Segment Reporting (Tables)

6 Months Ended

May 31, 2023

Schedule of Net Revenues, Expenses and Total Assets by Segment

Our net revenues, non-interest expenses and earnings before income taxes by reportable business segment are summarized below (in millions):


	Three Months Ended May 31,				Six Months Ended May 31,
	2023		2022		2023		2022
Investment Banking and Capital Markets:
Net revenues	$	1,052.5	$	1,105.2	$	2,259.8	$	2,567.6
Non-interest expenses	948.0		908.2		1,983.1		1,967.0
Earnings before income taxes	104.5		197.0		276.7		600.6
Asset Management:
Net revenues	(22.4)		234.0		55.9		460.8
Non-interest expenses	71.7		262.7		162.1		502.7
Losses before income taxes	(94.1)		(28.7)		(106.2)		(41.9)
Total of Reportable Business Segments:
Net revenues	1,030.1		1,339.2		2,315.7		3,028.4
Non-interest expenses	1,019.7		1,170.9		2,145.2		2,469.7
Earnings before income taxes	10.4		168.3		170.5		558.7
Reconciliation to consolidated amounts:
Net revenues	7.5		(1.1)		5.4		2.5
Non-interest expenses	—		0.6		—		2.3
Earnings (losses) before income taxes (1)	7.5		(1.7)		5.4		0.2
Total:
Net revenues	1,037.6		1,338.1		2,321.1		3,030.9
Non-interest expenses	1,019.7		1,171.5		2,145.2		2,472.0
Earnings before income taxes	$	17.9	$	166.6	$	175.9	$	558.9

(1)Management does not consider certain foreign currency transaction gains or losses, fair value debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.

The following table summarizes our total assets by reportable business segment (in millions):


	May 31, 2023		November 30, 2022
Investment Banking and Capital Markets	$	48,497.5	$	45,541.0
Asset Management	5,242.5		5,516.7
Total assets	$	53,740.0	$	51,057.7

Summary Net Revenues by Geographic Region

Net revenues by geographic region were as follows (in millions):


	Three Months Ended May 31,				Six Months Ended May 31,
	2023		2022		2023		2022
Americas (1)	$	832.2	$	1,064.2	$	1,814.5	$	2,488.5
Europe and the Middle East (2)	143.0		193.7		360.9		419.9
Asia	62.4		80.2		145.7		122.5
Net revenues	$	1,037.6	$	1,338.1	$	2,321.1	$	3,030.9

(1)Primarily relates to U.S. results.

(2)Primarily relates to U.K. results.