<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MARCH 1996 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH INFORMATION.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                          48,893
<SECURITIES>                                 1,067,112
<RECEIVABLES>                                  156,809
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,339,717
<PP&E>                                         148,236
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,004,329
<CURRENT-LIABILITIES>                        1,190,773
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           450
<OTHER-SE>                                     448,799
<TOTAL-LIABILITY-AND-EQUITY>                 2,004,329
<SALES>                                              0
<TOTAL-REVENUES>                               194,710
<CGS>                                                0
<TOTAL-COSTS>                                  159,684
<OTHER-EXPENSES>                                 4,521
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               5,655
<INCOME-PRETAX>                                 24,850
<INCOME-TAX>                                    10,189
<INCOME-CONTINUING>                             14,661
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    14,661
<EPS-PRIMARY>                                      .32
<EPS-DILUTED>                                      .32