Stifel Financial Corp 2024年度报告

Since 1997, Stifel’s mission has been defined by ourinnovative “Of Choice” strategy,which has appeared in each of ourAnnual Reports. These time-tested guiding principles drive everything we doand have helped us make Stifel the firm“WHERE SUCCESS MEETS SUCCESS.” W H E R E S U C C E S SM E E T S S U C C E S S TO OURCLIENTS: TO OURSHAREHOLDERS: TO OURASSOCIATES: Small and large, ourcommitment is to createvalue and maximize yourreturn on investment throughall market cycles. By achievingthe status of Firm of Choicefor our professionals andAdvisor of Choice for ourclients, we are able to delivershareholder value as yourInvestment of Choice. Individual, institutional,corporate, and municipal, ourcommitment is to listen andconsistently deliver innovativefinancialsolutions. Putting thewelfare of clients and communityfirst, we strive to be the Advisorof Choice in the industry.Pursuit of excellence and a desireto exceed clients’ expectationsare the values that empower ourCompany to achieve this status. Current and future, ourcommitment is to provide anentrepreneurial environmentthat encourages unconfined,long-term thinking. We seekto reward hard-working team players that devote theirenergy and attention to clientneeds. At work, at home, andin your communities, we seekto be your Firm of Choice. FINANCIALH I G H L I G H T S SHAREHOLDERL E T T E R 2024 RESULTS On the cover of this year’s annual report, our headquartersbuilding stands overlooking the St. Louis skyline. It isremarkable to consider how much we have evolved sincewe first moved into that building. Stifel has grown intoa truly global firm, our associates now collaboratingvirtually across state and national boundaries, connectingclients with opportunities on every continent. Yet thisexpansion makes our headquarters – and our roots inSt. Louis – more meaningful than ever. Around the world,we aim to bring global reach to the same values we haveupheld since our founding here in 1890: to provide trustedadvice, to connect investors with opportunity, and – asHerman Stifel charged – to safeguard the wealth of otherswith the same care and prudence we would our own, whilehonoring their personal goals and objectives. Ronald J. KruszewskiChairman of the Board and Chief Executive Officer At the same time, Stifel’s 2024 results speak to a companyin motion – resilient, ambitious, and built for the future. Itwas a record-breaking year, highlighting the strength andbalance of our diversified business model. We achievednet revenues of $4.97 billion, the highest in our firm’shistory, and delivered a 23% return on average tangibleequity, with non-GAAP net earnings of $756 million, or$6.81 per share – a 46% increase from the prior year.And finally, over the year our share price increased 56.4%.These results reflect the dedication and entrepreneurialspirit of our nearly 10,000 associates. ended the year above the Federal Reserve’s 2% targetbut in line with its 2.8% (core PCE inflation) view for2025 – proving, once again, that inflation is easier tospark than to extinguish. Throughout the year, the Fed maintained a cautious stance,keeping the federal funds rate firmly in restrictive territory.The 10-year Treasury yield moved between 3.8% and 4.7%,reflecting shifting expectations around policy and inflation,before settling near 4.1% as the market began to price in thepossibility of easing in 2025. What’s next? The same. Across Stifel, we have convictionin our long-term goals – $10 billion in annual revenueand $1 trillion in client assets. “10 and 1,” as we like tosay, are not endpoints, but rather the next milestones inour journey. And given our history of steady growth, weview the two as modest markers on the path to buildingthe premier wealth management firm and middle-marketinvestment bank. Over the same time frame, markets faced a mixed backdrop.Equities posted strong overall gains until early 2025, ledby mega cap technology and AI-related names, while morecyclical and rate-sensitive sectors lagged performance. Forexample, the S&P 500 index was up 23.3% in 2024, but asof this writing (April 3, 2025), it is down 8.3% year to date.For the year 2024, the Nasdaq was similarly up 28.6%,largely buoyed by the performance of the Magnificent 7,which rose 48% in 2024 as a sub-index. As of this writing,the Nasdaq is down 14.3% and the Magnificent 7 index isdown 19% year to date. ECONOMIC AND MARKET LANDSCAPE Before we turn to the performance of each business,I want to offer some perspective on the economy andmarkets – after all, we navigate this landscape every day. In 2024, the U.S. economy once again proved resilient,growing approximately 2.8% despite persistent inflationand tighter financial conditions. Consumer spendingremained strong, fueled by a healthy labor market andsteady wage gains, even as business investment slowedand manufacturing showed signs of fatigue. Inflationdid moderate from its 2022-2023 highs, yet core prices On an equal-weighted basis, the S&P 5