<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information extracted from the
Condensed Consolidated Statement of Income and Condensed Balance Sheet of the
Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31,
1996, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                          998959
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<SECURITIES-RESALE>                            5275465
<SECURITIES-BORROWED>                                0
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<PP&E>                                          286695
<TOTAL-ASSETS>                                11096973
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<PAYABLES>                                     9645865
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                                   0
<LONG-TERM>                                     279970
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                          1785
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<TOTAL-LIABILITY-AND-EQUITY>                  11096973
<TRADING-REVENUE>                                61634
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<INVESTMENT-BANKING-REVENUES>                        0
<FEE-REVENUE>                                    68835
<INTEREST-EXPENSE>                               99009
<COMPENSATION>                                  195708
<INCOME-PRETAX>                                  79670
<INCOME-PRE-EXTRAORDINARY>                       46943
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     46943
<EPS-PRIMARY>                                      .26
<EPS-DILUTED>                                      .26