<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-30-1995
<PERIOD-END>                               DEC-31-1995
<CASH>                                         133,037
<RECEIVABLES>                                7,480,757
<SECURITIES-RESALE>                         26,075,676
<SECURITIES-BORROWED>                       23,142,782
<INSTRUMENTS-OWNED>                         26,978,269
<PP&E>                                         320,034
<TOTAL-ASSETS>                              86,019,020
<SHORT-TERM>                                 9,136,467
<PAYABLES>                                  21,216,554
<REPOS-SOLD>                                36,509,863
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                          11,147,297
<LONG-TERM>                                  4,496,875
<COMMON>                                       152,203
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    437,500
<OTHER-SE>                                   1,877,506
<TOTAL-LIABILITY-AND-EQUITY>                86,019,020
<TRADING-REVENUE>                              530,755
<INTEREST-DIVIDENDS>                         1,160,981
<COMMISSIONS>                                  318,410
<INVESTMENT-BANKING-REVENUES>                  237,802
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                             959,348
<COMPENSATION>                                 652,424
<INCOME-PRETAX>                                337,291
<INCOME-PRE-EXTRAORDINARY>                     337,291
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   199,002
<EPS-PRIMARY>                                     1.42
<EPS-DILUTED>                                     1.42