Segment Reporting

12 Months Ended

Dec. 31, 2015

Segment Reporting Information Profit Loss [Abstract]

Segment Reporting

NOTE 25 – Segment Reporting

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

Our Global Wealth Management segment consists of two operating segments, 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. 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 private client group customers 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, compensation expense associated with the expensing of restricted stock awards with no continuing service requirements in conjunction with recent acquisitions, 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, 2015, 2014, and 2013 is as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Net revenues: (1)
Global Wealth Management	$	1,377,313		$	1,232,651		$	1,117,179
Institutional Group		975,594			997,071			864,371
Other		(21,313	)		(21,298	)		(8,104	)
	$	2,331,594		$	2,208,424		$	1,973,446
Income/(loss) before income taxes:
Global Wealth Management	$	382,126		$	346,978		$	299,572
Institutional Group		141,042			165,546			149,599
Other		(381,601	)		(221,730	)		(263,942	)
	$	141,567		$	290,794		$	185,229

¹ No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2015, 2014, and 2013.

The following table presents our company’s total assets on a segment basis at December 31, 2015 and 2014 (in thousands):

	December 31,
	2015		2014
Global Wealth Management	$	10,519,575	$	5,816,284
Institutional Group		2,193,781		3,476,592
Other		622,559		225,275
	$	13,335,915	$	9,518,151

We have operations in the United States, United Kingdom, and Europe. The Company’s foreign operations are conducted through its wholly owned subsidiary, SNEL. 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, 2015, 2014, and 2013, were as follows (in thousands):

	Year Ended December 31,
	2015		2014		2013
United States	$	2,195,538	$	2,082,876	$	1,894,300
United Kingdom		125,552		113,943		67,394
Other European		10,504		11,605		11,752
	$	2,331,594	$	2,208,424	$	1,973,446