Jefferies 10-Q 9 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Feb. 28, 2019shares
Document And Entity Information [Abstract]
Entity Registrant Name	JEFFERIES GROUP LLC
Entity Central Index Key	0001084580
Current Fiscal Year End Date	--11-30
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Feb. 28, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	0

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
ASSETS
Cash and cash equivalents ($1,101 and $1,096 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)	$ 4,131,932	$ 5,145,886
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	763,213	707,960
Financial instruments owned, at fair value (including securities pledged of $14,322,307 and $13,059,802 at February 28, 2019 and November 30, 2018, respectively; and $323,854 and $380 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)	16,899,559	16,399,526
Loans to and investments in related parties	924,975	997,524
Securities borrowed	7,231,073	6,538,212
Securities purchased under agreements to resell	3,496,570	2,785,758
Receivables:
Brokers, dealers and clearing organizations	4,529,641	3,218,984
Customers	1,597,046	2,017,090
Fees, interest and other	347,185	327,083
Premises and equipment	307,604	304,026
Goodwill	1,645,435	1,642,170
Other assets ($2 at both February 28, 2019 and November 30, 2018, related to consolidated VIEs)	1,259,515	1,084,554
Total assets	43,133,748	41,168,773
LIABILITIES AND EQUITY
Short-term borrowings	530,484	387,492
Financial instruments sold, not yet purchased, at fair value	10,277,724	9,478,944
Collateralized financings:
Securities loaned	2,234,700	1,838,688
Securities sold under agreements to repurchase	9,307,283	8,643,069
Other secured financings (includes $932,544 and $881,472 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)	933,169	881,472
Payables:
Brokers, dealers and clearing organizations	2,767,623	2,448,059
Customers	3,389,623	3,176,727
Accrued expenses and other liabilities ($583 and $642 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)	954,941	1,585,635
Long-term debt (includes $750,978 and $686,170 at fair value at February 28, 2019 and November 30, 2018, respectively)	6,581,019	6,546,283
Total liabilities	36,976,566	34,986,369
EQUITY
Member’s paid-in capital	6,299,653	6,376,662
Accumulated other comprehensive loss:
Currency translation adjustments	(155,766)	(185,804)
Changes in instrument specific credit risk	12,101	(5,728)
Cash flow hedges	219	470
Additional minimum pension liability	(4,739)	(4,761)
Available-for-sale securities	(200)	(346)
Total accumulated other comprehensive loss	(148,385)	(196,169)
Total Jefferies Group LLC member’s equity	6,151,268	6,180,493
Noncontrolling interests	5,914	1,911
Total equity	6,157,182	6,182,404
Total liabilities and equity	$ 43,133,748	$ 41,168,773

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Cash and cash equivalents	$ 4,131,932	$ 5,145,886
Pledged financial instruments	14,322,307	13,059,802
Financial instruments owned, at fair value	16,899,559	16,399,526
Other assets	1,259,515	1,084,554
Other secured financings	933,169	881,472
Accrued expenses and other liabilities	954,941	1,585,635
Long-term debt at fair value	750,978	686,170
Variable Interest Entities
Cash and cash equivalents	1,101	1,096
Financial instruments owned, at fair value	323,854	380
Other assets	2	2
Other secured financings	932,544	881,472
Accrued expenses and other liabilities	$ 583	$ 642

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Revenues:
Commissions and other fees	$ 147,326	$ 147,902
Principal transactions	234,298	217,473
Investment banking	285,596	439,991
Asset management fees	6,669	4,930
Interest	360,975	257,816
Other	20,008	18,483
Total revenues	1,054,872	1,086,595
Interest expense	369,154	265,349
Net revenues	685,718	821,246
Non-interest expenses:
Compensation and benefits	371,685	455,633
Non-compensation expenses:
Floor brokerage and clearing fees	51,977	43,819
Technology and communications	79,170	69,077
Occupancy and equipment rental	28,539	24,591
Business development	30,555	42,107
Professional services	36,927	30,408
Underwriting costs	8,575	14,275
Other	15,705	18,598
Total non-compensation expenses	251,448	242,875
Total non-interest expenses	623,133	698,508
Earnings before income taxes	62,585	122,738
Income tax expense	16,220	183,557
Net earnings (loss)	46,365	(60,819)
Net earnings (loss) attributable to noncontrolling interests	384	(1)
Net earnings (loss) attributable to Jefferies Group LLC	$ 45,981	$ (60,818)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2019	Feb. 28, 2018
Statement of Comprehensive Income [Abstract]
Net earnings (loss)		$ 46,365	$ (60,819)
Other comprehensive income (loss), net of tax:
Currency translation and other adjustments	[1]	30,060	16,019
Changes in instrument specific credit risk	[2]	17,829	(18,113)
Cash flow hedges	[3]	(251)	1,046
Unrealized gain on available-for-sale securities	[4]	146	0
Total other comprehensive income (loss), net of tax	[5]	47,784	(1,048)
Comprehensive income (loss)		94,149	(61,867)
Net earnings (loss) attributable to noncontrolling interests		384	(1)
Comprehensive income (loss) attributable to Jefferies Group LLC		$ 93,765	$ (61,866)
[1]	The amount during the three months ended February 28, 2019 includes $7.4 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the three months ended February 28, 2018 include $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million
[2]	The amounts include income tax expense of approximately $6.0 million and $1.9 million for the three months ended February 28, 2019 and 2018 , respectively. The amount during the three months ended February 28, 2019 includes a gain of $0.3 million , net of taxes of $0.1 million , related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the three months ended February 28, 2018 includes ($6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital. Refer to Note 3, Accounting Developments
[3]	The amount during the three months ended February 28, 2019 includes income tax benefit of approximately $0.1 million . The amount during the three months ended February 28, 2018 includes income tax expense of $1.0 million and ($0.2) million
[4]	The amount includes income tax expense of approximately $0.1 million
[5]	None of the components of other comprehensive income (loss)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2019	Feb. 28, 2018
Currency translation and other adjustments	[1]	$ 30,060	$ 16,019
Changes in instrument specific credit risk, tax expense		6,000	1,900
Changes in instrument specific credit risk reclassified to earnings		300
Changes in instrument specific credit risk reclassified to earnings, tax		100
Cash flow hedges, tax expense (benefit)		(100)	1,000
Unrealized gain on available-for-sale securities, tax expense		100
German Plan | Pension Plan
Currency translation and other adjustments	[1]		5,300
Currency translation and other adjustments
Impact of certain discrete items related to non-U.S. subsidiaries planning for the Tax Act		$ 7,400
Reclassification amount related to the Tax Cuts and Jobs Act	[1]		(800)
Changes in instrument specific credit risk
Reclassification amount related to the Tax Cuts and Jobs Act			(6,500)
Cash flow hedges
Reclassification amount related to the Tax Cuts and Jobs Act	[2]		$ (200)
[1]	The amount during the three months ended February 28, 2019 includes $7.4 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the three months ended February 28, 2018 include $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million
[2]	The amount during the three months ended February 28, 2019 includes income tax benefit of approximately $0.1 million . The amount during the three months ended February 28, 2018 includes income tax expense of $1.0 million and ($0.2) million

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total		Member's paid-in capital	Accumulated other comprehensive income (loss)	Total Jefferies Group LLC member’s equity	Noncontrolling interests
Increase (Decrease) in Stockholders' Equity
Cumulative effect of the adoption of the new revenue standard, net of tax			$ (6,121)
Balance, beginning of period at Nov. 30, 2017			5,895,601	$ (136,779)		$ 737
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	$ (60,819)		(60,818)			(1)
Distribution to Jefferies Financial Group Inc.			(200,000)
Tax Cuts and Jobs Act adjustment			7,150
Currency adjustments and other	16,019	[1]		16,019
Changes in instrument specific credit risk	(18,113)	[2]		(18,113)
Cash flow hedges	1,046	[3]		1,046
Unrealized gain on available-for-sale securities	0	[4]		0
Contributions						0
Distributions						0
Balance, end of period at Feb. 28, 2018	5,498,721		5,635,812	(137,827)	$ 5,497,985	736
Increase (Decrease) in Stockholders' Equity
Cumulative effect of the adoption of the new revenue standard, net of tax			0
Balance, beginning of period at Nov. 30, 2018			6,376,662	(196,169)		1,911
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	46,365		45,981			384
Distribution to Jefferies Financial Group Inc.			(122,990)
Tax Cuts and Jobs Act adjustment			0
Currency adjustments and other	30,060	[1]		30,060
Changes in instrument specific credit risk	17,829	[2]		17,829
Cash flow hedges	(251)	[3]		(251)
Unrealized gain on available-for-sale securities	146	[4]		146
Contributions						4,600
Distributions						(981)
Balance, end of period at Feb. 28, 2019	$ 6,157,182		$ 6,299,653	$ (148,385)	$ 6,151,268	$ 5,914
[1]	The amount during the three months ended February 28, 2019 includes $7.4 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the three months ended February 28, 2018 include $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million
[2]	The amounts include income tax expense of approximately $6.0 million and $1.9 million for the three months ended February 28, 2019 and 2018 , respectively. The amount during the three months ended February 28, 2019 includes a gain of $0.3 million , net of taxes of $0.1 million , related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the three months ended February 28, 2018 includes ($6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital. Refer to Note 3, Accounting Developments
[3]	The amount during the three months ended February 28, 2019 includes income tax benefit of approximately $0.1 million . The amount during the three months ended February 28, 2018 includes income tax expense of $1.0 million and ($0.2) million
[4]	The amount includes income tax expense of approximately $0.1 million

