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Segment Reporting (Tables) | 3 Months Ended
--- | ---
Feb. 28, 2026
Segment Reporting [Abstract] |
Schedule of Net Revenues, Expenses and Total Assets by Segment | Summary of our results by reportable business segment:
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Investment Banking and Capital Markets: |  |
Revenues |  |
Non-interest revenues ............................................................ | $1,801.4 | $1,403.7
Interest income ....................................................................... | 770.1 | 802.6
Total revenues (1) .................................................................. | 2,571.5 | 2,206.3
Interest expense ..................................................................... | 775.5 | 807.3
Net revenues (1) ..................................................................... | 1,796.0 | 1,399.0
Non-interest expenses |  |
Compensation and benefits .................................................. | 1,021.3 | 769.1
Brokerage and clearing fees ................................................. | 121.8 | 100.2
Technology and communications ....................................... | 142.5 | 127.6
Business development .......................................................... | 70.3 | 58.7
Other segment items (3) (4) ................................................. | 189.1 | 176.4
Total non-interest expenses ................................................ | 1,545.0 | 1,232.0
Earnings before income taxes .............................................. | $251.0 | $167.0
Asset Management: |  |
Revenues |  |
Non-interest revenues ............................................................ | $255.9 | $221.7
Interest income ....................................................................... | 43.0 | 42.5
Total revenues (2) .................................................................. | 298.9 | 264.2
Interest expense ..................................................................... | 78.6 | 72.5
Net revenues (2) ..................................................................... | 220.3 | 191.7
Non-interest expenses |  |
Compensation and benefits .................................................. | 64.6 | 72.0
Brokerage and clearing fees ................................................. | 11.3 | 9.2
Technology and communications ....................................... | 17.3 | 11.9
Business development .......................................................... | 5.2 | 13.6
Cost of sales ........................................................................... | 29.9 | 41.6
Other segment items (3) (5) ................................................. | 131.6 | 61.6
Total non-interest expenses ................................................ | 259.9 | 209.9
Losses before income taxes (6) (7) .................................... | $(39.6) | $(18.2)
Total of Reportable Business Segments: |  |
Revenues |  |
Non-interest revenues ............................................................ | $2,057.3 | $1,625.4
Interest income ....................................................................... | 813.1 | 845.1
Total revenues ........................................................................ | 2,870.4 | 2,470.5
Interest expense ..................................................................... | 854.1 | 879.8
Net revenues ........................................................................... | 2,016.3 | 1,590.7
Non-interest expenses |  |
Compensation and benefits .................................................. | 1,085.9 | 841.1
Brokerage and clearing fees ................................................. | 133.1 | 109.4
Technology and communications ....................................... | 159.8 | 139.5
Business development .......................................................... | 75.5 | 72.3
Cost of sales ........................................................................... | 29.9 | 41.6
Other segment items (3) ....................................................... | 320.7 | 238.0
Total non-interest expenses ................................................ | 1,804.9 | 1,441.9
Earnings before income taxes ............................................. | $211.4 | $148.8
(1)Includes total net earnings related to equity method investees of $20.3 million and $4.7 million, respectively. (2)Includes total net earnings (losses) related to equity method investees of $4.2 million and $2.4 million, respectively. (3)Primarily consists of underwriting costs, occupancy and equipment rental, professional services, and depreciation and amortization. (4)Includes depreciation and amortization of $33.5 million and $9.9 million, respectively. (5)Includes depreciation and amortization of $23.4 million and $21.1 million, respectively. (6)Consists of earnings before income taxes of $80.0 million and $13.3 million, respectively, related to asset management fees and investment return and consists of losses before income taxes of $119.6 million and $31.5 million, respectively, related to Other investments. (7)I ncludes losses before income taxes related to non-controlling interests of $15.8 million and $7.0 million, r espectively. Reconciliation of Reportable Segment Information:
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Total revenues for reportable segments ................. | $2,016.3 | $1,590.7
Other revenues not allocated to segments ............... | 0.8 | 2.3
Total consolidated net revenues ............................... | $2,017.1 | $1,593.0
Total earnings for reportable segments .................. | $211.4 | $148.8
Earnings not allocated to segments .......................... | 0.8 | 2.3
Total consolidated earnings ....................................... | $212.2 | $151.1
Assets by reportable business segment:
$ in millions | February 28, 2026 | November 30, 2025
Investment Banking and Capital Markets ................. | $68,934.9 | $70,335.5
Asset Management ...................................................... | 5,445.6 | 5,676.8
Total assets .................................................................. | $74,380.5 | $76,012.3
Schedule of Net Revenues by Geographic Region |
| Three Months Ended February 28,
$ in millions | 2026 | 2025
Americas (1) ................................................................. | $1,405.8 | $1,084.3
Europe and the Middle East (2) .................................. | 436.3 | 370.6
Asia-Pacific ................................................................... | 175.0 | 138.1
Net revenues ................................................................ | $2,017.1 | $1,593.0
(1)Primarily relates to U.S. results. (2)Primarily relates to U.K. results.

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- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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