<ARTICLE>                                           BD
<LEGEND>
     This schedule contains summary  financial information  extracted  from  the
Company's  Consolidated  Statement  of  Financial  Condition  at  May  31,  1999
(Unaudited)  and the  Consolidated  Statement of Income for the six months ended
May 31, 1999  (Unaudited)  and is qualified in its entirety by reference to such
financial statements.  Amounts are in millions, except for e.p.s. amounts.
</LEGEND>


                                            
<PERIOD-TYPE>                                  6-MOS
<FISCAL-YEAR-END>                              NOV-30-1999
<PERIOD-START>                                 DEC-01-1998
<PERIOD-END>                                   MAY-31-1999
<CASH>                                         4,920
<RECEIVABLES>                                  12,873
<SECURITIES-RESALE>                            62,721
<SECURITIES-BORROWED>                          22,315
<INSTRUMENTS-OWNED>                            86,874
<PP&E>                                         493
<TOTAL-ASSETS>                                 191,543
<SHORT-TERM>                                   7,166
<PAYABLES>                                     12,185
<REPOS-SOLD>                                   90,699
<SECURITIES-LOANED>                            5,384
<INSTRUMENTS-SOLD>                             41,194
<LONG-TERM>                                    28,462
<PREFERRED-MANDATORY>                          710
<PREFERRED>                                    808
<COMMON>                                       12
<OTHER-SE>                                     4,923
<TOTAL-LIABILITY-AND-EQUITY>                   191,543
<TRADING-REVENUE>                              1,189
<INTEREST-DIVIDENDS>                           7,208
<COMMISSIONS>                                  314
<INVESTMENT-BANKING-REVENUES>                  788
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             6,950
<COMPENSATION>                                 1,305
<INCOME-PRETAX>                                775
<INCOME-PRE-EXTRAORDINARY>                     540
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   540
<EPS-BASIC>                                  3.82
<EPS-DILUTED>                                  3.66