Segment Reporting

9 Months Ended

Sep. 30, 2011

Segment Reporting

Segment Reporting

NOTE 21 - Segment Reporting

We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment.

Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bank.  The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States, primarily in the Midwest and Mid-Atlantic regions with a growing presence in the Northeast, Southeast, and Western United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through Stifel Bank. Stifel Bank segment provides residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public.

The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services.

The Other segment includes certain corporate activities of our company.

Information concerning operations in these segments of business for the three and nine months ended September 30, 2011 and 2010 is as follows (in thousands):

	Three Months EndedSeptember 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net revenues: (1)
Global Wealth Management	$	219,498		$	207,484		$	683,589		$	606,845
Institutional Group		113,259			138,043			373,168			375,937
Other		1,457			(5,139)			2,927			(2,355)
	$	334,214		$	340,388		$	1,059,684		$	980,427
Income/(loss) before income taxes:
Global Wealth Management	$	55,612		$	51,707		$	172,510		$	131,306
Institutional Group		9,152			27,654			52,496			85,879
Other		(25,741	)		(221,917	)		(131,424	)		(284,231	)
	$	39,023		$	(142,556)		$	93,582		$	(67,046)

⁽¹⁾  No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2011 or 2010.

The following table presents our company's total assets on a segment basis at September 30, 2011 and December 31, 2010 (in thousands):

	September 30, 2011		December 31,   2010
Global Wealth Management	$	3,658,296	$	2,965,168
Institutional Group		1,076,051		883,235
Other		208,017		364,712
	$	4,942,364	$	4,213,115

We have operations in the United States, Canada, United Kingdom, and Europe. Our company's foreign operations are conducted through its wholly owned subsidiaries, SN Ltd., SN Canada, and TWPIL. Substantially all long-lived assets are located in the United States.

Net revenues, classified by the major geographic areas in which they are earned for the three and nine months ended September 30, 2011 and 2010, were as follows (in thousands):

	Three Months Ended September 30,				Nine Months EndedSeptember 30,
	2011		2010		2011		2010
United States	$	324,519	$	329,350	$	1,019,328	$	955,938
Canada		3,261		4,870		16,522		4,870
United Kingdom		4,318		4,073		16,455		12,790
Other European		2,116		2,095		7,379		6,829
	$	334,214	$	340,388	$	1,059,684	$	980,427