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Revenues from Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues

The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the three and six months ended June 30, 2023 and 2022 (in thousands):

 

 

Three Months Ended June 30,

 

 

 

2023

 

 

2022

 

Revenues from contracts with customers:

 

 

 

 

 

 

Commissions

 

$

165,358

 

 

$

186,681

 

Investment banking

 

 

166,825

 

 

 

271,075

 

Asset management

 

 

320,264

 

 

 

331,264

 

Other

 

 

1,380

 

 

 

1,533

 

Total revenue from contracts with customers

 

 

653,827

 

 

 

790,553

 

Other sources of revenue:

 

 

 

 

 

 

Interest

 

 

482,770

 

 

 

212,754

 

Principal transactions

 

 

105,700

 

 

 

125,603

 

Other

 

 

(486

)

 

 

(3,450

)

Total revenues

 

$

1,241,811

 

 

$

1,125,460

 

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

Revenues from contracts with customers:

 

 

 

 

 

 

Commissions

 

$

334,908

 

 

$

382,590

 

Investment banking

 

 

378,704

 

 

 

525,921

 

Asset management

 

 

635,833

 

 

 

672,900

 

Other

 

 

2,607

 

 

 

3,708

 

Total revenue from contracts with customers

 

 

1,352,052

 

 

 

1,585,119

 

Other sources of revenue:

 

 

 

 

 

 

Interest

 

 

934,334

 

 

 

378,189

 

Principal transactions

 

 

221,222

 

 

 

284,873

 

Other

 

 

(4,006

)

 

 

3,263

 

Total revenues

 

$

2,503,602

 

 

$

2,251,444

 

Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions

The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and six months ended June 30, 2023 and 2022 (in thousands):

 

 

Three Months Ended June 30, 2023 (1)

 

 

 

Global Wealth Management

 

 

Institutional Group

 

 

Other

 

 

Total

 

Major Business Activity:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

109,836

 

 

$

55,522

 

 

$

—

 

 

$

165,358

 

Capital raising

 

 

4,065

 

 

 

74,886

 

 

 

—

 

 

 

78,951

 

Advisory

 

 

—

 

 

 

86,595

 

 

 

1,279

 

 

 

87,874

 

Investment banking

 

 

4,065

 

 

 

161,481

 

 

 

1,279

 

 

 

166,825

 

Asset management

 

 

320,238

 

 

 

26

 

 

 

—

 

 

 

320,264

 

Other

 

 

1,318

 

 

 

—

 

 

 

62

 

 

 

1,380

 

Total

 

 

435,457

 

 

 

217,029

 

 

 

1,341

 

 

 

653,827

 

Primary Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

435,457

 

 

 

141,104

 

 

 

1,341

 

 

 

577,902

 

United Kingdom

 

 

—

 

 

 

45,221

 

 

 

—

 

 

 

45,221

 

Canada

 

 

—

 

 

 

7,614

 

 

 

—

 

 

 

7,614

 

Other

 

 

—

 

 

 

23,090

 

 

 

—

 

 

 

23,090

 

 

 

$

435,457

 

 

$

217,029

 

 

$

1,341

 

 

$

653,827

 

(1) Excludes revenues not derived from contracts with customers included in the Other segment.

 

 

Three Months Ended June 30, 2022 (1)

 

 

 

Global Wealth Management

 

 

Institutional Group

 

 

Other

 

 

Total

 

Major Business Activity:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

122,004

 

 

$

64,677

 

 

$

—

 

 

$

186,681

 

Capital raising

 

 

5,056

 

 

 

66,463

 

 

 

—

 

 

 

71,519

 

Advisory

 

 

—

 

 

 

199,556

 

 

 

—

 

 

 

199,556

 

Investment banking

 

 

5,056

 

 

 

266,019

 

 

 

—

 

 

 

271,075

 

Asset management

 

 

331,243

 

 

 

21

 

 

 

—

 

 

 

331,264

 

Other

 

 

1,472

 

 

 

—

 

 

 

61

 

 

 

1,533

 

Total

 

 

459,775

 

 

 

330,717

 

 

 

61

 

 

 

790,553

 

Primary Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

459,775

 

 

 

277,475

 

 

 

61

 

 

 

737,311

 

United Kingdom

 

 

—

 

 

 

37,047

 

 

 

—

 

 

 

37,047

 

Canada

 

 

—

 

 

 

7,782

 

 

 

—

 

 

 

7,782

 

Other

 

 

—

 

 

 

8,413

 

 

 

—

 

 

 

8,413

 

 

 

$

459,775

 

 

$

330,717

 

 

$

61

 

 

$

790,553

 

 

 

 

Six Months Ended June 30, 2023 (1)

 

 

 

Global Wealth Management

 

 

Institutional Group

 

 

Other

 

 

Total

 

Major business activity:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

220,027

 

 

$

114,881

 

 

$

—

 

 

$

334,908

 

Capital raising

 

 

8,223

 

 

 

131,544

 

 

 

—

 

 

 

139,767

 

Advisory

 

 

—

 

 

 

237,658

 

 

 

1,279

 

 

 

238,937

 

Investment banking

 

 

8,223

 

 

 

369,202

 

 

 

1,279

 

 

 

378,704

 

Asset management

 

 

635,775

 

 

 

58

 

 

 

—

 

 

 

635,833

 

Other

 

 

2,502

 

 

 

—

 

 

 

105

 

 

 

2,607

 

Total

 

 

866,527

 

 

 

484,141

 

 

 

1,384

 

 

 

1,352,052

 

Primary Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

866,527

 

 

 

351,981

 

 

 

1,384

 

 

 

1,219,892

 

United Kingdom

 

 

—

 

 

 

68,604

 

 

 

—

 

 

 

68,604

 

Canada

 

 

—

 

 

 

30,137

 

 

 

—

 

 

 

30,137

 

Other

 

 

—

 

 

 

33,419

 

 

 

—

 

 

 

33,419

 

 

 

$

866,527

 

 

$

484,141

 

 

$

1,384

 

 

$

1,352,052

 

 

 

 

Six Months Ended June 30, 2022 (1)

 

 

 

Global Wealth Management

 

 

Institutional Group

 

 

Other

 

 

Total

 

Major business activity:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

252,780

 

 

$

129,810

 

 

$

—

 

 

$

382,590

 

Capital raising

 

 

10,203

 

 

 

134,766

 

 

 

—

 

 

 

144,969

 

Advisory

 

 

—

 

 

 

380,952

 

 

 

—

 

 

 

380,952

 

Investment banking

 

 

10,203

 

 

 

515,718

 

 

 

—

 

 

 

525,921

 

Asset management

 

 

672,856

 

 

 

44

 

 

 

—

 

 

 

672,900

 

Other

 

 

3,594

 

 

 

—

 

 

 

114

 

 

 

3,708

 

Total

 

 

939,433

 

 

 

645,572

 

 

 

114

 

 

 

1,585,119

 

Primary Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

939,433

 

 

 

540,061

 

 

 

114

 

 

 

1,479,608

 

United Kingdom

 

 

—

 

 

 

71,355

 

 

 

—

 

 

 

71,355

 

Canada

 

 

—

 

 

 

17,123

 

 

 

—

 

 

 

17,123

 

Other

 

 

—

 

 

 

17,033

 

 

 

—

 

 

 

17,033

 

 

 

$

939,433

 

 

$

645,572

 

 

$

114

 

 

$

1,585,119

 

(1) Excludes revenues not derived from contracts with customers included in the Other segment.