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Cash flows from operating activities:
Net earnings (loss)	$ 46,365	$ (60,819)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization	5,367	1,843
Income on loans to and investments in related parties	(11,337)	(5,605)
Distributions received on investments in related parties	94,041	0
Other adjustments	28,745	(38,250)
Net change in assets and liabilities:
Securities deposited with clearing and depository organizations	12	64,861
Receivables:
Brokers, dealers and clearing organizations	(1,285,635)	(1,314,557)
Customers	420,048	(33,216)
Fees, interest and other	(18,352)	71,275
Securities borrowed	(674,484)	427,310
Financial instruments owned	(395,921)	(1,102,846)
Securities purchased under agreements to resell	(660,842)	716,157
Other assets	(178,830)	50,756
Payables:
Brokers, dealers and clearing organizations	301,741	814,852
Customers	212,895	222,603
Securities loaned	378,261	(476,725)
Financial instruments sold, not yet purchased	704,478	1,442,571
Securities sold under agreements to repurchase	632,686	(418,052)
Accrued expenses and other liabilities	(650,084)	(679,748)
Net cash used in operating activities	(1,050,846)	(317,590)
Cash flows from investing activities:
Contributions to loans to and investments in related parties	(10,370)	(1,778,386)
Distributions from loans to and investments in related parties	0	1,639,300
Net payments on premises and equipment	(19,606)	(16,953)
Net cash used in investing activities	(29,976)	(156,039)
Cash flows from financing activities:
Proceeds from short-term borrowings	405,000	275,000
Payments on short-term borrowings	(254,000)	(248,323)
Proceeds from issuance of long-term debt, net of issuance costs	92,375	1,138,705
Repayment of long-term debt	(50,695)	(334,978)
Dividend distribution	(130,697)	(200,000)
Net proceeds from (payments on) other secured financings	51,697	(19,752)
Net change in bank overdrafts	(8,360)	2,360
Proceeds from contributions of noncontrolling interests	4,600	0
Payments on distributions to noncontrolling interests	(981)	0
Net cash provided by financing activities	108,939	613,012
Effect of exchange rate changes on cash, cash equivalents and restricted cash	13,194	2,528
Net increase (decrease) in cash, cash equivalents and restricted cash	(958,689)	141,911
Cash, cash equivalents and restricted cash at beginning of period	5,819,027	5,642,776
Cash, cash equivalents and restricted cash at end of period	4,860,338	5,784,687
Cash paid (received) during the period for:
Interest	391,674	314,921
Income taxes, net	$ 37,168	$ (2,184)

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Cash, Cash Equivalents and Restricted Cash by Category [Abstract]
Cash and cash equivalents	$ 4,131,932	$ 5,145,886
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations	728,406	673,141
Total cash, cash equivalents and restricted cash	$ 4,860,338	$ 5,819,027

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Feb. 28, 2019
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Jefferies Group LLC is the largest independent U.S.-headquartered global full service, integrated securities and investment banking firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Group LLC and all our subsidiaries (together “we” or “us”). The subsidiaries of Jefferies Group LLC include Jefferies LLC, Jefferies International Limited, Jefferies Hong Kong Limited, Jefferies Financial Services, Inc., Jefferies Funding LLC, Jefferies Leveraged Credit Products, LLC and all other entities in which we have a controlling financial interest or are the primary beneficiary. Jefferies Group LLC is a direct wholly owned subsidiary of publicly traded Jefferies Financial Group Inc. (“Jefferies”). Jefferies does not guarantee any of our outstanding debt securities. Jefferies Group LLC is a Securities and Exchange Commission (“SEC”) reporting company, filing annual, quarterly and periodic financial reports. Richard Handler, our Chief Executive Officer and Chairman, is the Chief Executive Officer of Jefferies, as well as a Director of Jefferies. Brian P. Friedman, our Chairman of the Executive Committee, is Jefferies’ President and a Director of Jefferies. In connection with the acquisition of Jefferies Bache from Prudential on July 1, 2011, we acquired a defined benefits pension plan located in Germany (the “German Pension Plan”) for the benefit of eligible employees of Jefferies Bache in that territory. On December 28, 2017, a Liquidation Insurance Contract was entered into between Jefferies Bache Limited and Generali Lebensversicherung AG (“Generali“) to transfer the defined benefit pension obligations and insurance contracts to Generali, for approximately €6.5 million , which was paid in January 2018 and released us from any and all obligations under the German Pension Plan. This transaction was completed in the first quarter of 2018. In addition, on December 28, 2017, we entered into an agreement with Prudential under which we received $3.25 million as consideration for the release of Prudential by us from their indemnity relating to the German Pension Plan defined benefit pension obligations. On October 1, 2018, Jefferies transferred its 50% interest in Berkadia Commercial Mortgage Holding LLC (“Berkadia”) and investments in certain separately managed accounts and funds to us. On November 1, 2018, we purchased Leucadia Investment Management Limited, an investment advisory company, from Leucadia Asset Management Holding LLC, a subsidiary of Jefferies. These transfers were accomplished as capital contributions from Jefferies of approximately $598.2 million and total cash payments of $76.0 million to Jefferies during the fourth quarter of 2018. In connection with these transfers, related deferred tax liabilities of approximately $50.9 million were transferred to us, for which Jefferies has indemnified us. We operate in two reportable business segments, Capital Markets and Asset Management. For further information on our reportable business segments, refer to Note 18, Segment Reporting . Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2018 . Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2018 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in the Consolidated Financial Statements for interim periods are not necessarily indicative of the results for the entire year. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets, the ability to realize certain deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) attributable to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Feb. 28, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies , 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, 2018

