<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCH
1998 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH INFORMATION.
</LEGEND>
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          83,132
<SECURITIES>                                 1,031,989
<RECEIVABLES>                                  218,766
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             2,647,069
<PP&E>                                         153,011
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               3,520,866
<CURRENT-LIABILITIES>                        2,423,491
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           546
<OTHER-SE>                                     761,513
<TOTAL-LIABILITY-AND-EQUITY>                 3,520,866
<SALES>                                              0
<TOTAL-REVENUES>                               273,829
<CGS>                                                0
<TOTAL-COSTS>                                  222,150
<OTHER-EXPENSES>                                 2,295
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               3,367
<INCOME-PRETAX>                                 46,017
<INCOME-TAX>                                    18,867
<INCOME-CONTINUING>                             27,150
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    27,150
<EPS-PRIMARY>                                     0.51
<EPS-DILUTED>                                     0.49