<ARTICLE> BD
<RESTATED> 
<MULTIPLIER> 1,000
       
                                                       
<PERIOD-TYPE>                  12-MOS      3-MOS       6-MOS       9-MOS
<FISCAL-YEAR-END>              DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START>                 JAN-01-1996 JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END>                   DEC-31-1996 MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH>                               49387      107043       26776    36605
<RECEIVABLES>                      1313572     1248783     1364529  1428635
<SECURITIES-RESALE>                  81631      271587      231867   336640
<SECURITIES-BORROWED>                    0<F1>       0<F1>       0<F1>    0<F1>
<INSTRUMENTS-OWNED>                 288824      450589      508422   525750
<PP&E>                               32946       33715       36278    39245
<TOTAL-ASSETS>                     1827425     2172110     2229250  2503893
<SHORT-TERM>                         25000      206301      206655    95000
<PAYABLES>                         1246848     1254986     1287553  1502552
<REPOS-SOLD>                         57967       68561      109563   162046
<SECURITIES-LOANED>                      0<F2>       0<F2>       0<F2>    0<F2>
<INSTRUMENTS-SOLD>                   58805      257352      220930   316636
<LONG-TERM>                          27290       23855       21812    18671
<PREFERRED-MANDATORY>                    0           0           0        0
<PREFERRED>                              0           0           0        0
<COMMON>                              1522        1533        1536     1537
<OTHER-SE>                          274364      291265      300482   305654
<TOTAL-LIABILITY-AND-EQUITY>       1827425      292798     2229250  2503893
<TRADING-REVENUE>                   169040       42024       76514   115944
<INTEREST-DIVIDENDS>                110551       28734       55209    88524
<COMMISSIONS>                       223084       63627      126687   200924
<INVESTMENT-BANKING-REVENUES>       111391       25868       49070    74086
<FEE-REVENUE>                        35890<F3>   10500<F3>   21109<F3>33263<F3>
<INTEREST-EXPENSE>                   57560       14110       26483    41720
<COMPENSATION>                      385905      101484      197933   308166
<INCOME-PRETAX>                      87402       24389       41888    52879
<INCOME-PRE-EXTRAORDINARY>           56811       15755       26892    33948
<EXTRAORDINARY>                          0           0           0        0
<CHANGES>                                0           0           0        0
<NET-INCOME>                         56811       15755       26892    33948
<EPS-PRIMARY>                         4.68<F4>    1.29<F4>    2.20<F4> 2.77<F4>
<EPS-DILUTED>                         4.49<F4>    1.22<F4>    2.07<F4> 2.61<F4>
<FN>
<F1>Included in receivables
<F2>Included in payables
<F3>Included fees from Asset Management only
<F4>Earnings (loss) per share amounts represent basic and diluted as prescibed
under SFAS 128
</FN>