XML 62 R51.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenues from Contracts with Customers (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Revenue From Contract With Customer [Abstract] |
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues | The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenues for the three and six months ended June 30, 2020 and 2019 (in thousands):
|  | Three Months Ended June 30, |
|  | 2020 |  |  | 2019 |
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions |  | $ | 177,028 |  |  | $ | 164,981 |
Investment banking |  |  | 217,035 |  |  |  | 179,617 |
Asset management and service fees |  |  | 198,939 |  |  |  | 211,171 |
Other |  |  | 12,312 |  |  |  | 3,748 |
Total revenue from contracts with customers |  |  | 605,314 |  |  |  | 559,517 |
Other sources of revenue: |  |  |  |  |  |  |  |
Interest |  |  | 128,368 |  |  |  | 187,940 |
Principal transactions |  |  | 166,017 |  |  |  | 96,464 |
Other |  |  | 9,202 |  |  |  | 9,757 |
Total revenues |  | $ | 908,901 |  |  | $ | 853,678 |
|  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions |  | $ | 388,126 |  |  | $ | 320,430 |
Investment banking |  |  | 396,503 |  |  |  | 341,457 |
Asset management and service fees |  |  | 436,714 |  |  |  | 406,438 |
Other |  |  | 17,079 |  |  |  | 7,530 |
Total revenue from contracts with customers |  |  | 1,238,422 |  |  |  | 1,075,855 |
Other sources of revenue: |  |  |  |  |  |  |  |
Interest |  |  | 289,545 |  |  |  | 379,011 |
Principal transactions |  |  | 304,683 |  |  |  | 200,496 |
Other |  |  | 13,642 |  |  |  | 18,184 |
Total revenues |  | $ | 1,846,292 |  |  | $ | 1,673,546 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and six months ended June 30, 2020 and 2019 (in thousands):
|  | Three Months Ended June 30, 2020 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions (1) |  | $ | 116,156 |  |  | $ | 60,875 |  |  | $ | (3 | ) |  | $ | 177,028 |
Capital raising (1) |  |  | 8,016 |  |  |  | 111,181 |  |  |  | — |  |  |  | 119,197 |
Advisory fees (1) |  |  | — |  |  |  | 97,838 |  |  |  | — |  |  |  | 97,838 |
Investment banking |  |  | 8,016 |  |  |  | 209,019 |  |  |  | — |  |  |  | 217,035 |
Asset management |  |  | 198,921 |  |  |  | 18 |  |  |  | — |  |  |  | 198,939 |
Other |  |  | 11,568 |  |  |  | — |  |  |  | 744 |  |  |  | 12,312 |
Total |  |  | 334,661 |  |  |  | 269,912 |  |  |  | 741 |  |  |  | 605,314 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 334,661 |  |  |  | 202,144 |  |  |  | 741 |  |  |  | 537,546 |
United Kingdom |  |  | — |  |  |  | 48,331 |  |  |  | — |  |  |  | 48,331 |
Other |  |  | — |  |  |  | 19,437 |  |  |  | — |  |  |  | 19,437 |
|  | $ | 334,661 |  |  | $ | 269,912 |  |  | $ | 741 |  |  | $ | 605,314 |
|  | Three Months Ended June 30, 2019 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 120,284 |  |  | $ | 44,697 |  |  | $ | — |  |  | $ | 164,981 |
Capital raising (1) |  |  | 10,559 |  |  |  | 86,153 |  |  |  | — |  |  |  | 96,712 |
Advisory fees (1) |  |  | — |  |  |  | 82,905 |  |  |  | — |  |  |  | 82,905 |
Investment banking |  |  | 10,559 |  |  |  | 169,058 |  |  |  | — |  |  |  | 179,617 |
Asset management |  |  | 211,156 |  |  |  | 15 |  |  |  | — |  |  |  | 211,171 |
Other |  |  | 3,549 |  |  |  | — |  |  |  | 199 |  |  |  | 3,748 |
Total |  |  | 345,548 |  |  |  | 213,770 |  |  |  | 199 |  |  |  | 559,517 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 345,548 |  |  |  | 172,958 |  |  |  | 199 |  |  |  | 518,705 |
United Kingdom |  |  | — |  |  |  | 39,668 |  |  |  | — |  |  |  | 39,668 |
Other |  |  | — |  |  |  | 1,144 |  |  |  | — |  |  |  | 1,144 |
|  | $ | 345,548 |  |  | $ | 213,770 |  |  | $ | 199 |  |  | $ | 559,517 |
(1) Excludes revenues not derived from contracts with customers included in the Other segment.
|  | Six Months Ended June 30, 2020 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 253,053 |  |  | $ | 135,073 |  |  | $ | — |  |  | $ | 388,126 |
Capital raising (1) |  |  | 18,330 |  |  |  | 204,263 |  |  |  | — |  |  |  | 222,593 |
Advisory fees (1) |  |  | 19 |  |  |  | 173,891 |  |  |  | — |  |  |  | 173,910 |
Investment banking |  |  | 18,349 |  |  |  | 378,154 |  |  |  | — |  |  |  | 396,503 |
Asset management |  |  | 436,681 |  |  |  | 33 |  |  |  | — |  |  |  | 436,714 |
Other |  |  | 15,569 |  |  |  | — |  |  |  | 1,510 |  |  |  | 17,079 |
Total |  |  | 723,652 |  |  |  | 513,260 |  |  |  | 1,510 |  |  |  | 1,238,422 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 723,652 |  |  |  | 400,187 |  |  |  | 1,510 |  |  |  | 1,125,349 |
United Kingdom |  |  | — |  |  |  | 79,094 |  |  |  | — |  |  |  | 79,094 |
Other |  |  | — |  |  |  | 33,979 |  |  |  | — |  |  |  | 33,979 |
|  | $ | 723,652 |  |  | $ | 513,260 |  |  | $ | 1,510 |  |  | $ | 1,238,422 |
|  | Six Months Ended June 30, 2019 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 230,211 |  |  | $ | 90,219 |  |  | $ | — |  |  | $ | 320,430 |
Capital raising (1) |  |  | 18,782 |  |  |  | 134,875 |  |  |  | — |  |  |  | 153,657 |
Advisory fees (1) |  |  | — |  |  |  | 187,800 |  |  |  | — |  |  |  | 187,800 |
Investment banking |  |  | 18,782 |  |  |  | 322,675 |  |  |  | — |  |  |  | 341,457 |
Asset management |  |  | 406,409 |  |  |  | 29 |  |  |  | — |  |  |  | 406,438 |
Other |  |  | 6,004 |  |  |  | — |  |  |  | 1,526 |  |  |  | 7,530 |
Total |  |  | 661,406 |  |  |  | 412,923 |  |  |  | 1,526 |  |  |  | 1,075,855 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 661,406 |  |  |  | 349,698 |  |  |  | 1,526 |  |  |  | 1,012,630 |
United Kingdom |  |  | — |  |  |  | 60,771 |  |  |  | — |  |  |  | 60,771 |
Other |  |  | — |  |  |  | 2,454 |  |  |  | — |  |  |  | 2,454 |
|  | $ | 661,406 |  |  | $ | 412,923 |  |  | $ | 1,526 |  |  | $ | 1,075,855 |
(1) Excludes revenues not derived from contracts with customers included in the Other segment.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue by reporting categories or types of financial instruments, including derivatives but excluding dividends and interests, from trading for own account by broker dealers. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35711157&loc=d3e42567-110969 + Details
Name: | us-gaap_ScheduleOfPrincipalTransactionsRevenueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration