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Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting

NOTE 22 – 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 months ended March 31, 2023 and 2022 is as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Net revenues: (1)

 

 

 

 

 

 

Global Wealth Management

 

$

757,186

 

 

$

681,725

 

Institutional Group

 

 

332,613

 

 

 

431,363

 

Other

 

 

16,994

 

 

 

3,439

 

 

 

$

1,106,793

 

 

$

1,116,527

 

Income/(loss) before income taxes:

 

 

 

 

 

 

Global Wealth Management

 

$

316,109

 

 

$

225,413

 

Institutional Group

 

 

33,720

 

 

 

96,628

 

Other

 

 

(139,946

)

 

 

(94,932

)

 

 

$

209,883

 

 

$

227,109

 

(1)
No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2023 and 2022.

The following table presents our company’s total assets on a segment basis at March 31, 2023 and December 31, 2022 (in thousands):

 

 

March 31, 2023

 

 

December 31,
2022

 

Global Wealth Management

 

$

33,650,120

 

 

$

32,449,466

 

Institutional Group

 

 

4,613,689

 

 

 

4,285,212

 

Other

 

 

333,844

 

 

 

461,446

 

 

 

$

38,597,653

 

 

$

37,196,124

 

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 were earned for the three months ended March 31, 2023 and 2022, were as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

United States

 

$

1,038,895

 

 

$

1,055,102

 

United Kingdom

 

 

33,197

 

 

 

43,864

 

Canada

 

 

21,978

 

 

 

7,451

 

Other

 

 

12,723

 

 

 

10,110

 

 

 

$

1,106,793

 

 

$

1,116,527