Segment Reporting (Tables)

12 Months Ended

Nov. 30, 2022

Schedule of Net Revenues, Expenses and Total Assets by Segment

Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions):


	Year Ended November 30,
	2022		2021		2020
Investment Banking and Capital Markets:
Net revenues	$	4,726.2	$	6,917.8	$	5,029.5
Non-interest expenses	3,950.9		4,730.6		3,920.7
Earnings before income taxes	775.3		2,187.2		1,108.8
Asset Management:
Net revenues	1,257.7		1,092.6		814.6
Non-interest expenses	967.0		1,025.7		858.7
Earnings (loss) before income taxes	290.7		66.9		(44.1)
Total of Reportable Business Segments:
Net revenues	5,983.9		8,010.4		5,844.1
Non-interest expenses	4,917.9		5,756.3		4,779.4
Earnings before income taxes	1,066.0		2,254.1		1,064.7
Reconciliation to consolidated amounts:
Net revenues	(5.1)		3.4		6.4
Non-interest expenses	5.3		3.4		4.0
Earnings (loss) before income taxes (1)	(10.4)		—		2.4
Total:
Net revenues	5,978.8		8,013.8		5,850.5
Non-interest expenses	4,923.2		5,759.7		4,783.4
Total earnings before income taxes	$	1,055.6	$	2,254.1	$	1,067.1

(1)Management does not consider certain foreign currency transaction gains or losses, fair value debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.

The following table summarizes our total assets by reportable business segment (in millions):


	November 30,
	2022		2021
Investment Banking and Capital Markets	$	45,541.0	$	50,912.3
Asset Management	5,516.7		5,195.0
Total assets	$	51,057.7	$	56,107.3

Summary Net Revenues by Geographic Region

Net revenues by geographic region were as follows (in millions):


	Year Ended November 30,
	2022		2021		2020
Americas (1)	$	4,815.4	$	6,748.8	$	4,730.1
Europe and the Middle East (2)	925.4		1,045.7		826.4
Asia	238.0		219.3		294.0
Net revenues	$	5,978.8	$	8,013.8	$	5,850.5

(1)Substantially all relates to U.S. results.

(2)Substantially all relates to U.K. results.