v3.26.3
Segment Reporting
 9 Months Ended
Aug. 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
 August 31,		Nine Months Ended
 August 31,
$ in millions2026202520262025
Investment Banking and Capital Markets:
Revenues
Non-interest revenues$2,184 $1,840 $6,006 $4,658 
Interest income880 805 2,187 2,450 
Total revenues (1)3,064 2,645 8,193 7,108 
Interest expense931 787 2,258 2,380 
Net revenues (1)2,133 1,858 5,935 4,728 
Non-interest expenses
Compensation and benefits1,135 1,024 3,264 2,579 
Brokerage and clearing fees131 110 386 330 
Technology and communications159 141 447 401 
Business development80 72 235 202 
Other segment items (3) (4)201 175 608 524 
Total non-interest expenses1,706 1,522 4,940 4,036 
Earnings before income taxes$427 $336 $995 $692 
Three Months Ended
 August 31,		Nine Months Ended
 August 31,
$ in millions2026202520262025
Asset Management:
Revenues
Non-interest revenues$121 $209 $588 $623 
Interest income43 42 112 120 
Total revenues (2)164 251 700 743 
Interest expense78 74 206 220 
Net revenues (2)86 177 494 523 
Non-interest expenses
Compensation and benefits58 59 202 207 
Brokerage and clearing fees8 11 35 30 
Technology and communications15 16 49 42 
Business development3 7 13 29 
Cost of sales23 34 84 119 
Other segment items (3) (5)58 66 244 194 
Total non-interest expenses165 193 627 621 
Losses before income taxes (6) (7)$(79)$(16)$(133)$(98)
Total of Reportable Business Segments:
Revenues
Non-interest revenues$2,305 $2,049 $6,594 $5,281 
Interest income923 847 2,299 2,570 
Total revenues3,228 2,896 8,893 7,851 
Interest expense1,009 861 2,464 2,600 
Net revenues2,219 2,035 6,429 5,251 
Non-interest expenses
Compensation and benefits1,193 1,083 3,466 2,786 
Brokerage and clearing fees139 121 421 360 
Technology and communications174 157 496 443 
Business development83 79 248 231 
Cost of sales23 34 84 119 
Other segment items (3)259 241 852 718 
Total non-interest expenses1,871 1,715 5,567 4,657 
Earnings before income taxes$348 $320 $862 $594 
(1)Includes total net earnings related to equity method investees of $43 million, $35 million, $81 million and $46 million, respectively.
(2)Includes total net earnings related to equity method investees of $10 million $4 million, $18 million and $9 million, respectively.
(3)Primarily consists of Underwriting costs, Occupancy and equipment rental, Professional services, and Depreciation and amortization.
(4)Includes Depreciation and amortization of $35 million, $30 million, $102 million and $69 million, respectively.
(5)Includes Depreciation and amortization of $9 million, $23 million, $45 million and $67 million, respectively.
(6)Consists of (losses) earnings before income taxes of $(49) million, $125 million, $(6) million and $142 million, respectively, related to asset management fees and investment return and earnings (losses) before taxes of $(31) million, $(141) million, $(128) million and $(240) million, respectively, related to Other investments.
(7)Includes losses before income taxes related to non-controlling interests of $3 million, $10 million, $24 million and $25 million, respectively.
Reconciliation of Reportable Segment Information:
Three Months Ended
 August 31,		Nine Months Ended
 August 31,
$ in millions2026202520262025
Total revenues for reportable segments$2,219 $2,035 $6,429 $5,251 
Other revenues not allocated to segments3 12 17 24 
Total consolidated net revenues$2,222 $2,047 $6,446 $5,275 
Total earnings for reportable segments$348 $320 $862 $594 
Earnings not allocated to segments3 12 17 24 
Total consolidated earnings$351 $332 $879 $618 
Assets by reportable business segment:
$ in millionsAugust 31,
2026		November 30,
 2025
Investment Banking and Capital Markets$76,188 $70,335 
Asset Management5,114 5,677 
Total assets$81,302 $76,012 
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
 August 31,		Nine Months Ended
 August 31,
$ in millions2026202520262025
Americas (1)$1,638 $1,448 $4,573 $3,545 
Europe and the Middle East (2)399 454 1,313 1,313 
Asia-Pacific185 145 560 417 
Net revenues$2,222 $2,047 $6,446 $5,275 
(1)Primarily relates to U.S. results.
(2)Primarily relates to U.K. results.