<ARTICLE>                                          5
<LEGEND>
This  schedule  contains  summary  financial   information  extracted  from  the
March 1997 10-Q and is  qualified  in its  entirety  by  reference  to such
information.
</LEGEND>
<MULTIPLIER>                                                  1000
       
                                                  
<PERIOD-TYPE>                                      3-mos
<FISCAL-YEAR-END>                                  DEC-31-1997
<PERIOD-END>                                       MAR-31-1997
<CASH>                                                      41,762
<SECURITIES>                                             1,135,577
<RECEIVABLES>                                              180,236
<ALLOWANCES>                                                     0
<INVENTORY>                                                      0
<CURRENT-ASSETS>                                         1,415,085
<PP&E>                                                     146,843
<DEPRECIATION>                                                   0
<TOTAL-ASSETS>                                           2,110,559
<CURRENT-LIABILITIES>                                    1,302,645
<BONDS>                                                          0
<PREFERRED-MANDATORY>                                            0
<PREFERRED>                                                      0
<COMMON>                                                       454
<OTHER-SE>                                                 526,610
<TOTAL-LIABILITY-AND-EQUITY>                             2,110,559
<SALES>                                                          0
<TOTAL-REVENUES>                                           206,450
<CGS>                                                            0
<TOTAL-COSTS>                                              169,192
<OTHER-EXPENSES>                                             3,022
<LOSS-PROVISION>                                                 0
<INTEREST-EXPENSE>                                           3,487
<INCOME-PRETAX>                                             30,749
<INCOME-TAX>                                                12,607
<INCOME-CONTINUING>                                         18,142
<DISCONTINUED>                                                   0
<EXTRAORDINARY>                                                  0
<CHANGES>                                                        0
<NET-INCOME>                                                18,142
<EPS-PRIMARY>                                                    0.39
<EPS-DILUTED>                                                    0.39