<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
<CURRENCY>                                     0
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                              JUN-30-1998
<PERIOD-START>                                 JUL-1-1997
<PERIOD-END>                                   JUN-30-1998
<EXCHANGE-RATE>                                       1.00
<CASH>                                           1,073,821
<RECEIVABLES>                                   16,033,280
<SECURITIES-RESALE>                             29,846,716
<SECURITIES-BORROWED>                           56,844,009
<INSTRUMENTS-OWNED>                             44,619,672
<PP&E>                                             448,044
<TOTAL-ASSETS>                                 154,495,895
<SHORT-TERM>                                             0
<PAYABLES>                                      47,811,051
<REPOS-SOLD>                                    45,346,472
<SECURITIES-LOANED>                                      0
<INSTRUMENTS-SOLD>                              21,070,596
<LONG-TERM>                                     13,295,952
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                        800,000
<COMMON>                                           167,785
<OTHER-SE>                                       3,323,748
<TOTAL-LIABILITY-AND-EQUITY>                   154,495,895
<TRADING-REVENUE>                                1,726,982
<INTEREST-DIVIDENDS>                             4,285,595
<COMMISSIONS>                                      902,692
<INVESTMENT-BANKING-REVENUES>                    1,001,494
<FEE-REVENUE>                                            0
<INTEREST-EXPENSE>                               3,638,513
<COMPENSATION>                                   2,111,741
<INCOME-PRETAX>                                  1,063,492
<INCOME-PRE-EXTRAORDINARY>                       1,063,492
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                       660,429
<EPS-PRIMARY>                                         4.60
<EPS-DILUTED>                                         4.60