Segment Reporting

12 Months Ended

Nov. 30, 2011

Segment Reporting [Abstract]

Segment Reporting

Note 22. Segment Reporting

We operate in two principal segments — Capital Markets and Asset Management. The Capital Markets segment includes our securities, commodities, futures and foreign exchange brokerage trading activities and investment banking activities. The Capital Markets reportable segment is managed as a single operating segment and reporting unit that provides the sales, trading and origination support for various fixed income, equity and advisory products and services. The Asset Management segment provides investment management services to investors in the U.S. and overseas.

Our reportable business segment information is prepared using the following methodologies:

• Net revenues and expenses directly associated with each reportable business segment are included in determining earnings before taxes.

• Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors.

• Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization.

Our net revenues and expenses by segment are summarized below for the twelve months ended November 30, 2011, eleven months ended November 30, 2010 and twelve months ended December 31, 2009 (in millions):

	Twelve Months Ended November 30, 2011		Eleven Months Ended November 30, 2010		Twelve Months Ended December 31, 2009
Capital Markets:
Net revenues	$	2,502.6	$	2,175.5	$	2,127.4
Expenses	$	2,095.0	$	1,751.4	$	1,587.5
Asset Management:
Net revenues	$	46.2	$	16.8	$	35.9
Expenses	$	30.9	$	29.3	$	30.8
Total:
Net revenues	$	2,548.8	$	2,192.3	$	2,163.3
Expenses	$	2,125.9	$	1,780.7	$	1,618.3

Our total assets by segment are summarized below as of November 30, 2011 and 2010 and December 31, 2009 (in millions):

	November 30, 2011		November 30, 2010		December 31, 2009
Segment Assets:
Capital Markets	$	34,946.1	$	36,510.5	$	27,947.3
Asset Management		25.4		216.0		173.7
Total assets	$	34,971.4	$	36,726.5	$	28,121.0

Net Revenues by Geographic Region

Net revenues for the Capital Market segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For Asset Management, net revenues are allocated according to the location of the investment advisor. The following table presents Net revenues by geographic region for the twelve months ended November 30, 2011, eleven months ended November 30, 2010 and twelve months ended December 31, 2009 (in thousands):

	Twelve Months Ended November 30, 2011		Eleven Months Ended November 30, 2010		Twelve Months Ended December 31, 2009
Americas(1)	$	2,027,887	$	1,882,764	$	1,895,479
Europe(2)		494,917		300,405		266,440
Asia (including Middle East)		26,009		9,081		1,342
Net revenues	$	2,548,813	$	2,192,250	$	2,163,261

(1) Substantially all relates to U.S. results.

(2) Substantially all relates to U.K. results.