WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE> BD
<LEGEND>
This Schedule contains summary financial information extracted from the
financial statements contained in the body of the accompanying Form 8-K and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> 0
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                       1,249,132
<RECEIVABLES>                               10,206,360
<SECURITIES-RESALE>                         28,340,599
<SECURITIES-BORROWED>                       40,711,280
<INSTRUMENTS-OWNED>                         38,437,280
<PP&E>                                         379,533
<TOTAL-ASSETS>                             121,433,535
<SHORT-TERM>                                14,416,671
<PAYABLES>                                  33,182,407
<REPOS-SOLD>                                39,431,216
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                          20,784,796
<LONG-TERM>                                  8,120,328
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    437,500
<COMMON>                                       167,785
<OTHER-SE>                                   2,671,086
<TOTAL-LIABILITY-AND-EQUITY>               121,433,535
<TRADING-REVENUE>                            1,571,332
<INTEREST-DIVIDENDS>                         3,058,452
<COMMISSIONS>                                  732,343
<INVESTMENT-BANKING-REVENUES>                  663,249
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                           2,551,364
<COMPENSATION>                               1,726,931
<INCOME-PRETAX>                              1,013,690
<INCOME-PRE-EXTRAORDINARY>                   1,013,690
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   613,330
<EPS-PRIMARY>                                     4.20
<EPS-DILUTED>                                     4.20