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Segment Reporting
 12 Months Ended
Nov. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting 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 (loss) 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.
Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions):
 
Year Ended November 30,
 
2019
 
2018
 
2017
Investment Banking and Capital Markets:
 
 
 
 
 
Net revenues
$
3,036.0

 
$
3,184.4

 
$
3,169.9

Non-interest expenses
2,688.9

 
2,719.5

 
2,634.2

Earnings before income taxes
$
347.1

 
$
464.9

 
$
535.7

Asset Management:
 
 
 
 
 
Net revenues
$
76.5

 
$
(1.0
)
 
$
28.2

Non-interest expenses
98.9

 
54.2

 
59.0

Loss before income taxes
$
(22.4
)
 
$
(55.2
)
 
$
(30.8
)
Total:
 
 
 
 
 
Net revenues
$
3,112.5

 
$
3,183.4

 
$
3,198.1

Non-interest expenses
2,787.8

 
2,773.7

 
2,693.2

Earnings before income taxes
$
324.7

 
$
409.7

 
$
504.9

The following table summarizes our total assets by reportable business segment (in millions):
 
November 30,
 
2019
 
2018
Investment Banking and Capital Markets
$
40,565.8

 
$
38,700.7

Asset Management
2,950.3

 
2,468.1

Total assets
$
43,516.1

 
$
41,168.8


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. Net revenues by geographic region were as follows (in millions):
 
Year Ended November 30,
 
2019
 
2018
 
2017
Americas (1)
$
2,407.6

 
$
2,652.9

 
$
2,602.7

Europe (2)
592.8

 
434.9

 
489.6

Asia
112.1

 
95.6

 
105.8

Net revenues
$
3,112.5

 
$
3,183.4

 
$
3,198.1

(1)
Substantially all relates to U.S. results.
(2)
Substantially all relates to U.K. results.