<ARTICLE> BD
<LEGEND>
This Schedule contains summary financial information extracted from the
financial statements contained in the body of the accompanying Form 10-Q
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                         739,986
<RECEIVABLES>                                8,793,859
<SECURITIES-RESALE>                         14,092,634
<SECURITIES-BORROWED>                       22,674,645
<INSTRUMENTS-OWNED>                         16,570,445
<PP&E>                                         299,741
<TOTAL-ASSETS>                              66,842,096
<SHORT-TERM>                                 7,752,968
<PAYABLES>                                  18,550,915
<REPOS-SOLD>                                23,133,263
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                          10,813,735
<LONG-TERM>                                  3,503,428
<COMMON>                                       144,965
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    437,500
<OTHER-SE>                                   1,574,804
<TOTAL-LIABILITY-AND-EQUITY>                66,842,096
<TRADING-REVENUE>                              323,038
<INTEREST-DIVIDENDS>                           918,036
<COMMISSIONS>                                  246,983
<INVESTMENT-BANKING-REVENUES>                  133,432
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                             774,930
<COMPENSATION>                                 454,288
<INCOME-PRETAX>                                110,303
<INCOME-PRE-EXTRAORDINARY>                     110,303
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    68,388
<EPS-PRIMARY>                                      .47
<EPS-DILUTED>                                      .47