Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

NOTE 21 – Segment Reporting

We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment.

Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our private client group and to the general public.

The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services.

The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges.

Information concerning operations in these segments of business for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net revenues: (1)
Global Wealth Management	$	701,820		$	655,533		$	2,081,525		$	1,924,595
Institutional Group		339,408			492,284			1,182,135			1,519,176
Other		3,911			(2,879	)		6,132			(10,908	)
	$	1,045,139		$	1,144,938		$	3,269,792		$	3,432,863
Income/(loss) before income taxes:
Global Wealth Management	$	279,935		$	232,119		$	750,500		$	682,655
Institutional Group		40,000			125,092			209,620			383,774
Other		(114,166	)		(100,709	)		(308,701	)		(318,010	)
	$	205,769		$	256,502		$	651,419		$	748,419

(1)No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2022 and 2021.

The following table presents our company’s total assets on a segment basis at September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022		December 31, 2021
Global Wealth Management	$	32,585,498	$	28,219,800
Institutional Group		4,521,231		5,151,841
Other		505,334		678,074
	$	37,612,063	$	34,049,715

We have operations in the United States, United Kingdom, Europe, and Canada. The Company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SNC. Substantially all long-lived assets are located in the United States.

Revenues, classified by the major geographic areas in which they were earned for the three and nine months ended September 30, 2022 and 2021, were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
United States	$	987,770	$	1,067,901	$	3,085,241	$	3,142,337
United Kingdom		40,980		57,413		134,836		177,138
Canada		7,798		9,523		21,182		76,535
Other		8,591		10,101		28,533		36,853
	$	1,045,139	$	1,144,938	$	3,269,792	$	3,432,863