Accounting Developments

Accounting Developments	3 Months Ended
	Feb. 28, 2019
Accounting Changes and Error Corrections [Abstract]
Accounting Developments	Accounting Developments Accounting Standards to be Adopted in Future Periods Consolidation. In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The objective of the guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The guidance is effective in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Leases.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Feb. 28, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $557.8 million and $322.9 million at February 28, 2019 and November 30, 2018 , respectively, by level within the fair value hierarchy (in thousands): February 28, 2019 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 2,250,523 $ 132,546 $ 54,766 $ — $ 2,437,835 Corporate debt securities — 2,574,258 10,930 — 2,585,188 Collateralized debt obligations and collateralized loan obligations — 87,414 32,566 — 119,980 U.S. government and federal agency securities 1,726,076 92,128 — — 1,818,204 Municipal securities — 647,475 — — 647,475 Sovereign obligations 1,653,015 1,311,179 — — 2,964,194 Residential mortgage-backed securities — 2,018,358 20,963 — 2,039,321 Commercial mortgage-backed securities — 860,865 12,820 — 873,685 Other asset-backed securities — 254,870 35,886 — 290,756 Loans and other receivables — 2,145,486 78,051 — 2,223,537 Derivatives 5,167 2,481,349 8,211 (2,293,982 ) 200,745 Investments at fair value — — 140,812 — 140,812 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,634,781 $ 12,605,928 $ 395,005 $ (2,293,982 ) $ 16,341,732 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,806,579 $ 1,383 $ 78 $ — $ 2,808,040 Corporate debt securities — 1,741,692 730 — 1,742,422 U.S. government and federal agency securities 855,042 — — — 855,042 Sovereign obligations 1,770,566 1,164,066 — — 2,934,632 Commercial mortgage-backed securities — — 70 — 70 Loans — 1,572,077 3,420 — 1,575,497 Derivatives 14,018 2,692,471 37,186 (2,381,654 ) 362,021 Total financial instruments sold, not yet purchased $ 5,446,205 $ 7,171,689 $ 41,484 $ (2,381,654 ) $ 10,277,724 Long-term debt $ — $ 467,839 $ 283,139 $ — $ 750,978 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 1,907,945 $ 118,681 $ 51,040 $ — $ 2,077,666 Corporate debt securities — 2,683,180 9,484 — 2,692,664 Collateralized debt obligations and collateralized loan obligations — 72,949 25,815 — 98,764 U.S. government and federal agency securities 1,789,614 56,592 — — 1,846,206 Municipal securities — 894,253 — — 894,253 Sovereign obligations 1,769,556 1,043,409 — — 2,812,965 Residential mortgage-backed securities — 2,163,629 19,603 — 2,183,232 Commercial mortgage-backed securities — 819,406 10,886 — 830,292 Other asset-backed securities — 239,381 53,175 — 292,556 Loans and other receivables — 2,056,593 46,985 — 2,103,578 Derivatives 12,186 2,524,988 5,922 (2,412,486 ) 130,610 Investments at fair value — — 113,831 — 113,831 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,479,301 $ 12,673,061 $ 336,741 $ (2,412,486 ) $ 16,076,617 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,685,071 $ 1,444 $ — $ — $ 1,686,515 Corporate debt securities — 1,505,618 522 — 1,506,140 U.S. government and federal agency securities 1,384,295 — — — 1,384,295 Sovereign obligations 1,735,242 661,095 — — 2,396,337 Loans — 1,371,630 6,376 — 1,378,006 Derivatives 26,471 3,585,249 27,536 (2,511,605 ) 1,127,651 Total financial instruments sold, not yet purchased $ 4,831,079 $ 7,125,036 $ 34,434 $ (2,511,605 ) $ 9,478,944 Long-term debt $ — $ 485,425 $ 200,745 $ — $ 686,170 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities • Exchange-Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied. • Non-Exchange-Traded Equity Securities : Non-exchange-traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed from recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples ( e.g. , price/Earnings before interest, taxes, depreciation and amortization (“EBITDA”), price/book value), discounted cash flow analyses and transaction prices observed from subsequent financing or capital issuance by the company. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security ( e.g. , issuer market capitalization, yield, dividend rate, geographical concentration). • Equity Warrants: Non-exchange-traded equity warrants are measured primarily using pricing data from external pricing services, prices observed from recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Corporate Debt Securities • Investment Grade Corporate Bonds: Investment grade corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed from recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Corporate bonds measured using alternative valuation techniques are categorized within Level 3 of the fair value hierarchy and are a limited portion of our corporate bonds. • High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer’s subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers. Collateralized Debt Obligations and Collateralized Loan Obligations Collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”) are measured based on prices observed from recently executed market transactions of the same or similar security or based on valuations received from third-party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria, including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates and loss severity. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Debt Securities: Callable and non-callable U.S. agency debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy. Municipal Securities Municipal securities are measured based on quoted prices obtained from external pricing services and are generally categorized within Level 2 of the fair value hierarchy. Sovereign Obligations Sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized in Level 1 or Level 2 of the fair value hierarchy. Residential Mortgage-Backed Securities • Agency Residential Mortgage-Backed Securities (“RMBS”): Agency RMBS include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency RMBS are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age. • Non-Agency RMBS: The fair value of non-agency RMBS is determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities (“CMBS”): Government National Mortgage Association (“GNMA”) project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of various factors, including prepayment speeds, default rates and cash flow structures, as well as the likelihood of pricing levels in the current market environment. Federal National Mortgage Association (“FNMA”) Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed from recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy. • Non-Agency CMBS: Non-agency CMBS are measured using pricing data obtained from external pricing services, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-Agency CMBS are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs. Other Asset-Backed Securities Other asset-backed securities (“ABS”) include, but are not limited to, securities backed by auto loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, market prices for debt securities of the same creditor and estimates of future cash flows incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer’s capital structure. • Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans and data provider pricing. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing. • Project Loans and Participation Certificates in GNMA Project and Construction Loans: Valuations of participation certificates in GNMA project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions. • Consumer Loans and Funding Facilities: Consumer and small business whole loans and related funding facilities are valued based on observed market transactions and incorporating valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy. • Escrow and Trade Claim Receivables: Escrow and trade claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. Escrow and trade claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent observations in the same receivable. Derivatives • Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market or consensus pricing services. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use unadjusted exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy. • Over-the-Counter (“OTC”) Derivative Contracts: OTC derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current transaction. Where available, valuation inputs are calibrated from observable market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy. OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as Black-Scholes, with key inputs including the underlying security price, foreign exchange spot rate, commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Discounted cash flow models are also utilized to measure certain variable funding note swaps, which are backed by CLOs and incorporates constant prepayment rate, constant default rate and loss severity assumptions. Credit default swaps include both index and single-name credit default swaps. Where available, external data is used in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are generally observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services. Investments at Fair Value Investments at fair value includes investments in hedge funds, fund of funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples ( e.g. , price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands): February 28, 2019 Fair Value (1) Unfunded Commitments Equity Long/Short Hedge Funds (2) $ 273,925 $ — Equity Funds (3) 35,719 20,036 Commodity Funds (4) 15,382 — Multi-asset Funds (5) 232,465 — Other Funds (6) 336 — Total $ 557,827 $ 20,036 November 30, 2018 Fair Value (1) Unfunded Commitments Equity Long/Short Hedge Funds (2) $ 15,338 $ — Equity Funds (3) 40,070 20,996 Commodity Funds (4) 10,129 — Multi-asset Funds (5) 256,972 — Other Funds (6) 400 — Total $ 322,909 $ 20,996 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2) This category includes investments in hedge funds that invest, long and short, primarily in equity securities in domestic and international markets in both the public and private sectors. At February 28, 2019 and November 30, 2018 , approximately 94% and 0% , respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption in the first 36 months after acquisition. At the end of this restriction period, which is in approximately 34 months , these investments are redeemable monthly with 45 - 90 days prior written notice. At February 28, 2019 and November 30, 2018 , approximately 6% and 97% , respectively, of the fair value of investments in this category are redeemable quarterly with 60 days prior written notice. (3) At February 28, 2019 and November 30, 2018 , the investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are expected to be liquidated in approximately one to ten years. (4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At February 28, 2019 and November 30, 2018 , investments representing approximately 6% and 15% , respectively, of the fair value of investments in this category are redeemable monthly with 30 days prior written notice. (6) This category includes investments in a fund that invests in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt and private equity investments and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by us and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain. Long-term Debt Long-term debt includes variable rate, fixed-to-floating rate, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate our own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy where market trades have been observed during the quarter, otherwise categorized within Level 3. Level 3 Rollforwards The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2019 (in thousands): Three Months Ended February 28, 2019 Total gains/losses (realized and unrealized) (1) Net transfers into/ (out of) Level 3 For instruments still held at February 28, 2019, changes in unrealized gains/(losses) included in: Balance at November 30, 2018 Purchases Sales Settlements Issuances Balance at February 28, 2019 Earnings (1) Other comprehensive income (1) Assets: Financial instruments owned: Corporate equity securities $ 51,040 $ 4,830 $ 1,410 $ (2,411 ) $ (66 ) $ — $ (37 ) $ 54,766 $ 4,945 $ — Corporate debt securities 9,484 466 3,568 (3,233 ) (834 ) — 1,479 10,930 498 — CDOs and CLOs 25,815 (8,153 ) 49,201 (32,759 ) — — (1,538 ) 32,566 (3,814 ) — RMBS 19,603 462 975 — (27 ) — (50 ) 20,963 494 — CMBS 10,886 136 12 — (41 ) — 1,827 12,820 96 — Other ABS 53,175 (2,290 ) 29,195 (30,060 ) (12,320 ) — (1,814 ) 35,886 (1,763 ) — Loans and other receivables 46,985 814 40,061 (27,142 ) (1,990 ) — 19,323 78,051 130 — Investments at fair value 113,831 (786 ) 27,767 — — — — 140,812 (786 ) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ — $ (2 ) $ — $ 80 $ — $ — $ — $ 78 $ 2 $ — Corporate debt securities 522 (241 ) — — — — 449 730 241 — CMBS — 70 — — — — — 70 (70 ) — Loans 6,376 (229 ) (1,411 ) 504 — — (1,820 ) 3,420 338 — Net derivatives (2) 21,614 (5,348 ) (2,804 ) 3,084 169 — 12,260 28,975 3,333 — Long-term debt 200,745 (16,701 ) — — (5,665 ) 92,016 12,744 283,139 4,045 12,656 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended February 28, 2019 During the three months ended February 28, 2019 , transfers of assets of $60.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Loans and other receivables of $25.8 million , CDOs and CLOs of $14.1 million and other ABS of $10.8 million due to reduced pricing transparency. During the three months ended February 28, 2019 , transfers of assets of $41.2 million from Level 3 to Level 2 are primarily attributed to: • CDOs and CLOs of $15.7 million , other ABS of $12.6 million and loans and other receivables of $6.5 million due to greater pricing transparency supporting classification into Level 2. During the three months ended February 28, 2019 , transfers of liabilities of $36.6 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Structured notes of $22.2 million and net derivatives of $13.9 million due to reduced market and pricing transparency. During the three months ended February 28, 2019 , transfers of liabilities of $12.9 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes of $9.4 million due to greater market transparency. Net losses on Level 3 assets were $4.5 million and net gains on Level 3 liabilities were $22.5 million for the three months ended February 28, 2019 . Net losses on Level 3 assets were primarily due to decreased market values across CDOs and CLOs and other ABS, partially offset by increased market values across corporate equity securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain structured notes. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2018 (in thousands): Three Months Ended February 28, 2018 Balance at Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at Change in unrealized gains/ (losses) relating to instruments still held at February 28, 2018 (1) Assets: Financial instruments owned: Corporate equity securities $ 22,009 $ 11,684 $ 2,733 $ (1,381 ) $ (1,687 ) $ — $ 2,054 $ 35,412 $ 10,674 Corporate debt securities 26,036 (9 ) 928 (346 ) (2,049 ) — 1,543 26,103 (1,086 ) CDOs and CLOs 30,004 (3,782 ) 43,796 (34,168 ) (3,838 ) — (5,579 ) 26,433 (3,006 ) RMBS 26,077 (3,212 ) — — (3 ) — (1,100 ) 21,762 (2,366 ) CMBS 12,419 (231 ) 1,260 (508 ) (1,285 ) — 3,448 15,103 (622 ) Other ABS 61,129 (1,385 ) 57,095 (53,459 ) (3,776 ) — (8,316 ) 51,288 127 Loans and other receivables 47,304 1,598 15,635 (803 ) (9,730 ) — 8,039 62,043 (190 ) Investments at fair value 93,454 499 240 (16,624 ) — — 2,310 79,879 (95 ) Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 48 $ 13 $ — $ — $ — $ — $ — $ 61 $ (13 ) Corporate debt securities 522 — — — — — — 522 — CMBS 105 (70 ) — — — — — 35 (35 ) Loans 3,486 6 (25 ) 3,442 — — 3,414 10,323 (6 ) Net derivatives (2) 6,746 (1,166 ) (6 ) — 1,012 296 — 6,882 (5,609 ) (1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our Consolidated Statements of Earnings. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended February 28, 2018 During the three months ended February 28, 2018 , transfers of assets of $31.9 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • CDOs and CLOs of $9.1 million and loans and other receivables of $8.6 million due to reduced pricing transparency. During the three months ended February 28, 2018 , transfers of assets of $29.5 million from Level 3 to Level 2 are primarily attributed to: • CDOs and CLOs of $14.7 million and other ABS of $8.3 million due to greater pricing transparency supporting classification into Level 2. Net gains on Level 3 assets were $5.2 million and net gains on Level 3 liabilities were $1.2 million for the three months ended February 28, 2018 . Net gains on Level 3 assets were primarily due to increased market values across corporate equity securities and certain loans and other receivables, partially offset by decreased market values across CDOs and CLOs, RMBS and other ABS. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain net derivatives. Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements at February 28, 2019 and November 30, 2018 The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument ( i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories,

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Feb. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative Financial Instruments Our derivative activities are recorded at fair value in our Consolidated Statements of Financial Condition in Financial instruments owned and Financial instruments sold, not yet purchased, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. We enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. In addition, we apply hedge accounting to an interest rate swap that has been designated as a fair value hedge of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt. See Note 4, Fair Value Disclosures , and Note 16, Commitments, Contingencies and Guarantees , for additional disclosures about derivative financial instruments. Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties. See Note 2, Summary of Significant Accounting Policies , 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, 2018 for additional information regarding the offsetting of derivative contracts. The following tables present the fair value and related number of derivative contracts at February 28, 2019 and November 30, 2018 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts). February 28, 2019 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 18,037 1 Total derivatives designated as accounting hedges — 18,037 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,417 41,436 575 28,615 Cleared OTC 444,956 2,829 443,284 2,433 Bilateral OTC 384,646 1,537 397,041 814 Foreign exchange contracts: Exchange-traded — 547 — 351 Bilateral OTC 302,480 8,837 291,008 9,050 Equity contracts: Exchange-traded 1,195,820 1,859,356 1,322,441 1,515,617 Bilateral OTC 133,461 4,461 244,470 3,334 Commodity contracts: Exchange-traded 58 5,010 158 4,431 Bilateral OTC — — 1 1 Credit contracts: Cleared OTC 2,336 13 11,424 27 Bilateral OTC 29,553 109 15,236 74 Total derivatives not designated as accounting hedges 2,494,727 2,725,638 Total gross derivative assets/ liabilities: Exchange-traded 1,197,295 1,323,174 Cleared OTC 447,292 472,745 Bilateral OTC 850,140 947,756 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (1,173,183 ) (1,173,183 ) Cleared OTC (426,011 ) (434,419 ) Bilateral OTC (694,788 ) (774,052 ) Net amounts per Consolidated Statements of Financial Condition (4) $ 200,745 $ 362,021 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. November 30, 2018 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 29,647 1 Total derivatives designated as accounting hedges — 29,647 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 924 32,159 513 66,095 Cleared OTC 422,670 2,095 411,833 2,394 Bilateral OTC 372,899 1,398 491,697 816 Foreign exchange contracts: Exchange-traded 42 538 2 690 Cleared OTC — — 36 3 Bilateral OTC 311,228 9,548 314,951 9,909 Equity contracts: Exchange-traded 1,202,927 2,104,684 2,061,137 1,779,836 Bilateral OTC 207,221 5,126 315,996 2,764 Commodity contracts: Exchange-traded 213 3,927 270 4,012 Credit contracts: Cleared OTC 11,204 7 1,556 14 Bilateral OTC 13,768 123 11,618 79 Total derivatives not designated as accounting hedges 2,543,096 3,609,609 Total gross derivative assets/liabilities: Exchange-traded 1,204,106 2,061,922 Cleared OTC 433,874 443,072 Bilateral OTC 905,116 1,134,262 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (1,190,951 ) (1,190,951 ) Cleared OTC (407,351 ) (418,779 ) Bilateral OTC (814,184 ) (901,875 ) Net amounts per Consolidated Statements of Financial Condition (4) $ 130,610 $ 1,127,651 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings on a fair value hedge (in thousands): Three Months Ended Gains (Losses) 2019 2018 Interest rate swaps $ 14,587 $ (21,221 ) Long-term debt (15,556 ) 22,715 Total $ (969 ) $ 1,494 The following table presents unrealized and realized gains (losses) on derivative contracts recognized in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands): Three Months Ended Gains (Losses) 2019 2018 Interest rate contracts $ (69,831 ) $ 26,962 Foreign exchange contracts (176 ) 4,263 Equity contracts (28,481 ) (163,441 ) Commodity contracts 2,492 (177 ) Credit contracts 4,095 382 Total $ (91,901 ) $ (132,011 ) The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework. OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at February 28, 2019 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 2,539 $ 17,857 $ 5,240 $ — $ 25,636 Credit default swaps 111 19,824 — (108 ) 19,827 Total return swaps 47,890 18,274 — (984 ) 65,180 Foreign currency forwards, swaps and options 65,040 11,413 — (16,118 ) 60,335 Fixed income forwards 1,645 — — — 1,645 Interest rate swaps, options and forwards 29,360 114,382 115,221 (76,899 ) 182,064 Total $ 146,585 $ 181,750 $ 120,461 $ (94,109 ) 354,687 Cross product counterparty netting (32,496 ) Total OTC derivative assets included in Financial instruments owned $ 322,191 (1) At February 28, 2019 , we held exchange-traded derivative assets and other credit agreements with a fair value of $25.7 million , which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in our Consolidated Statements of Financial Condition. At February 28, 2019 , cash collateral received was $147.1 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 30,988 $ 106,443 $ 37,837 $ — $ 175,268 Credit default swaps 1,918 10,878 — (108 ) 12,688 Total return swaps 11,553 14,057 — (984 ) 24,626 Foreign currency forwards, swaps and options 53,908 11,042 — (16,118 ) 48,832 Fixed income forwards 3,810 — — — 3,810 Interest rate swaps, options and forwards 32,805 74,816 182,540 (76,899 ) 213,262 Total $ 134,982 $ 217,236 $ 220,377 $ (94,109 ) 478,486 Cross product counterparty netting (32,496 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 445,990 (1) At February 28, 2019 , we held exchange-traded derivative liabilities and other credit agreements with a fair value of $150.8 million , which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At February 28, 2019 , cash collateral pledged was $234.8 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at February 28, 2019 (in thousands): Counterparty credit quality (1): A- or higher $ 132,779 BBB- to BBB+ 55,630 BB+ or lower 88,357 Unrated 45,425 Total $ 322,191 (1) We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Credit Related Derivative Contracts The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): February 28, 2019 External Credit Rating Investment Grade Non-investment Grade Unrated Total Notional Credit protection sold: Index credit default swaps $ 90.5 $ 100.0 $ — $ 190.5 Single name credit default swaps 8.4 53.9 32.6 94.9 November 30, 2018 External Credit Rating Investment Grade Non-investment Grade Unrated Total Notional Credit protection sold: Index credit default swaps $ 25.7 $ 167.4 $ — $ 193.1 Single name credit default swaps 57.7 84.5 3.0 145.2 Contingent Features Certain of our derivative instruments contain provisions that require our debt to maintain an investment grade credit rating from each of the major credit rating agencies. If our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on our derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): February 28, 2019 November 30, 2018 Derivative instrument liabilities with credit-risk-related contingent features $ 32.3 $ 93.5 Collateral posted (19.2 ) (61.5 ) Collateral received 128.2 91.5 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 141.3 123.3 (1)

Collateralized Transactions

Collateralized Transactions	3 Months Ended
	Feb. 28, 2019
Banking and Thrift [Abstract]
Collateralized Transactions	Collateralized Transactions We enter into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of our dealer operations. We monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or return excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Financial instruments owned, at fair value and noted parenthetically as Securities pledged in our Consolidated Statements of Financial Condition. The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged (in thousands): February 28, 2019 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 1,860,725 $ 277,041 $ 2,137,766 Corporate debt securities 269,547 1,915,333 2,184,880 Mortgage- and asset-backed securities — 3,277,181 3,277,181 U.S. government and federal agency securities 104,428 11,987,128 12,091,556 Municipal securities — 466,849 466,849 Sovereign obligations — 3,387,020 3,387,020 Loans and other receivables — 352,411 352,411 Total $ 2,234,700 $ 21,662,963 $ 23,897,663 November 30, 2018 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 1,505,218 $ 487,124 $ 1,992,342 Corporate debt securities 333,221 1,853,309 2,186,530 Mortgage- and asset-backed securities 249 2,820,543 2,820,792 U.S. government and federal agency securities — 8,181,947 8,181,947 Municipal securities — 604,274 604,274 Sovereign obligations — 2,945,521 2,945,521 Loans and other receivables — 300,768 300,768 Total $ 1,838,688 $ 17,193,486 $ 19,032,174 The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by remaining contractual maturity (in thousands): February 28, 2019 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,034,306 $ — $ 1,002,932 $ 197,462 $ 2,234,700 Repurchase agreements 11,379,518 4,169,261 4,223,211 1,890,973 21,662,963 Total $ 12,413,824 $ 4,169,261 $ 5,226,143 $ 2,088,435 $ 23,897,663 November 30, 2018 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 807,347 $ — $ 560,417 $ 470,924 $ 1,838,688 Repurchase agreements 7,849,052 1,915,325 6,042,951 1,386,158 17,193,486 Total $ 8,656,399 $ 1,915,325 $ 6,603,368 $ 1,857,082 $ 19,032,174 We receive securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. We also receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At February 28, 2019 and November 30, 2018 , the approximate fair value of securities received as collateral by us that may be sold or repledged was $28.2 billion and $23.1 billion , respectively. At February 28, 2019 and November 30, 2018 , a substantial portion of the securities received by us had been sold or repledged. Offsetting of Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). See Note 2, Summary of Significant Accounting Policies , 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, 2018 for additional information regarding the offsetting of securities financing agreements. The following tables provide information regarding repurchase agreements and securities borrowing and lending arrangements that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands). February 28, 2019 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets: Securities borrowing arrangements $ 7,231,073 $ — $ 7,231,073 $ (529,874 ) $ (1,171,891 ) $ 5,529,308 Reverse repurchase agreements 15,852,250 (12,355,680 ) 3,496,570 (328,449 ) (3,137,324 ) 30,797 Liabilities: Securities lending arrangements $ 2,234,700 $ — $ 2,234,700 $ (529,874 ) $ (1,681,346 ) $ 23,480 Repurchase agreements 21,662,963 (12,355,680 ) 9,307,283 (328,449 ) (8,097,893 ) 880,941 November 30, 2018 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets: Securities borrowing arrangements $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities: Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Amounts include $5,495.4 million of securities borrowing arrangements, for which we have received securities collateral of $5,338.4 million , and $848.7 million of repurchase agreements, for which we have pledged securities collateral of $869.3 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4) Amounts include $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations Cash and securities deposited with clearing and depository organizations and segregated in accordance with regulatory regulations totaled $763.2 million and $708.0 million at February 28, 2019 and November 30, 2018

