Segment Reporting

12 Months Ended

Dec. 31, 2013

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 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, 2013, 2012, and 2011 is as follows (in thousands):

	Year Ended December 31,
	2013		2012		2011
Net revenues: (1)
Global Wealth Management	$	1,117,179	$	991,597	$	904,967
Institutional Group		861,158		604,654		487,643
Other		(4,891)		(2,138)		458
	$	1,973,446	$	1,594,113	$	1,393,068
Income/(loss) before income taxes:
Global Wealth Management	$	299,572	$	266,669	$	233,994
Institutional Group		142,889		101,487		64,315
Other		(257,232)		(138,409)		(160,160)
	$	185,229	$	229,747	$	138,149

⁽¹⁾ No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2013, 2012, or 2011.

The following table presents our company’s total assets on a segment basis at December 31, 2013 and 2012 (in thousands):

	December 31, 2013		December 31, 2012
Global Wealth Management	$	5,505,076	$	5,116,487
Institutional Group		3,290,573		1,447,484
Other		213,221		402,169
	$	9,008,870	$	6,966,140

We have operations in the United States, United Kingdom, and Europe. Our company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and KBW Limited. Substantially all long-lived assets are located in the United States.

Revenues, classified by the major geographic areas in which they are earned for the years ended December  31, 2013, 2012, and 2011, were as follows (in thousands):

	Year Ended December 31,
	2013		2012		2011
United States	$	1,927,344	$	1,571,051	$	1,361,899
United Kingdom		34,350		13,779		21,873
Other European		11,752		9,283		9,296
	$	1,973,446	$	1,594,113	$	1,393,068