<ARTICLE> BD
 <LEGEND>
 This Schedule contains summary financial
 information extracted from the financial
 statements contained in the body of the
 accompanying Form 10-K and is qualified in its
 entirety by reference to such financial
 statements.
 </LEGEND>
 <MULTIPLIER>                   1,000
        
                             
 <PERIOD-TYPE>                  YEAR
 <FISCAL-YEAR-END>              JUN-30-1996
 <PERIOD-END>                   JUN-30-1996
 <CASH>                         127,847
 <RECEIVABLES>                  9,093,489
 <SECURITIES-RESALE>            24,517,275
 <SECURITIES-BORROWED>          29,611,207
 <INSTRUMENTS-OWNED>            26,222,134
 <PP&E>                         331,924
 <TOTAL-ASSETS>                 92,085,157
 <SHORT-TERM>                   9,867,619
 <PAYABLES>                     24,200,735
 <REPOS-SOLD>                   33,353,899
 <SECURITIES-LOANED>            0
 <INSTRUMENTS-SOLD>             13,916,581
 <LONG-TERM>                    6,043,614
 <PREFERRED-MANDATORY>          0
 <PREFERRED>                    437,500
 <COMMON>                       159,804
 <OTHER-SE>                     2,148,110
 <TOTAL-LIABILITY-AND-EQUITY>   92,085,157
 <TRADING-REVENUE>              1,239,697
 <INTEREST-DIVIDENDS>           2,393,266
 <COMMISSIONS>                  686,548
 <INVESTMENT-BANKING-REVENUES>  607,338
 <FEE-REVENUE>                  0
 <INTEREST-EXPENSE>             1,981,171
 <COMPENSATION>                 1,469,448
 <INCOME-PRETAX>                834,926
 <INCOME-PRE-EXTRAORDINARY>     834,926
 <EXTRAORDINARY>                0
 <CHANGES>                      0
 <NET-INCOME>                   490,638
 <EPS-PRIMARY>                  3.43
 <EPS-DILUTED>                  3.43