Securitization Activities

Securitization Activities	3 Months Ended
	Feb. 28, 2019
Transfers and Servicing [Abstract]
Securitization Activities	Securitization Activities We engage in securitization activities related to corporate loans, commercial mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. See Note 8, Variable Interest Entities , for further discussion on VIEs and our determination of the primary beneficiary. We account for our securitization transactions as sales, provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in our Consolidated Statements of Earnings prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage- and other-asset backed securities or CLOs). These securities are included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition and are generally initially categorized as Level 2 within the fair value hierarchy. For further information on fair value measurements and the fair value hierarchy, refer to Note 4, Fair Value Disclosures , herein, and Note 2, Summary of Significant Accounting Policies , 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, 2018 . The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Three Months Ended 2019 2018 Transferred assets $ 1,260.6 $ 2,757.8 Proceeds on new securitizations 1,331.2 2,758.9 Cash flows received on retained interests 14.8 9.2 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at February 28, 2019 and November 30, 2018 . The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): February 28, 2019 November 30, 2018 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency RMBS $ 12,620.2 $ 353.1 $ 13,633.5 $ 365.3 U.S. government agency CMBS 1,594.4 70.7 2,027.6 185.6 CLOs 3,522.8 23.7 3,512.0 20.9 Consumer and other loans 938.0 61.3 604.1 48.9 Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included in total Financial instruments owned in our Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 8, Variable Interest Entities

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Feb. 28, 2019
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities	Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from: • Purchases of securities in connection with our trading and secondary market-making activities; • Retained interests held as a result of securitization activities, including the resecuritization of mortgage- and other asset-backed securities and the securitization of commercial mortgage, corporate and consumer loans; • Acting as placement agent and/or underwriter in connection with client-sponsored securitizations; • Financing of agency and non-agency mortgage- and other asset-backed securities; • Warehouse funding arrangements for client-sponsored consumer loan vehicles and CLOs through participation certificates, forward sale agreements and revolving loan and note commitments; and • Loans to, investments in and fees from various investment vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following table presents information about our consolidated VIEs at February 28, 2019 and November 30, 2018 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. February 28, 2019 November 30, 2018 Securitization Vehicles Other Securitization Vehicles Other Cash $ — $ 1.1 $ — $ 1.1 Financial instruments owned 323.4 0.4 — 0.4 Securities purchased under agreements to resell (1) 936.3 — 883.1 — Total assets $ 1,259.7 $ 1.5 $ 883.1 $ 1.5 Other secured financings (2) $ 1,259.1 $ — $ 882.5 $ — Other liabilities 0.6 0.2 0.6 0.2 Total liabilities $ 1,259.7 $ 0.2 $ 883.1 $ 0.2 (1) Securities purchased under agreements to resell represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $326.6 million and $1.0 million of the secured financing represent amounts held by us in inventory and are eliminated in consolidation at February 28, 2019 and November 30, 2018 , respectively. Securitization Vehicles . We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans, and mortgage-backed securities, and consumer loans pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. The creditors of these VIEs do not have recourse to our general credit and each such VIE’s assets are not available to satisfy any other debt. We are also the primary beneficiary of securitization vehicles to which we sold agency residential mortgage-backed securities and retained all of the interests issued by these vehicles. Our variable interests in these vehicles consist of our retained interests in the securities issued. The assets of these VIEs consist of agency residential mortgage-backed securities. Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities and are available for the benefit of the entities’ equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE’s assets are not available to satisfy any other debt. Nonconsolidated VIEs The following tables present information about our variable interests in nonconsolidated VIEs (in millions): February 28, 2019 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 153.7 $ 3.8 $ 1,936.4 $ 4,713.4 Consumer loan and other asset-backed vehicles 445.5 — 771.6 3,491.0 Related party private equity vehicles 31.6 — 49.4 90.8 Other investment vehicles 353.9 — 357.2 5,115.5 Total $ 984.7 $ 3.8 $ 3,114.6 $ 13,410.7 November 30, 2018 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 42.1 $ — $ 568.3 $ 3,088.9 Consumer loan and other asset-backed vehicles 462.1 — 807.1 3,273.1 Related party private equity vehicles 35.5 — 53.5 108.3 Other investment vehicles 95.0 — 99.1 3,558.1 Total $ 634.7 $ — $ 1,528.0 $ 10,028.4 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of our variable interests in the VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests and sub-investment grade and senior secured U.S. loans. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs; • Warehouse funding arrangements in the form of participation interests in corporate loans held by CLOs and commitments to fund such participation interests; • Trading positions in securities issued in a CLO transaction; and • Investments in variable funding notes issued by CLOs. Consumer Loan and other Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities and forward purchase agreements. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer and small business loans, and trust preferred securities. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities. Related Party Private Equity Vehicles. We committed to invest equity in private equity funds (the “JCP Funds”) managed by Jefferies Capital Partners, LLC (the “JCP Manager”). Additionally, we committed to invest equity in the general partners of the JCP Funds (the “JCP General Partners”) and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the “JCP Entities”) consist of equity interests that, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. At both February 28, 2019 and November 30, 2018 , our total equity commitment in the JCP Entities was $139.3 million , of which $121.5 million and $121.3 million had been funded, respectively. The carrying value of our equity investments in the JCP Entities was $31.6 million and $35.5 million at February 28, 2019 and November 30, 2018 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Other Investment Vehicles. At February 28, 2019 and November 30, 2018 , we had equity commitments to invest $362.2 million and $112.2 million , respectively, in various other investment vehicles, of which $358.9 million and $108.1 million was funded, respectively. The carrying value of our equity investments was $353.9 million and $95.0 million at February 28, 2019 and November 30, 2018 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments and various oil and gas assets. Mortgage- and Other Asset-Backed Securitization Vehicles. In connection with our secondary trading and market-making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned in our Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities. We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (FNMA (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) or GNMA (“Ginnie Mae”)) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and auto loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. At February 28, 2019 and November 30, 2018 , we held $2,821.0 million and $2,913.0 million of agency mortgage-backed securities, respectively, and $167.0 million and $170.5 million

Investments

Investments	3 Months Ended
	Feb. 28, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments At February 28, 2019, we had investments in Jefferies Finance LLC (“Jefferies Finance”), Berkadia and Epic Gas Ltd. (“Epic Gas”). Our investments in Jefferies Finance, Berkadia and Epic Gas have been accounted for under the equity method and have been included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition with our share of the investees’ earnings recognized in Other revenues in our Consolidated Statements of Earnings. Our investment in Epic Gas was sold on March 19, 2019, subsequent to quarter end. We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and the SBI USA Fund L.P. (together, “JCP Fund V”), respectively, which are private equity funds managed by a team led by one of our directors and our Chairman of the Executive Committee. Jefferies Finance Jefferies Finance, a joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company (“MassMutual”), is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies LLC. Jefferies Finance may also originate other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. Jefferies Finance also purchases syndicated loans in the secondary market and acts as an investment advisor for various loan funds. At February 28, 2019 , we and MassMutual each had equity commitments to Jefferies Finance of $750.0 million , for a combined total commitment of $1.5 billion . At February 28, 2019 , we had funded $622.9 million of our $750.0 million commitment, leaving $127.1 million unfunded. The investment commitment is scheduled to expire on March 1, 2020 with automatic one year extensions absent a 60 days termination notice by either party. Jefferies Finance has executed a Secured Revolving Credit Facility with us and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is a committed amount of $500.0 million at February 28, 2019 . Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2020 with automatic one year extensions absent a 60 days termination notice by either party. At February 28, 2019 , we had funded $0.0 million of our $250.0 million commitment. The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions): Three Months Ended 2019 2018 Interest income $ — $ 0.8 Unfunded commitment fees 0.3 0.2 The following is a summary of selected financial information for Jefferies Finance (in millions): February 28, 2019 November 30, 2018 Our total equity balance $ 618.6 $ 694.8 Three Months Ended 2019 2018 Net earnings (loss) $ (2.4 ) $ 42.5 The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Three Months Ended 2019 2018 Origination and syndication fee revenues (1) $ 21.9 $ 101.4 Origination fee expenses (1) 5.4 18.5 CLO placement fee revenues (2) 1.3 0.3 Derivative gains (losses) (3) — (0.3 ) Underwriting fees (4) — 0.3 Service fees (5) 27.1 26.1 (1) We engage in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2) We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At February 28, 2019 and November 30, 2018 , we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value. (3) We have entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO and we have recognized gains (losses) relating to the derivative contracts. (4) We acted as underwriter in connection with term loans issued by Jefferies Finance. (5) Under a service agreement, we charge Jefferies Finance for services provided. Receivables from Jefferies Finance, included in Other assets in our Consolidated Statements of Financial Condition, were $10.7 million and $35.2 million at February 28, 2019 and November 30, 2018 , respectively. Payables from Jefferies Finance, related to cash deposited with us and included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition, were $13.9 million and $14.1 million at February 28, 2019 and November 30, 2018 , respectively. We enter into OTC foreign exchange contracts with Jefferies Finance. In connection with these contracts we had $0.2 million recorded in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition at February 28, 2019 . We recorded $0.2 million in Payables—brokers, dealers and clearing organizations and $0.4 million in Financial instruments sold, not yet purchased, at fair value in connection with these contracts in our Consolidated Statements of Financial Condition at November 30, 2018 . Subsequent to quarter-end, on March 28, 2019, we entered into a promissory note with Jefferies Finance with a principal amount of $1.0 billion , the proceeds of which are being used in connection with our investment banking loan syndication activities. Interest is based on the London Interbank Offered Rate (“LIBOR”) plus 5.00% per annum. We agree to pay Jefferies Finance the entire outstanding principal amount of this note no later than May 15, 2019. Berkadia Berkadia is a commercial mortgage banking and servicing joint venture that was formed in 2009 by Jefferies and Berkshire Hathaway Inc. On October 1, 2018, Jefferies transferred its 50% voting equity interest in Berkadia and related arrangements to us. As a result, we are entitled to receive 45% of the profits of Berkadia. Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, and originates and brokers commercial/multifamily mortgage loans which are not part of government agency programs. Berkadia is an investment sales advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. The following is a summary of selected financial information for Berkadia (in millions): February 28, 2019 November 30, 2018 Our total equity balance $ 250.7 $ 245.2 Three Months Ended Net earnings $ 50.3 At February 28, 2019 and November 30, 2018 , we had commitments to purchase $578.5 million and $723.8 million , respectively, in agency CMBS from Berkadia. During three months ended February 28, 2019 , we received $17.3 million in distributions from Berkadia. JCP Fund V The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition was $29.0 million and $31.9 million at February 28, 2019 and November 30, 2018 , respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers (see Note 2, Summary of Significant Accounting Policies 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, 2018 ). The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): Three Months Ended 2019 2018 Net gains (losses) from our investments in JCP Fund V $ (3.2 ) $ 6.8 At both February 28, 2019 and November 30, 2018 , we were committed to invest equity of up to $85.0 million in JCP Fund V. At February 28, 2019 and November 30, 2018 , our unfunded commitment relating to JCP Fund V was $9.5 million and $9.7 million , respectively. The following is a summary of the Net change in net assets resulting from operations for 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in thousands): Three Months Ended December 31, 2018 (1) 2017 (1) Net increase (decrease) in net assets resulting from operations $ (8,412 ) $ 19,712 (1) Financial information for JCP Fund V within our results of operations for the three months ended February 28, 2019 and 2018 is included based on the presented periods. Epic Gas On July 14, 2015, Jefferies LLC purchased common shares of Epic Gas. In addition, one of our directors serves on the Board of Directors of Epic Gas and owns common shares of Epic Gas. At both February 28, 2019 and November 30, 2018 , we owned approximately 21.1% of the outstanding common stock of Epic Gas. Subsequent to quarter-end, on March 19, 2019, we sold all of our common shares of Epic Gas, at fair value, for a total of $23.7 million . There was a gain of $1.6 million on this transaction, which will be included in Principal transaction revenues in our Consolidated Statements of Earnings. The following is a summary of selected financial information for Epic Gas (in millions): February 28, 2019 November 30, 2018 Our investment in Epic Gas (1) $ 22.1 $ 21.7 (1) Included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition. Three Months Ended December 31, 2018 (1) 2017 (1) Net earnings (losses) $ 0.9 $ (16.4 ) (1) Financial information for Epic Gas within our results of operations for the three months ended February 28, 2019 and 2018

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Feb. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill attributed to our reportable business segments are as follows (in thousands): February 28, 2019 November 30, 2018 Capital Markets $ 1,642,027 $ 1,638,778 Asset Management 3,408 3,392 Total goodwill $ 1,645,435 $ 1,642,170 The following table is a summary of the changes to goodwill for the three months ended February 28, 2019 (in thousands): Balance at November 30, 2018 $ 1,642,170 Translation adjustments 3,265 Balance at February 28, 2019 $ 1,645,435 Intangible Assets Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at February 28, 2019 and November 30, 2018 (dollars in thousands): February 28, 2019 Weighted average remaining lives (years) Gross cost Accumulated amortization Net carrying amount Customer relationships $ 126,039 $ (61,214 ) $ 64,825 10.4 Trade name 129,010 (22,116 ) 106,894 29.0 Exchange and clearing organization membership interests and registrations 8,591 — 8,591 N/A Total $ 263,640 $ (83,330 ) $ 180,310 November 30, 2018 Weighted average remaining lives (years) Gross cost Accumulated amortization Net carrying amount Customer relationships $ 125,574 $ (58,892 ) $ 66,682 10.6 Trade name 128,348 (21,086 ) 107,262 29.3 Exchange and clearing organization membership interests and registrations 8,524 — 8,524 N/A Total $ 262,446 $ (79,978 ) $ 182,468 Amortization Expense For finite life intangible assets, aggregate amortization expense amounted to $3.0 million for both the three months ended February 28, 2019 and 2018 . These expenses are included in Other expenses in our Consolidated Statements of Earnings. The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands): Remainder of fiscal 2019 $ 9,148 Year ending November 30, 2020 12,198 Year ending November 30, 2021 12,198 Year ending November 30, 2022 9,256 Year ending November 30, 2023 8,268

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Feb. 28, 2019
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Short-term borrowings at February 28, 2019 and November 30, 2018 include the following and mature in one year or less (in thousands): February 28, 2019 November 30, 2018 Bank loans $ 473,582 $ 330,942 Floating rate puttable notes 56,902 56,550 Total short-term borrowings $ 530,484 $ 387,492 At February 28, 2019 , the weighted average interest rate on short-term borrowings outstanding is 3.69% per annum. Average daily short-term borrowings outstanding were $477.6 million and $488.1 million for the three months ended February 28, 2019 , and 2018 , respectively. Subsequent to quarter-end, on March 28, 2019, we entered into a promissory note with Jefferies Finance. For further information on this promissory note, refer to Note 9, Investments . On December 27, 2018, one of our subsidiaries entered into a credit facility agreement (“Credit Facility”) with JPMorgan Chase Bank, N.A. for a committed amount of $135.0 million . Interest is based on an annual alternative base rate or an adjusted LIBOR, as defined in the Credit Facility. The Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth. The covenants also require the borrower to maintain specified leverage amounts and impose certain restrictions on the borrower’s future indebtedness. During the three months ended February 28, 2019 , we were in compliance with all debt covenants under the Credit Facility. The Bank of New York Mellon has agreed to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million . The Intraday Credit Facility contains financial covenants, which include a minimum regulatory net capital requirement for Jefferies LLC. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At February 28, 2019

Long-Term Debt

Long-Term Debt	3 Months Ended
	Feb. 28, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands): Maturity Effective Interest Rate February 28, November 30, 2018 Unsecured long-term debt: 8.500% Senior Notes July 15, 2019 3.80% $ 655,494 $ 699,659 2.375% Euro Medium Term Notes May 20, 2020 2.42% 568,356 564,702 6.875% Senior Notes April 15, 2021 4.40% 787,615 791,814 2.250% Euro Medium Term Notes July 13, 2022 4.08% 4,287 4,243 5.125% Senior Notes January 20, 2023 4.55% 612,214 612,928 4.850% Senior Notes (1) January 15, 2027 4.93% 725,167 709,484 6.450% Senior Debentures June 8, 2027 5.46% 373,120 373,669 4.150% Senior Notes January 23, 2030 4.26% 988,003 987,788 6.250% Senior Debentures January 15, 2036 6.03% 511,564 511,662 6.500% Senior Notes January 20, 2043 6.09% 420,531 420,625 Structured notes (2) Various Various 750,978 686,170 Total unsecured long-term debt 6,397,329 6,362,744 Secured long-term debt: Revolving Credit Facility 183,690 183,539 Total long-term debt $ 6,581,019 $ 6,546,283 (1) These senior notes with a principal amount of $750.0 million were issued on January 17, 2017. The carrying value includes a loss of $15.6 million and a gain of $22.7 million in the three months ended February 28, 2019 and 2018 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 5, Derivative Financial Instruments , for further information. (2) These structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value. During the three months ended February 28, 2019 , long-term debt increased $34.7 million . This amount includes structured notes issuances with a total principal amount of approximately $79.9 million , net of retirements, partially offset by repayments of $36.0 million of our 8.500% senior notes. During the three months ended February 28, 2018 , we issued 4.150% senior notes with a total principal amount of $1.0 billion , due 2030, and structured notes with a total principal amount of approximately $154.4 million , net of retirements. In addition, on January 5, 2018, our remaining convertible debentures ( $324.8 million at November 30, 2017) were redeemed at a redemption price equal to 100% of the principal amount of the convertible debentures redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On May 16, 2018, we entered into a senior secured revolving credit facility (“Revolving Credit Facility”) with a group of commercial banks for an aggregate principal amount of $185.0 million . The Revolving Credit Facility contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of certain of our subsidiaries and its’ minimum tangible net worth, liquidity requirements and minimum capital requirements. Interest is based on an annual alternative base rate or an adjusted LIBOR, as defined in the Revolving Credit Facility agreement. The obligations of certain of our subsidiaries under the Revolving Credit Facility are secured by substantially all its assets. At February 28, 2019

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Feb. 28, 2019
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Three Months Ended 2019 2018 Revenues from contracts with customers: Commissions and other fees $ 147,326 $ 147,902 Investment banking 285,596 439,991 Asset management fees 6,669 4,930 Other 7,803 6,686 Total revenue from contracts with customers 447,394 599,509 Other sources of revenue: Principal transactions 234,298 217,473 Interest 360,975 257,816 Other 12,205 11,797 Total revenues $ 1,054,872 $ 1,086,595 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services ( i.e. , the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions and Other Fees. We earn commission revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commissions revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in our Consolidated Statements of Earnings. We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period ( e.g. , quarterly). Account advisory fees paid in advance are initially deferred within Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked convertible securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage- and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital markets transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within Underwriting costs in the Consolidated Statements of Earnings as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event ( e.g. , completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Earnings and any expenses reimbursed by our clients are recognized as Investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation ( e.g. , changes in assets under management, market performance) and/ or are contingent on a future event during the measurement period ( e.g. , meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, “high-water marks” or other performance targets. The performance period related to our performance fees is annual or semi-annual. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met. Disaggregation of Revenue The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands): Three Months Ended 2019 2018 Reportable Segment Reportable Segment Capital Markets Asset Management Total Capital Markets Asset Management Total Major business activity: Equities (1) $ 152,061 $ — $ 152,061 $ 151,630 $ — $ 151,630 Fixed income (1) 3,068 — 3,068 2,958 — 2,958 Investment banking - Capital markets 105,114 — 105,114 248,834 — 248,834 Investment banking - Advisory 180,482 — 180,482 191,157 — 191,157 Asset management — 6,669 6,669 — 4,930 4,930 Total $ 440,725 $ 6,669 $ 447,394 $ 594,579 $ 4,930 $ 599,509 Primary geographic region: Americas $ 323,376 $ 3,381 $ 326,757 $ 515,924 $ 4,930 $ 520,854 Europe 100,205 3,288 103,493 61,328 — 61,328 Asia 17,144 — 17,144 17,327 — 17,327 Total $ 440,725 $ 6,669 $ 447,394 $ 594,579 $ 4,930 $ 599,509 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Refer to Note 18, Segment Reporting , for a further discussion on the allocation of revenues to geographic regions. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at February 28, 2019 . Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at February 28, 2019 . During the three months ended February 28, 2019 and 2018 , we recognized $14.7 million and $11.7 million , respectively, of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, we recognized $4.9 million and $4.6 million of revenues primarily associated with distribution services during the three months ended February 28, 2019 and 2018 , respectively, a portion of which relates to prior periods. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $184.8 million and $199.0 million at February 28, 2019 and November 30, 2018 , respectively. We had no significant impairments related to these receivables during the three months ended February 28, 2019 and 2018 . Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenues at February 28, 2019 and November 30, 2018 were $7.7 million and $10.6 million , respectively, which are recorded in Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. During the three months ended February 28, 2019 and 2018 , we recognized revenues of $4.3 million and $0.2 million , respectively, that were recorded as deferred revenue at the beginning of the periods. Contract Costs We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. At February 28, 2019 and November 30, 2018 , capitalized costs to fulfill a contract were $4.0 million and $4.7 million , respectively, which are recorded in Receivables – Fees, interest and other in the Consolidated Statements of Financial Condition. For the three months ended February 28, 2019 and 2018 , we recognized expenses of $2.1 million and $2.4 million , respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three months ended February 28, 2019 and 2018

