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Segment Reporting | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | NOTE 21 – 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 three and nine months ended September 30, 2021 and 2020 is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net revenues: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 655,533 |  |  | $ | 526,836 |  |  | $ | 1,924,595 |  |  | $ | 1,615,574 |
Institutional Group |  |  | 492,284 |  |  |  | 363,365 |  |  |  | 1,519,176 |  |  |  | 1,093,699 |
Other |  |  | (2,879 | ) |  |  | (6,901 | ) |  |  | (10,908 | ) |  |  | (17,122 | )
|  | $ | 1,144,938 |  |  | $ | 883,300 |  |  | $ | 3,432,863 |  |  | $ | 2,692,151 |
Income/(loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 232,119 |  |  | $ | 178,930 |  |  | $ | 682,655 |  |  | $ | 529,422 |
Institutional Group |  |  | 125,092 |  |  |  | 76,841 |  |  |  | 383,774 |  |  |  | 201,630 |
Other |  |  | (100,709 | ) |  |  | (97,378 | ) |  |  | (318,010 | ) |  |  | (314,593 | )
|  | $ | 256,502 |  |  | $ | 158,393 |  |  | $ | 748,419 |  |  | $ | 416,459 |
(1) | No individual client accounted for more than 10 percent of total net revenues for the three and nine months ended September 30, 2021 or 2020.
The following table presents our company’s total assets on a segment basis at September 30, 2021 and December 31, 2020 (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Global Wealth Management |  | $ | 25,152,551 |  |  | $ | 21,743,202 |
Institutional Group |  |  | 5,161,215 |  |  |  | 3,733,661 |
Other |  |  | 506,568 |  |  |  | 1,127,391 |
|  | $ | 30,820,334 |  |  | $ | 26,604,254 |
We have operations in the United States, United Kingdom, Europe, and Canada. The 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 are earned for the three and nine months ended September 30, 2021 and 2020, were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 1,067,901 |  |  | $ | 814,301 |  |  | $ | 3,142,337 |  |  | $ | 2,485,336 |
United Kingdom |  |  | 57,413 |  |  |  | 45,705 |  |  |  | 177,138 |  |  |  | 147,097 |
Canada |  |  | 9,523 |  |  |  | 10,713 |  |  |  | 76,535 |  |  |  | 24,338 |
Other |  |  | 10,101 |  |  |  | 12,581 |  |  |  | 36,853 |  |  |  | 35,380 |
|  | $ | 1,144,938 |  |  | $ | 883,300 |  |  | $ | 3,432,863 |  |  | $ | 2,692,151 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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