<ARTICLE>                                           BD
<LEGEND>
This  schedule  contains  summary  financial   information  extracted  from  the
unaudited  Consolidated  Statement of Financial  Condition at September 27, 1996
and the unaudited  Consolidated  Statement of Income for the three-months  ended
September 27, 1996, which are 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-30-1996
<PERIOD-END>                                   SEP-27-1996
<CASH>                                         63,850
<RECEIVABLES>                                  9,406,498
<SECURITIES-RESALE>                            23,330,351
<SECURITIES-BORROWED>                          31,184,871
<INSTRUMENTS-OWNED>                            28,556,778
<PP&E>                                         337,967
<TOTAL-ASSETS>                                 95,749,534
<SHORT-TERM>                                   10,409,684
<PAYABLES>                                     25,498,204
<REPOS-SOLD>                                   34,185,790
<SECURITIES-LOANED>                            0
<INSTRUMENTS-SOLD>                             15,156,049
<LONG-TERM>                                    6,489,520
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    437,500
<COMMON>                                       159,804
<OTHER-SE>                                     2,186,591
<TOTAL-LIABILITY-AND-EQUITY>                   95,749,534
<TRADING-REVENUE>                              294,892
<INTEREST-DIVIDENDS>                           660,257
<COMMISSIONS>                                  161,570
<INVESTMENT-BANKING-REVENUES>                  108,694
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             547,469
<COMPENSATION>                                 344,372
<INCOME-PRETAX>                                178,517
<INCOME-PRE-EXTRAORDINARY>                     178,517
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   108,449
<EPS-PRIMARY>                                  0.75
<EPS-DILUTED>                                  0.75