Compensation Plans

Compensation Plans	3 Months Ended
	Feb. 28, 2019
Compensation Related Costs [Abstract]
Compensation Plans	Compensation Plans Jefferies sponsors our following share-based compensation plans: Incentive Compensation Plan, Employee Stock Purchase Plan and the Deferred Compensation Plan. The outstanding and future share-based awards relating to these plans relate to Jefferies common shares. The fair value of share-based awards is estimated on the date of grant based on the market price of the underlying common stock less the impact of market conditions and selling restrictions subsequent to vesting, if any, and is amortized as compensation expense over the related requisite service periods. We are allocated costs associated with awards granted to our employees under such plans. In addition, we sponsor non-share-based compensation plans. Non-share-based compensation plans sponsored by us include a profit sharing plan and other forms of restricted cash awards. The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Three Months Ended 2019 2018 Components of compensation cost: Restricted cash awards $ 66.2 $ 68.4 Restricted stock and RSUs (1) 6.5 7.3 Profit sharing plan 3.9 3.2 Total compensation cost $ 76.6 $ 78.9 (1) Total compensation cost associated with restricted stock and restricted stock units (“RSUs”) includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Remaining unamortized amounts related to certain compensation plans at February 28, 2019 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 60.6 3 Restricted cash awards 591.3 3 Total $ 651.9 For detailed descriptions on the Company’s compensation plans, see Note 15, Compensation Plans, 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, 2018

Income Taxes

Income Taxes	3 Months Ended
	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At February 28, 2019 and November 30, 2018 , we had approximately $125.7 million and $125.6 million , respectively, of total gross unrecognized tax benefits. The total amount of unrecognized benefits that, if recognized, would favorably affect the effective tax rate was $99.5 million and $99.4 million (net of Federal benefit) at February 28, 2019 and November 30, 2018 , respectively. We recognize interest accrued related to unrecognized tax benefits in Interest expense. Penalties, if any, are recognized in Other expenses in our Consolidated Statements of Earnings. At February 28, 2019 and November 30, 2018 , we had interest accrued of approximately $51.9 million and $49.3 million , respectively, included in Accrued expenses and other liabilities. No penalties were accrued for the three months ended February 28, 2019 and the year ended November 30, 2018 . We are currently under examination in a number of major tax jurisdictions. Though we do not expect that the resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which the resolution occurs. The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2015 California 2009 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2016 Hong Kong 2013 India 2010 Italy 2012 During the quarter we increased the provisional tax charge recorded during the year ended November 30, 2018 by $0.2 million resulting in a total tax charge of $165.3 million as a result of the Tax Act. Of this amount, $112.7 million related to the write down of our deferred tax asset, reflecting the impact of a lower federal tax rate of 21% on our deferred tax items. The remaining part of the charge related to the transition tax on the deemed repatriation of unremitted foreign earnings. The measurement period as permitted by Staff Accounting Bulletin No. 118, which was issued by SEC staff on December 22, 2017, is now closed and we have completed our accounting as it relates to the Tax Act. Regarding the new tax on global intangible low-taxed income (“GILTI”), which became applicable in fiscal 2019, we have made an accounting policy election to treat taxes due on GILTI as a period cost if and when incurred. For the three months ended February 28, 2019 , the provision for income taxes was $16.2 million , equating to an effective tax rate of 25.9% . For the three months ended February 28, 2018 , the provision for income taxes was $183.6 million , equating to an effective tax rate of 149.6% . The provision for income taxes for the three months ended February 28, 2018 , included a $163.7 million

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Feb. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments The following table summarizes our commitments at February 28, 2019 (in millions): Expected Maturity Date (fiscal years) 2019 2020 2021 2023 2025 Maximum Payout Equity commitments (1) $ — $ 145.2 $ 0.3 $ — $ 2.9 $ 148.4 Loan commitments (1) 250.0 — 54.0 30.0 500.0 834.0 Underwriting commitments 215.4 — — — — 215.4 Forward starting reverse repos (2) 6,225.6 — — — — 6,225.6 Forward starting repos (2) 4,738.8 — — — — 4,738.8 Other unfunded commitments (1) 165.3 — 90.9 4.9 — 261.1 Total commitments $ 11,595.1 $ 145.2 $ 145.2 $ 34.9 $ 502.9 $ 12,423.3 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2) At February 28, 2019 , $6,225.4 million within forward starting securities purchased under agreements to resell and $4,736.0 million within forward starting securities sold under agreements to repurchase settled within three business days. Equity Commitments. Includes a commitment to invest in our joint venture, Jefferies Finance, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which consists of a team led by one of our directors and Chairman of the Executive Committee. At February 28, 2019 , our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $17.9 million . See Note 9, Investments , for additional information regarding our investments in Jefferies Finance. Additionally, at February 28, 2019 , we had other outstanding equity commitments to invest up to $3.3 million in various other investments. Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication, acquisition finance and securities transactions and to SPE sponsors in connection with the funding of CLO and other asset-backed transactions. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At February 28, 2019 , we had $584.0 million of outstanding loan commitments to clients. Loan commitments outstanding at February 28, 2019 also include our portion of the outstanding secured revolving credit facility provided to Jefferies Finance to support loan underwritings by Jefferies Finance. See Note 9, Investments , for additional information. Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. Forward Starting Reverse Repos and Repos. We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Guarantees Derivative Contracts. As a dealer, we make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under U.S. GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts. The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at February 28, 2019 (in millions): Expected Maturity Date (Fiscal Years) 2019 2020 2021 2023 2025 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 9,764.7 $ 2,569.7 $ 4,148.7 $ 281.8 $ 332.3 $ 17,097.2 Written derivative contracts—credit related — 32.4 1.5 61.0 — 94.9 Total derivative contracts $ 9,764.7 $ 2,602.1 $ 4,150.2 $ 342.8 $ 332.3 $ 17,192.1 The derivative contracts deemed to meet the definition of a guarantee under U.S. GAAP are before consideration of hedging transactions and only reflect a partial or “one-sided” component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments ( e.g. , equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At February 28, 2019 , the fair value of derivative contracts meeting the definition of a guarantee is approximately $161.7 million . Standby Letters of Credit. At February 28, 2019 , we provided guarantees to certain counterparties in the form of standby letters of credit totaling $37.1 million , all of which expire within one year . Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Other Guarantees.

Net Capital Requirements

Net Capital Requirements	3 Months Ended
	Feb. 28, 2019
Brokers and Dealers [Abstract]
Net Capital Requirements	Net Capital Requirements As a broker-dealer registered with the SEC and member firms of the Financial Industry Regulatory Authority (“FINRA”), Jefferies LLC is subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S broker-dealer and futures commission merchant (“FCM”), is also subject to Rule 1.17 of the Commodity Futures Trading Commission (“CFTC”), which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. At February 28, 2019 , Jefferies LLC’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,411,616 $ 1,303,243 FINRA is the designated examining authority for our U.S. broker-dealer and the National Futures Association is the designated self-regulatory organization for Jefferies LLC as an FCM. Certain other U.S. and non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited, which is authorized and regulated by the Financial Conduct Authority in the U.K.

