<ARTICLE>                                           BD                   
<LEGEND>
       This schedule contains summary financial information extracted from the
Company's  Consolidated  Statement  of  Financial  Condition  at August 31, 1997
(Unaudited)  and the  Consolidated  Statement of Operations  for the nine months
ended August 31, 1997  (Unaudited) and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER>                                   1,000,000
       
                                            
<PERIOD-TYPE>                                  9-MOS
<FISCAL-YEAR-END>                              NOV-30-1997
<PERIOD-START>                                 DEC-01-1996
<PERIOD-END>                                   AUG-31-1997
<CASH>                                         2,227
<RECEIVABLES>                                  13,020
<SECURITIES-RESALE>                            43,268
<SECURITIES-BORROWED>                          16,282
<INSTRUMENTS-OWNED>                            71,683
<PP&E>                                         468
<TOTAL-ASSETS>                                 147,894
<SHORT-TERM>                                   8,606
<PAYABLES>                                     13,598
<REPOS-SOLD>                                   57,802
<SECURITIES-LOANED>                            8,734
<INSTRUMENTS-SOLD>                             32,312
<LONG-TERM>                                    18,904
<COMMON>                                       11
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    508
<OTHER-SE>                                     3784
<TOTAL-LIABILITY-AND-EQUITY>                   147,894
<TRADING-REVENUE>                              1,061
<INTEREST-DIVIDENDS>                           9,931
<COMMISSIONS>                                  299
<INVESTMENT-BANKING-REVENUES>                  910
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             9,424
<COMPENSATION>                                 1,445
<INCOME-PRETAX>                                672
<INCOME-PRE-EXTRAORDINARY>                     462
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   462
<EPS-PRIMARY>                                  3.42
<EPS-DILUTED>                                  3.41