v3.26.1
Segment Reporting
 6 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
Note 20. Segment Reporting
We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and investment banking business, which is composed of financial advisory and underwriting activities. The Investment Banking and Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business segment provides investment management services to investors globally and invests capital in hedge funds, separately managed accounts and third-party asset managers.
Our reportable business segment information is prepared using the following methodologies:
•Net revenues, expenses and income (loss) from equity method investments directly associated with each reportable business segment are included in determining earnings (losses) from continuing operations before income taxes.
•Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors.
•Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization.
Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated long-term debt, which is a function of the mix of each business's associated assets and liabilities and the related funding costs.
Our Chief Executive Officer and President serve collectively as our chief operating decision maker (“CODM”). In this capacity, the CODM evaluates the performance of each business segment and allocates resources based on a variety of strategic and financial considerations. These considerations include measures of segment results and profitability, including net revenues and earnings before income taxes, which are calculated in accordance with U.S. GAAP and align with the amounts reported in our Consolidated Statements of Earnings. The CODM regularly reviews results and profitability measures to monitor budget versus actual results. Furthermore, the ongoing monitoring of budget versus actual results is used to assess the performance of each reportable business segment and significantly influences decisions about allocating resources.
Summary of our results by reportable business segment:
Three Months Ended
 May 31,		Six Months Ended
 May 31,
$ in millions2026202520262025
Investment Banking and Capital Markets:
Revenues
Non-interest revenues$2,020.4 $1,413.8 $3,821.8 $2,817.5 
Interest income536.7 842.6 1,306.9 1,645.2 
Total revenues (1)2,557.1 2,256.4 5,128.7 4,462.7 
Interest expense551.0 786.0 1,326.6 1,593.5 
Net revenues (1)2,006.1 1,470.4 3,802.1 2,869.2 
Non-interest expenses
Compensation and benefits1,108.2 786.1 2,129.4 1,555.2 
Brokerage and clearing fees132.7 119.6 254.6 219.8 
Technology and communications146.2 132.6 288.7 260.2 
Business development85.2 70.9 155.4 129.6 
Other segment items (3) (4)218.2 172.9 407.4 349.4 
Total non-interest expenses1,690.5 1,282.1 3,235.5 2,514.2 
Earnings before income taxes$315.6 $188.3 $566.6 $355.0 
Asset Management:
Revenues
Non-interest revenues$211.1 $193.1 $467.0 $414.8 
Interest income26.2 35.4 69.1 78.0 
Total revenues (2)237.3 228.5 536.1 492.8 
Interest expense49.6 73.9 128.1 146.4 
Net revenues (2)187.7 154.6 408.0 346.4 
Non-interest expenses
Compensation and benefits80.1 68.7 144.7 140.7 
Brokerage and clearing fees14.7 10.2 26.0 19.4 
Technology and communications16.7 13.6 34.0 25.5 
Business development3.9 9.1 9.1 22.7 
Cost of sales31.3 43.0 61.2 84.6 
Other segment items (3) (5)53.8 72.8 185.3 134.4 
Total non-interest expenses200.5 217.4 460.3 427.3 
Losses before income taxes (6) (7)$(12.8)$(62.8)$(52.3)$(80.9)
Total of Reportable Business Segments:
Revenues
Non-interest revenues$2,231.5 $1,606.9 $4,288.8 $3,232.3 
Interest income562.9 878.0 1,376.0 1,723.2 
Total revenues2,794.4 2,484.9 5,664.8 4,955.5 
Interest expense600.6 859.9 1,454.7 1,739.9 
Net revenues2,193.8 1,625.0 4,210.1 3,215.6 
Non-interest expenses
Compensation and benefits1,188.3 854.8 2,274.1 1,695.9 
Brokerage and clearing fees147.4 129.8 280.6 239.2 
Technology and communications162.9 146.2 322.7 285.7 
Business development89.1 80.0 164.5 152.3 
Cost of sales31.3 43.0 61.2 84.6 
Other segment items (3)272.0 245.7 592.7 483.8 
Total non-interest expenses1,891.0 1,499.5 3,695.8 2,941.5 
Earnings before income taxes$302.8 $125.5 $514.3 $274.1 
(1)Includes total net earnings related to equity method investees of $17.9 million, $5.9 million, $38.2 million and $10.6 million, respectively.
(2)Includes total net earnings (losses) related to equity method investees of $3.8 million $2.2 million, $8.0 million and $4.6 million, respectively.
(3)Primarily consists of underwriting costs, occupancy and equipment rental, professional services, and depreciation and amortization.
(4)Includes depreciation and amortization of $34.2 million, $29.6 million, $67.7 million and $39.5 million, respectively.
(5)Includes depreciation and amortization of $13.1 million, $22.6 million, $36.5 million and $43.7 million, respectively.
(6)Consists of (losses) earnings before income taxes of $(35.7) million, $4.7 million, $44.3 million and $18.1 million, respectively, related to asset management fees and investment return and earnings (losses) before taxes of $22.9 million, $(67.5) million, $(96.7) million and $(99.1) million, respectively, related to Other investments.
(7)Includes losses before income taxes related to non-controlling interests of $5.4 million, $7.7 million, $21.3 million and $14.7 million, respectively.
Reconciliation of Reportable Segment Information:
Three Months Ended
 May 31,		Six Months Ended
 May 31,
$ in millions2026202520262025
Total revenues for reportable segments$2,193.8 $1,625.0 $4,210.1 $3,215.6 
Other revenues not allocated to segments12.7 9.4 13.5 11.9 
Total consolidated net revenues$2,206.5 $1,634.4 $4,223.6 $3,227.5 
Total earnings for reportable segments$302.8 $125.5 $514.3 $274.1 
Earnings not allocated to segments12.7 9.4 13.5 11.9 
Total consolidated earnings$315.5 $134.9 $527.8 $286.0 
Assets by reportable business segment:
$ in millionsMay 31,
2026		November 30, 2025
Investment Banking and Capital Markets$74,202.9 $70,335.5 
Asset Management5,337.0 5,676.8 
Total assets$79,539.9 $76,012.3 
Net Revenues by Geographic Region
Net revenues for the Investment Banking and Capital Markets reportable business segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For the Asset Management reportable business segment, net revenues are allocated according to the location of the investment advisor or the location of the invested capital.
Three Months Ended
 May 31,		Six Months Ended
 May 31,
$ in millions2026202520262025
Americas (1)$1,529.7 $990.3 $2,935.5 $2,097.3 
Europe and the Middle East (2)477.3 488.2 913.6 859.1 
Asia-Pacific199.5 155.9 374.5 271.1 
Net revenues$2,206.5 $1,634.4 $4,223.6 $3,227.5 
(1)Primarily relates to U.S. results.
(2)Primarily relates to U.K. results.