Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 26 – 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 Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the 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 our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our private client group 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 interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges.

Information concerning operations in these segments of business for the years ended December 31, 2023, 2022, and 2021, is as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Net revenues: (1)
Global Wealth Management	$	3,049,962		$	2,825,866		$	2,598,837
Institutional Group		1,226,317			1,536,017			2,152,439
Other		72,665			29,556			(14,188	)
	$	4,348,944		$	4,391,439		$	4,737,088
Income/(loss) before income taxes:
Global Wealth Management	$	1,215,822		$	1,067,571		$	914,953
Institutional Group		2,100			254,132			558,937
Other		(511,230	)		(436,587	)		(406,809	)
	$	706,692		$	885,116		$	1,067,081

(1) No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2023, 2022, and 2021.

The following table presents our company’s total assets on a segment basis at December 31, 2023 and 2022 (in thousands):

	December 31,
	2023		2022
Global Wealth Management	$	32,773,613	$	32,449,466
Institutional Group		4,564,058		4,285,212
Other		389,789		461,446
	$	37,727,460	$	37,196,124

We have operations in the United States, United Kingdom, Europe, and Canada. The Company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SNC. Substantially all long-lived assets are located in the United States.

Revenues, classified by the major geographic areas in which they were earned for the years ended December 31, 2023, 2022, and 2021, were as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
United States	$	4,095,476	$	4,125,563	$	4,332,743
United Kingdom		152,125		192,985		239,559
Canada		40,034		29,268		109,285
Other		61,309		43,623		55,501
	$	4,348,944	$	4,391,439	$	4,737,088