Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

NOTE 22 – 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 six months ended June 30, 2024 and 2023 is as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net revenues: (1)
Global Wealth Management	$	801,135		$	758,190		$	1,591,635		$	1,515,376
Institutional Group		390,721			277,524			742,097			610,137
Other		26,076			15,007			47,238			32,001
	$	1,217,932		$	1,050,721		$	2,380,970		$	2,157,514
Income/(loss) before income taxes:
Global Wealth Management	$	299,173		$	299,904		$	589,921		$	616,013
Institutional Group		48,813			(11,593	)		85,922			22,133
Other		(121,092	)		(106,926	)		(230,258	)		(246,878	)
	$	226,894		$	181,385		$	445,585		$	391,268

(1)No individual client accounted for more than 10 percent of total net revenues for the three and six months ended June 30, 2024 and 2023.

The following table presents our company’s total assets on a segment basis at June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024		December 31, 2023
Global Wealth Management	$	32,614,886	$	32,773,613
Institutional Group		4,907,447		4,564,058
Other		286,945		389,789
	$	37,809,278	$	37,727,460

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 six months ended June 30, 2024 and 2023, were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
United States	$	1,147,168	$	965,997	$	2,248,172	$	2,004,892
United Kingdom		42,698		53,563		80,223		86,760
Canada		10,610		6,853		22,230		28,831
Other		17,456		24,308		30,345		37,031
	$	1,217,932	$	1,050,721	$	2,380,970	$	2,157,514