Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

NOTE 25 – 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, 2020, 2019, and 2018, is as follows (in thousands): 

	Year Ended December 31,
	2020			2019			2018
Net revenues: (1)
Global Wealth Management	$	2,190,826		$	2,130,559		$	1,990,319
Institutional Group		1,583,147			1,214,017			1,055,495
Other		(21,912	)		(7,546	)		(20,933	)
	$	3,752,061		$	3,337,030		$	3,024,881
Income/(loss) before income taxes:
Global Wealth Management	$	725,884		$	785,960		$	737,003
Institutional Group		325,285			175,670			157,051
Other		(400,009	)		(362,492	)		(359,692	)
	$	651,160		$	599,138		$	534,362

⁽¹⁾ No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2020, 2019, and 2018.

The following table presents our company’s total assets on a segment basis at December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
Global Wealth Management	$	21,743,202	$	20,675,580
Institutional Group		3,733,661		3,668,723
Other		1,127,391		265,922
	$	26,604,254	$	24,610,225

We have operations in the United States, United Kingdom, Europe, and Canada. Our 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, 2020, 2019, and 2018, were as follows (in thousands): 

	Year Ended December 31,
	2020		2019		2018
United States	$	3,460,930	$	3,154,285	$	2,855,955
United Kingdom		197,859		163,552		156,557
Other		93,272		19,193		12,369
	$	3,752,061	$	3,337,030	$	3,024,881