<ARTICLE>           BD
<LEGEND>
                                                         
This  schedule  contains  summary  financial   information  extracted  from  the
unaudited  Consolidated  Statement of Financial  Condition at September 25, 1998
and the unaudited  Consolidated  Statement of Income for the three-months  ended
September  25, 1998,  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-30-1999
<PERIOD-END>                                   SEP-25-1998
<CASH>                                         847,410
<RECEIVABLES>                                  12,014,758
<SECURITIES-RESALE>                            36,498,918
<SECURITIES-BORROWED>                          50,699,542
<INSTRUMENTS-OWNED>                            49,688,152
<PP&E>                                         457,280
<TOTAL-ASSETS>                                 163,074,418
<SHORT-TERM>                                   14,425,882
<PAYABLES>                                     48,535,017
<REPOS-SOLD>                                   51,984,953
<SECURITIES-LOANED>                            0
<INSTRUMENTS-SOLD>                             22,607,976
<LONG-TERM>                                    13,732,169
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    800,000
<COMMON>                                       167,785
<OTHER-SE>                                     3,354,847
<TOTAL-LIABILITY-AND-EQUITY>                   163,074,418
<TRADING-REVENUE>                              197,049
<INTEREST-DIVIDENDS>                           1,147,839
<COMMISSIONS>                                  240,800
<INVESTMENT-BANKING-REVENUES>                  121,776
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             982,703
<COMPENSATION>                                 405,881
<INCOME-PRETAX>                                93,309
<INCOME-PRE-EXTRAORDINARY>                     93,309
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   64,103
<EPS-PRIMARY>                                  .40
<EPS-DILUTED>                                  .40