Segment Reporting (Tables)

6 Months Ended

May 31, 2021

Segment Reporting [Abstract]

Schedule of Net Revenues, Expenses and Total Assets by Segment

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

	Three Months Ended  May 31,				Six Months Ended  May 31,
	2021		2020		2021		2020
Investment Banking and Capital Markets:
Net revenues	$	1,572.9	$	1,028.9	$	3,532.4	$	2,177.7
Non-interest expenses	1,146.4		814.3		2,562.6		1,713.3
Earnings before income taxes	$	426.5	$	214.6	$	969.8	$	464.4
Asset Management:
Net revenues	$	44.5	$	5.5	$	214.4	$	27.4
Non-interest expenses	41.7		47.2		83.7		83.6
Earnings (loss) before income taxes	$	2.8	$	(41.7)	$	130.7	$	(56.2)
Total:
Net revenues	$	1,617.4	$	1,034.4	$	3,746.8	$	2,205.1
Non-interest expenses	1,188.1		861.5		2,646.3		1,796.9
Earnings before income taxes	$	429.3	$	172.9	$	1,100.5	$	408.2

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

	May 31, 2021		November 30, 2020
Investment Banking and Capital Markets	$	49,436.3	$	44,488.1
Asset Management	2,734.8		3,263.9
Total assets	$	52,171.1	$	47,752.0

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,
	2021		2020		2021		2020
Americas (1)	$	1,255.3	$	754.3	$	3,005.9	$	1,704.4
Europe (2)	289.4		189.6		588.2		348.9
Asia Pacific	72.7		90.5		152.7		151.8
Net revenues	$	1,617.4	$	1,034.4	$	3,746.8	$	2,205.1

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

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