Segment Reporting

12 Months Ended

Dec. 31, 2011

Segment Reporting

Segment Reporting

NOTE 24 – 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 years ended December 31, 2011, 2010, and 2009 is as follows (in thousands):

	Year Ended December 31,
	2011			2010			2009
Net revenues: (1)
Global Wealth Management	$	908,158		$	843,269		$	595,974
Institutional Group		507,397			541,839			494,092
Other		1,007			(3,082	)		570
	$	1,416,562		$	1,382,026		$	1,090,636
Income/(loss) before income taxes:
Global Wealth Management	$	235,382			194,023			104,699
Institutional Group		63,269			129,535			129,133
Other		(160,043	)		(323,787	)		(113,418	)
	$	138,608		$	(229	)	$	120,414

(1) No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2011, 2010, or 2009.

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

	December 31,  2011		December 31,  2010
Global Wealth Management	$	3,637,069	$	2,965,168
Institutional Group		1,028,948		883,235
Other		285,883		364,712
	$	4,951,900	$	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 years ended December 31, 2011, 2010, and 2009, were as follows (in thousands):

	Year Ended December 31,
	2011		2010		2009
Net revenues:
United States	$	1,361,899	$	1,340,727	$	1,069,066
Canada		23,422		10,739		—
United Kingdom		21,945		20,479		13,527
Other European		9,296		10,081		8,043
	$	1,416,562	$	1,382,026	$	1,090,636