<ARTICLE>                                           BD
<LEGEND>
This  schedule  contains  summary  financial   information  extracted  from  the
unaudited Consolidated Statement of Financial Condition at March 27, 1996 and
the unaudited Consolidated Statement of Income for the nine-months ended March
27, 1997, 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>                                  9-MOS
<FISCAL-YEAR-END>                              JUN-30-1996
<PERIOD-END>                                   MAR-27-1997
<CASH>                                         186,635
<RECEIVABLES>                                  11,955,010
<SECURITIES-RESALE>                            29,110,233
<SECURITIES-BORROWED>                          34,301,033
<INSTRUMENTS-OWNED>                            39,251,308
<PP&E>                                         353,790
<TOTAL-ASSETS>                                 116,995,659
<SHORT-TERM>                                   13,292,397
<PAYABLES>                                     28,467,895
<REPOS-SOLD>                                   42,143,563
<SECURITIES-LOANED>                            0
<INSTRUMENTS-SOLD>                             20,748,651
<LONG-TERM>                                    7,222,620
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    437,500
<COMMON>                                       167,785
<OTHER-SE>                                     2,373,331
<TOTAL-LIABILITY-AND-EQUITY>                   116,995,659
<TRADING-REVENUE>                              1,131,467
<INTEREST-DIVIDENDS>                           2,118,552
<COMMISSIONS>                                  536,971
<INVESTMENT-BANKING-REVENUES>                  480,538
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             1,740,701
<COMPENSATION>                                 1,265,793
<INCOME-PRETAX>                                744,847
<INCOME-PRE-EXTRAORDINARY>                     744,847
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   450,442
<EPS-PRIMARY>                                  3.05
<EPS-DILUTED>                                  3.05