Segment Reporting

9 Months Ended

Sep. 30, 2021

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, 2021 and 2020 is as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net revenues: (1)
Global Wealth Management	$	655,533		$	526,836		$	1,924,595		$	1,615,574
Institutional Group		492,284			363,365			1,519,176			1,093,699
Other		(2,879	)		(6,901	)		(10,908	)		(17,122	)
	$	1,144,938		$	883,300		$	3,432,863		$	2,692,151
Income/(loss) before income taxes:
Global Wealth Management	$	232,119		$	178,930		$	682,655		$	529,422
Institutional Group		125,092			76,841			383,774			201,630
Other		(100,709	)		(97,378	)		(318,010	)		(314,593	)
	$	256,502		$	158,393		$	748,419		$	416,459

⁽¹⁾ No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2021 or 2020.

The following table presents our company’s total assets on a segment basis at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
Global Wealth Management	$	25,152,551	$	21,743,202
Institutional Group		5,161,215		3,733,661
Other		506,568		1,127,391
	$	30,820,334	$	26,604,254

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 are earned for the three and nine months ended September 30, 2021 and 2020, were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	1,067,901	$	814,301	$	3,142,337	$	2,485,336
United Kingdom		57,413		45,705		177,138		147,097
Canada		9,523		10,713		76,535		24,338
Other		10,101		12,581		36,853		35,380
	$	1,144,938	$	883,300	$	3,432,863	$	2,692,151