Note 12. Goodwill and Intangible Assets

Goodwill


	Six Months Ended May 31, 2026
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Balance, at beginning of period	$	1,535,961	$	301,609	$	1,837,570
Currency translation and other adjustments	886		2,115		3,001

Impairment (1)	—		(58,240)		(58,240)
Reclassification to held for sale (1)	—		(56,850)		(56,850)
Balance, at end of period	$	1,536,847	$	188,634	$	1,725,481

(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, we recorded a $58.2 million goodwill impairment charge. The remaining goodwill balance was reclassified as held for sale at May 31, 2026. See Note 4, Assets and Liabilities Held for Sale.


	Six Months Ended May 31, 2025
$ in thousands	Investment Banking and Capital Markets		Asset Management		Total
Balance, at beginning of period	$	1,533,013	$	294,925	$	1,827,938
Currency translation and other adjustments	4,457		7,917		12,374
Measurement period adjustments (1)	—		1,802		1,802

Balance, at end of period	$	1,537,470	$	304,644	$	1,842,114

(1)Relates to a measurement period adjustment recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions and Discontinued Operations in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025 for further discussion.

Carrying values of goodwill by reporting unit:


$ in millions	May 31, 2026		November 30, 2025
Investment banking	$	702.5	$	702.0
Equities and wealth management	256.0		255.9
Fixed income	578.3		578.0
Asset management	143.0		143.0
Other investments	45.7		158.7
Total	$	1,725.5	$	1,837.6

Intangible Assets


	May 31, 2026		Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost				Accumulated Amortization			Net Carrying Amount
Customer relationships (1)	$	127,611	$	(106,063)		$	21,548	4.7
Trademarks and trade names (1)	128,953		(48,874)			80,079		21.8
Exchange and clearing organization membership interests and registrations	8,708		—			8,708		N/A
Other (1)	15,145		(14,446)			699		2.3
Total	$	280,417	$	(169,383)		$	111,034


	November 30, 2025						Weighted Average Remaining Lives (Years)
$ in thousands	Gross Cost		Assets Acquired		Accumulated Amortization					Net Carrying Amount
Customer relationships	$	166,328	$	622	$	(116,810)		$	50,140	4.6
Trademarks and trade names	160,674		—		(55,948)			104,726		20.6
Exchange and clearing organization membership interests and registrations	8,717		—		—			8,717		N/A
Other	86,815		99		(47,920)			38,994		2.8
Total	$	422,534	$	721	$	(220,678)		$	202,577

(1)Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, intangible assets of $82.7 million related to Tessellis were reclassified as held for sale at February 28, 2026. See Note 4, Assets and Liabilities Held for Sale.