<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AT MAY 31,
1997 (UNAUDITED) AND THE CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR
THE SIX MONTHS ENDED MAY 31, 1997 (UNAUDITED) AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               MAY-31-1997
<CASH>                                          10,509
<RECEIVABLES>                                   42,591
<SECURITIES-RESALE>                             67,819
<SECURITIES-BORROWED>                           58,193
<INSTRUMENTS-OWNED>                             82,508
<PP&E>                                           1,655
<TOTAL-ASSETS>                                 269,984
<SHORT-TERM>                                    31,574
<PAYABLES>                                      33,901
<REPOS-SOLD>                                    89,503
<SECURITIES-LOANED>                             16,033
<INSTRUMENTS-SOLD>                              52,748
<LONG-TERM>                                     25,898
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        877
<COMMON>                                             6
<OTHER-SE>                                      11,273
<TOTAL-LIABILITY-AND-EQUITY>                   269,984
<TRADING-REVENUE>                                1,591
<INTEREST-DIVIDENDS>                             6,566
<COMMISSIONS>                                      974
<INVESTMENT-BANKING-REVENUES>                    1,103
<FEE-REVENUE>                                    2,443
<INTEREST-EXPENSE>                               5,187
<COMPENSATION>                                   2,995
<INCOME-PRETAX>                                  1,811
<INCOME-PRE-EXTRAORDINARY>                       1,811
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,098
<EPS-PRIMARY>                                     1.78
<EPS-DILUTED>                                     1.74