 11,372 24.1 % $ 11,001
−Removed: As of June 30, 2024, 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.
−Removed: 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.
−Removed: The increase in risk-weighted assets was primarily driven by increases in brokerage client receivables, other receivables, and our investments in company-owned life insurance policies.
−Removed: RJF’s Tier 1 leverage ratio at June 30, 2024 increased compared to September 30, 2023 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by increases in average bank loans, brokerage client receivables, other receivables and other assets, including investments in company-owned life insurance policies, partially offset by a decline in our available-for-sale securities portfolio.
+Added: (1) Requirements for tier 1 capital, CET1, and total capital included a required capital conservation buffer of 2.5%.
+Added: (2) The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs.
RAYMOND JAMES FINANCIAL, INC.
1 unchanged sentence
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: 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.
−Removed: Our intention is to maintain Raymond James Bank’s and TriState Capital Bank’s “well-capitalized” status.
−Removed: 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.
−Removed: Actual Requirement for capital
−Removed: adequacy purposes To be well-capitalized
−Removed: under regulatory provisions
−Removed: $ in millions Amount Ratio Amount Ratio Amount Ratio
−Removed: Raymond James Bank as of June 30, 2024:
−Removed: Tier 1 leverage $ 3,392 8.2 % $ 1,654 4.0 % $ 2,068 5.0 %
−Removed: Tier 1 capital
−Removed: $ 3,392 14.2 % $ 1,435 6.0 % $ 1,913 8.0 %
−Removed: CET1 $ 3,392 14.2 % $ 1,076 4.5 % $ 1,555 6.5 %
−Removed: Total capital
−Removed: $ 3,693 15.4 % $ 1,913 8.0 % $ 2,392 10.0 %
−Removed: Raymond James Bank as of September 30, 2023:
−Removed: Tier 1 leverage $ 3,355 7.8 % $ 1,710 4.0 % $ 2,137 5.0 %
−Removed: Tier 1 capital $ 3,355 13.7 % $ 1,465 6.0 % $ 1,954 8.0 %
−Removed: CET1 $ 3,355 13.7 % $ 1,099 4.5 % $ 1,587 6.5 %
−Removed: Total capital $ 3,662 15.0 % $ 1,954 8.0 % $ 2,442 10.0 %
−Removed: TriState Capital Bank as of June 30, 2024:
+Added: As of December 31, 2024, RJF’s regulatory capital increased compared with September 30, 2024 driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends.
+Added: RJF’s tier 1 capital and total capital ratios increased compared with September 30, 2024 resulting from the increase in regulatory capital and a slight decrease in risk-weighted assets.
+Added: RJF’s tier 1 leverage ratio at December 31, 2024 increased compared to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by increases in average bank loans and cash, partially offset by a decline in our available-for-sale securities portfolio.
+Added: For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” 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 table.
+Added: Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.
+Added: Required ratio (1)
+Added: Well-capitalized
+Added: December 31, 2024 September 30, 2024
+Added: $ in millions Ratio Amount Ratio Amount
+Added: Raymond James Bank:
Tier 1 leverage 4.0 % 5.0 % 8.2 % $ 3,422 8.1 % $ 3,401
4 unchanged sentences
10.5 % 10.0 % 15.5 % $ 3,725 15.7 % $ 3,698
−Removed: TriState Capital Bank as of September 30, 2023:
+Added: TriState Capital Bank:
Tier 1 leverage 4.0 % 5.0 % 7.2 % $ 1,541 7.5 % $ 1,505
4 unchanged sentences
10.5 % 10.0 % 17.6 % $ 1,598 17.5 % $ 1,558
−Removed: Our bank subsidiaries may pay dividends to RJF without prior approval of their regulators subject to certain restrictions including retained net income and targeted regulatory capital ratios.
−Removed: Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support their balance sheet growth.
+Added: (1) Requirements for tier 1 capital, CET1, and total capital included a capital conservation buffer of 2.5%.
+Added: Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements.
+Added: Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.
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.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Raymond James & Associates, Inc.
5 unchanged sentences
Excess net capital $ 1,015 $ 958
−Removed: As of June 30, 2024, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.
+Added: As of December 31, 2024, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.
RAYMOND JAMES FINANCIAL, INC.
3 unchanged sentences
The following table presents the computation of basic and diluted earnings per common share.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
in millions, except per share amounts 2024 2023
2 unchanged sentences
Less allocation of earnings and dividends to participating securities
−Removed: ( 1 ) ( 1 ) ( 3 ) ( 4 )
Net income available to common shareholders after participating securities $ 598 $ 496
2 unchanged sentences
Less allocation of earnings and dividends to participating securities
−Removed: ( 1 ) ( 1 ) ( 3 ) ( 4 )
Net income available to common shareholders after participating securities $ 598 $ 496
1 unchanged sentence
Average common shares in basic computation
−Removed: 206.8 210.1 207.9 213.0
Dilutive effect of outstanding stock options and certain RSUs
−Removed: 5.5 4.7 5.2 5.0
Average common and common equivalent shares used in diluted computation 209.2 213.8
3 unchanged sentences
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive
−Removed: 0.1 1.8 0.1 1.4
The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of RSAs and certain RSUs, plus an allocation of undistributed earnings to such participating securities.
−Removed: Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2024 and 2023.
−Removed: Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.
+Added: Participating securities and related dividends paid on these participating securities were insignificant for each of the three months ended December 31, 2024 and 2023.
+Added: Undistributed earnings are allocated to participating securities based upon their right to share in earnings as if all earnings for the period had been distributed.
RAYMOND JAMES FINANCIAL, INC.
8 unchanged sentences
The following table presents information concerning operations in these segments.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
2 unchanged sentences
Capital Markets
−Removed: 330 276 989 873
Asset Management
−Removed: 265 226 752 649
−Removed: Bank 418 514 1,283 1,562
Intersegment eliminations
4 unchanged sentences
Capital Markets
−Removed: ( 14 ) ( 34 ) ( 28 ) ( 84 )
Asset Management
−Removed: 112 89 305 251
−Removed: Bank 115 66 282 293
−Removed: ( 10 ) ( 46 ) — ( 51 )
Total pre-tax income $ 749 $ 630
1 unchanged sentence
The following table presents our net interest income on a segment basis.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
1 unchanged sentence
Private Client Group (1)
−Removed: $ 89 $ 89 $ 273 $ 264
Capital Markets
Asset Management
−Removed: Bank 406 497 1,245 1,518
−Removed: Other 22 13 65 28
Net interest income $ 529 $ 546
+Added: (1) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment.
+Added: Prior-period segment results have not been conformed to the current-period presentation.
The following table presents our total assets on a segment basis.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Total assets:
9 unchanged sentences
The following table presents goodwill, which was included in our total assets, on a segment basis.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Private Client Group $ 567 $ 578
5 unchanged sentences
The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.
−Removed: Three months ended June 30, Nine months ended June 30,
+Added: Three months ended December 31,
$ in millions 2024 2023
6 unchanged sentences
Pre-tax income/(loss):
−Removed: $ 615 $ 492 $ 1,801 $ 1,625
−Removed: Canada 31 17 95 84
Europe 18 ( 2 )
Total pre-tax income
−Removed: $ 644 $ 486 $ 1,883 $ 1,695
The following table presents our total assets by major geographic area in which they were held.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
Total assets:
4 unchanged sentences
The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.
−Removed: $ in millions June 30, 2024 September 30, 2023
+Added: $ in millions December 31, 2024 September 30, 2024
$ 1,250 $ 1,250
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.