Segment Reporting

12 Months Ended

Nov. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 23. Segment Reporting

We operate in two reportable business segments: (1) Investment

Banking and Capital Markets and (2) Asset Management. The

Investment Banking and Capital Markets reportable business

segment includes our securities, commodities, futures and

foreign exchange capital markets activities and investment

banking business, which is composed of financial advisory and

underwriting activities. The Investment Banking and Capital

Markets reportable business segment provides the sales,

trading, origination and advisory effort for various fixed income,

equity and advisory products and services. The Asset

Management reportable business segment provides investment

management services to investors in the U.S. and overseas and

invests capital in hedge funds, separately managed accounts

and third-party asset managers.

Our reportable business segment information is prepared using

the following methodologies:

•Net revenues and non-interest expenses directly associated

with each reportable business segment are included in

determining earnings (losses) from continuing operations

before income taxes.

•Net revenues and non-interest expenses not directly

associated with specific reportable business segments are

allocated based on the most relevant measures applicable,

including each reportable business segment’s net revenues,

headcount and other factors.

•Reportable business segment assets include an allocation of

indirect corporate assets that have been fully allocated to our

reportable business segments, generally based on each

reportable business segment’s capital utilization.

Net revenues presented for our Investment Banking and Capital

Markets reportable segment include allocations of interest

income and interest expense as we assess the profitability of

these businesses inclusive of the net interest revenue or

expense associated with the respective activities, including the

net interest cost of allocated long-term debt, which is a function

of the mix of each business's associated assets and liabilities

and the related funding costs. During 2023, we refined our

allocated net interest methodology to better reflect net interest

expense across our business units based on use of capital.

Historical periods have been recast to conform with the revised

methodology.

Our net revenues, non-interest expenses and earnings (losses)

from continuing operations before income taxes by reportable

business segment:

	Year Ended November 30,
$ in millions	2024	2023	2022
Investment Banking and Capital Markets:
Net revenues ..................................................	$6,204.3	$4,504.4	$4,741.3
Non-interest expenses ..................................	5,181.5	3,995.1	3,950.8
Earnings from continuing operations before income taxes .....................................	1,022.8	509.3	790.5
Asset Management:
Net revenues ..................................................	803.7	188.3	1,243.5
Non-interest expenses ..................................	847.8	351.0	967.0
Earnings (loss) from continuing operations before income taxes .................	(44.1)	(162.7)	276.5
Total of Reportable Business Segments:
Net revenues ..................................................	7,008.0	4,692.7	5,984.8
Non-interest expenses ..................................	6,029.3	4,346.1	4,917.8
Earnings from continuing operations before income taxes .....................................	978.7	346.6	1,067.0
Reconciliation to consolidated amounts:
Net revenues ..................................................	26.8	7.7	(6.0)
Non-interest expenses ..................................	—	—	5.4
Earnings (losses) before income taxes (1)	26.8	7.7	(11.4)
Total:
Net revenues ..................................................	7,034.8	4,700.4	5,978.8
Non-interest expenses ..................................	6,029.3	4,346.1	4,923.2
Earnings from continuing operations before income taxes .....................................	$1,005.5	$354.3	$1,055.6

(1)Management does not consider certain foreign currency transaction gains or

losses, 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.

Total assets by reportable segment:

	November 30,
$ in millions	2024	2023
Investment Banking and Capital Markets .................	$59,142.9	$51,776.9
Asset Management ......................................................	5,217.4	6,128.3
Total assets ..................................................................	$64,360.3	$57,905.2

Net Revenues by Geographic Region

Net revenues for the Investment Banking and Capital Markets

reportable business segment are recorded in the geographic

region in which the position was risk-managed or, in the case of

investment banking, in which the senior coverage banker is

located. For the Asset Management reportable business

segment, net revenues are allocated according to the location of

the investment advisor or the location of the invested capital.

	Year Ended November 30,
$ in millions	2024	2023	2022
Americas (1) .....................................	$4,952.3	$3,625.6	$4,815.4
Europe and the Middle East (2) .....	1,577.5	775.9	925.4
Asia-Pacific ......................................	505.0	298.9	238.0
Net revenues ....................................	$7,034.8	$4,700.4	$5,978.8

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

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