<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information extracted from the 
Consolidated Statement of Financial Condition at November 30, 1995 and the 
Consolidated Statement of Operations for the twelve months ended November 30, 
1995 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          NOV-30-1995
<PERIOD-START>                             DEC-01-1994
<PERIOD-END>                               NOV-30-1995
<CASH>                                           1,819
<RECEIVABLES>                                    8,170
<SECURITIES-RESALE>                             36,234
<SECURITIES-BORROWED>                           16,290
<INSTRUMENTS-OWNED>                             51,322
<PP&E>                                             495
<TOTAL-ASSETS>                                 115,303
<SHORT-TERM>                                     6,235
<PAYABLES>                                       8,824
<REPOS-SOLD>                                    59,035
<SECURITIES-LOANED>                              1,966
<INSTRUMENTS-SOLD>                              19,854
<LONG-TERM>                                     12,765
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        708
<COMMON>                                            11
<OTHER-SE>                                       2,979
<TOTAL-LIABILITY-AND-EQUITY>                   115,303
<TRADING-REVENUE>                                1,393
<INTEREST-DIVIDENDS>                            10,788
<COMMISSIONS>                                      450
<INVESTMENT-BANKING-REVENUES>                      801
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                              10,405
<COMPENSATION>                                   1,544
<INCOME-PRETAX>                                    369
<INCOME-PRE-EXTRAORDINARY>                         242
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       242
<EPS-PRIMARY>                                    $1.76
<EPS-DILUTED>                                    $1.76