Segment Reporting

3 Months Ended

Feb. 28, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 21. 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 capital markets activities and our

investment banking business, which provides underwriting and

financial advisory services to our clients. We operate in the

Americas; Europe and the Middle East; and Asia-Pacific.

Investment Banking and Capital Markets also includes our

corporate lending joint venture Jefferies Finance, our commercial

real estate joint venture Berkadia and historically our automobile

lending and servicing activities. The Asset Management

reportable business segment provides alternative investment

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

generates investment income from capital invested in and

managed by us or our affiliated asset managers, and includes

certain remaining businesses and assets of our legacy merchant

banking portfolio.

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 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.

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Investment Banking and Capital Markets:
Net revenues	$1,399.0	$1,451.3
Non-interest expenses	1,232.0	1,296.3
Earnings from continuing operations before income taxes	167.0	155.0
Asset Management:
Net revenues	191.7	273.4
Non-interest expenses	209.9	221.7
Earnings from continuing operations before income taxes	(18.2)	51.7
Total of Reportable Business Segments:
Net revenues	1,590.7	1,724.7
Non-interest expenses	1,441.9	1,518.0
Earnings from continuing operations before income taxes	148.8	206.7
Reconciliation to consolidated amounts:
Net revenues	2.3	13.5
Non-interest expenses	—	—
Earnings from continuing operations before income taxes (1)	2.3	13.5
Total:
Net revenues	1,593.0	1,738.2
Non-interest expenses	1,441.9	1,518.0
Earnings from continuing operations before income taxes	$151.1	$220.2

(1)Management does not consider debt valuation adjustments on derivative

contracts, gains and losses on investments held in deferred compensation

plans, foreign currency transaction gains or losses or certain other 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.

$ in millions	February 28, 2025	November 30, 2024
Investment Banking and Capital Markets .................	$64,896.6	$59,142.9
Asset Management ......................................................	5,322.3	5,217.4
Total assets ..................................................................	$70,218.9	$64,360.3

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.

	Three Months Ended
$ in millions	February 28, 2025	February 29, 2024
Americas (1) ....................................	$1,084.3	$1,307.8
Europe and the Middle East (2) ....	370.6	331.8
Asia-Pacific ......................................	138.1	98.6
Net revenues ...................................	$1,593.0	$1,738.2

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

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