<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>                              3-MOS
<FISCAL-YEAR-END>                          JUN-30-1995
<PERIOD-END>                               SEP-29-1995
<CASH>                                         406,359
<RECEIVABLES>                                7,702,805
<SECURITIES-RESALE>                         24,740,599
<SECURITIES-BORROWED>                       24,531,550
<INSTRUMENTS-OWNED>                         20,751,472
<PP&E>                                         310,109
<TOTAL-ASSETS>                              79,517,439
<SHORT-TERM>                                 9,299,870
<PAYABLES>                                  18,734,118
<REPOS-SOLD>                                31,906,733
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                          12,063,587
<LONG-TERM>                                  4,204,856
<COMMON>                                       152,203
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    437,500
<OTHER-SE>                                   1,818,364
<TOTAL-LIABILITY-AND-EQUITY>                79,517,439
<TRADING-REVENUE>                              269,915
<INTEREST-DIVIDENDS>                           533,921
<COMMISSIONS>                                  155,190
<INVESTMENT-BANKING-REVENUES>                   87,405
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                             456,945
<COMPENSATION>                                 306,997
<INCOME-PRETAX>                                156,410
<INCOME-PRE-EXTRAORDINARY>                     156,410
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    93,846
<EPS-PRIMARY>                                     0.67
<EPS-DILUTED>                                     0.67