Segment Reporting

Segment Reporting	3 Months Ended
	Feb. 28, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in two reportable business segments – Capital Markets and Asset Management. The Capital Markets reportable business segment includes our securities, commodities, futures and foreign exchange trading activities and investment banking business, which is composed of underwriting and financial advisory activities. The 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 in the U.S. and overseas 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 and non-interest expenses directly associated with each reportable business segment are included in determining earnings (loss) before income taxes. • Net revenues and non-interest 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. In the fourth quarter of 2018, Jefferies transferred to us investments in certain separately managed accounts and funds. Due to this transfer, we have made changes to the presentation of our segment reporting in the fourth quarter of 2018 and are including investment income from our investments in these separately managed accounts and funds within our Asset Management business segment. Previously reported results are presented on a comparable basis. See Note 1, Organization and Basis of Presentation for further details on this transfer. Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions): Three Months Ended 2019 2018 Capital Markets: Net revenues $ 658.2 $ 810.7 Non-interest expenses 603.1 682.7 Earnings before income taxes $ 55.1 $ 128.0 Asset Management: Net revenues $ 27.5 $ 10.5 Non-interest expenses 20.0 15.8 Earnings (loss) before income taxes $ 7.5 $ (5.3 ) Total: Net revenues $ 685.7 $ 821.2 Non-interest expenses 623.1 698.5 Earnings before income taxes $ 62.6 $ 122.7 The following table summarizes our total assets by reportable business segment (in millions): February 28, 2019 November 30, 2018 Capital Markets $ 40,182.1 $ 38,700.7 Asset Management 2,951.6 2,468.1 Total assets $ 43,133.7 $ 41,168.8 Net Revenues by Geographic Region Net revenues for the Capital Market 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. Net revenues by geographic region were as follows (in millions): Three Months Ended 2019 2018 Americas (1) $ 508.6 $ 682.1 Europe (2) 151.5 118.2 Asia 25.6 20.9 Net revenues $ 685.7 $ 821.2 (1) Substantially all relates to U.S. results. (2)

Related Party Transactions

Related Party Transactions	3 Months Ended
	Feb. 28, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Jefferies Capital Partners Related Funds. We have equity investments in the JCP Manager and in private equity funds, which are managed by a team led by one of our directors and our Chairman of the Executive Committee (“Private Equity Related Funds”). At February 28, 2019 and November 30, 2018 , our equity investments in Private Equity Related Funds were in aggregate $31.6 million and $35.5 million , respectively. We also charge the JCP Manager for certain services under a service agreement. The following table presents revenues and service charges related to our investment in Private Equity Related Funds (in thousands): Three Months Ended 2019 2018 Other revenues and investment income (loss) $ (4,118 ) $ 7,022 Service charges 74 53 For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Note 16, Commitments, Contingencies and Guarantees . Officers, Directors and Employees. The following sets forth information regarding related party transactions with our officers, directors and employees: • At February 28, 2019 and November 30, 2018 , we had $38.3 million and $39.3 million , respectively, of loans outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets in our Consolidated Statements of Financial Condition. • Receivables from and payables to customers include balances arising from officers’, directors’ and employees’ individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. • One of our directors has investments in a hedge fund managed by us of approximately $3.6 million and $4.6 million at February 28, 2019 and November 30, 2018 , respectively. See Note 8, Variable Interest Entities , and Note 16, Commitments, Contingencies and Guarantees , for further information regarding related party transactions with our officers, directors and employees. Jefferies . The following is a description of related party transactions with Jefferies and its affiliates: • We provide services to and receive services from Jefferies under service agreements. We also receive revenues from Jefferies under a revenue sharing agreement (in millions): Three Months Ended 2019 2018 Charges to Jefferies for services provided $ 16.5 $ 16.2 Charges from Jefferies for services received 0.7 2.4 • We provide capital markets and asset management services to Jefferies and its affiliates. The following table presents the revenues earned by type of services provided (in millions): Three Months Ended 2019 2018 Commissions and other fees $ 0.2 $ — Principal transactions — 0.1 Other revenues 0.5 0.2 • Receivables from and payables to Jefferies, included in Other assets and Accrued expenses and other liabilities, respectively, in our Consolidated Statements of Financial Condition: February 28, November 30, 2018 Receivable from Jefferies $ 2.7 $ 1.2 Payable to Jefferies 0.4 2.9 • On January 11, 2018, our Board of Directors approved a distribution to our sole limited liability company member, Jefferies, of $200.0 million , which was paid on January 31, 2018. During the three months ended February 28, 2019 , we paid a distribution of $30.7 million based on our results for the three months ended November 30, 2018 . In addition, on January 29, 2019, our Board of Directors approved a distribution of $100.0 million , with the aim of distributing our remaining 2018 retained earnings to Jefferies, which was paid on January 30, 2019. For the three months ended February 28, 2019 , we have accrued a distribution payable of $23.0 million . • Pursuant to a tax sharing agreement entered into between us and Jefferies, payments are made between us and Jefferies to settle current tax receivables and payables. At February 28, 2019 and November 30, 2018 , a net current tax receivable from Jefferies of $9.9 million is included in Other Assets and a net current tax payable of $34.1 million is included in Accrued expenses and other liabilities, respectively, in our Consolidated Statements of Financial Condition. In December 2018, we made a payment of $35.0 million to Jefferies, which reduced the cumulative net current tax payable balance. • During the three months ended February 28, 2019, we purchased securities at fair value totaling $885.6 million from Jefferies. There was no gain or loss on these transactions. • We entered into a foreign exchange prime brokerage agreement with an affiliate of Jefferies in 2017. In connection with the foreign exchange contracts entered into under this agreement we have $13.8 million and $9.9 million at February 28, 2019 and November 30, 2018 , respectively, included in Payables — brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. • Two of our directors have investments totaling $2.5 million and $2.7 million at February 28, 2019 and November 30, 2018 , respectively, in a hedge fund managed by Jefferies. • We have investments in hedge funds managed by Jefferies of $219.7 million and $218.7 million at February 28, 2019 and November 30, 2018 , respectively, included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. Net gains on our investments in these hedge funds, which are included in Principal transactions in our Consolidated Statements of Earnings (in millions): Three Months Ended 2019 2018 Net gains on our investments $ 1.0 $ 3.7 • In connection with our sales and trading activities, from time to time we make a market in long-term debt securities of Jefferies ( i.e., we buy and sell debt securities issued by Jefferies). At February 28, 2019 and November 30, 2018 , approximately $1.4 million and $0.3 million , respectively, of debt issued by Jefferies are included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. For information on transactions with our equity method investees, see Note 9, Investments

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Feb. 28, 2019
Accounting Policies [Abstract]
Consolidation	Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) attributable to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights.
Accounting Standards to be Adopted in Future Periods and Adopted Accounting Standards	Accounting Standards to be Adopted in Future Periods Consolidation. In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The objective of the guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The guidance is effective in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Leases.
Revenues recognition	Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services ( i.e. , the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions and Other Fees. We earn commission revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commissions revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in our Consolidated Statements of Earnings. We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period ( e.g. , quarterly). Account advisory fees paid in advance are initially deferred within Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked convertible securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage- and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital markets transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within Underwriting costs in the Consolidated Statements of Earnings as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event ( e.g. , completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Earnings and any expenses reimbursed by our clients are recognized as Investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation ( e.g. , changes in assets under management, market performance) and/ or are contingent on a future event during the measurement period ( e.g.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 28, 2019
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $557.8 million and $322.9 million at February 28, 2019 and November 30, 2018 , respectively, by level within the fair value hierarchy (in thousands): February 28, 2019 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 2,250,523 $ 132,546 $ 54,766 $ — $ 2,437,835 Corporate debt securities — 2,574,258 10,930 — 2,585,188 Collateralized debt obligations and collateralized loan obligations — 87,414 32,566 — 119,980 U.S. government and federal agency securities 1,726,076 92,128 — — 1,818,204 Municipal securities — 647,475 — — 647,475 Sovereign obligations 1,653,015 1,311,179 — — 2,964,194 Residential mortgage-backed securities — 2,018,358 20,963 — 2,039,321 Commercial mortgage-backed securities — 860,865 12,820 — 873,685 Other asset-backed securities — 254,870 35,886 — 290,756 Loans and other receivables — 2,145,486 78,051 — 2,223,537 Derivatives 5,167 2,481,349 8,211 (2,293,982 ) 200,745 Investments at fair value — — 140,812 — 140,812 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,634,781 $ 12,605,928 $ 395,005 $ (2,293,982 ) $ 16,341,732 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 2,806,579 $ 1,383 $ 78 $ — $ 2,808,040 Corporate debt securities — 1,741,692 730 — 1,742,422 U.S. government and federal agency securities 855,042 — — — 855,042 Sovereign obligations 1,770,566 1,164,066 — — 2,934,632 Commercial mortgage-backed securities — — 70 — 70 Loans — 1,572,077 3,420 — 1,575,497 Derivatives 14,018 2,692,471 37,186 (2,381,654 ) 362,021 Total financial instruments sold, not yet purchased $ 5,446,205 $ 7,171,689 $ 41,484 $ (2,381,654 ) $ 10,277,724 Long-term debt $ — $ 467,839 $ 283,139 $ — $ 750,978 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 1,907,945 $ 118,681 $ 51,040 $ — $ 2,077,666 Corporate debt securities — 2,683,180 9,484 — 2,692,664 Collateralized debt obligations and collateralized loan obligations — 72,949 25,815 — 98,764 U.S. government and federal agency securities 1,789,614 56,592 — — 1,846,206 Municipal securities — 894,253 — — 894,253 Sovereign obligations 1,769,556 1,043,409 — — 2,812,965 Residential mortgage-backed securities — 2,163,629 19,603 — 2,183,232 Commercial mortgage-backed securities — 819,406 10,886 — 830,292 Other asset-backed securities — 239,381 53,175 — 292,556 Loans and other receivables — 2,056,593 46,985 — 2,103,578 Derivatives 12,186 2,524,988 5,922 (2,412,486 ) 130,610 Investments at fair value — — 113,831 — 113,831 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,479,301 $ 12,673,061 $ 336,741 $ (2,412,486 ) $ 16,076,617 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,685,071 $ 1,444 $ — $ — $ 1,686,515 Corporate debt securities — 1,505,618 522 — 1,506,140 U.S. government and federal agency securities 1,384,295 — — — 1,384,295 Sovereign obligations 1,735,242 661,095 — — 2,396,337 Loans — 1,371,630 6,376 — 1,378,006 Derivatives 26,471 3,585,249 27,536 (2,511,605 ) 1,127,651 Total financial instruments sold, not yet purchased $ 4,831,079 $ 7,125,036 $ 34,434 $ (2,511,605 ) $ 9,478,944 Long-term debt $ — $ 485,425 $ 200,745 $ — $ 686,170 (1)
Investments Measured at Fair Value Based on Net Asset Value Per Share	The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands): February 28, 2019 Fair Value (1) Unfunded Commitments Equity Long/Short Hedge Funds (2) $ 273,925 $ — Equity Funds (3) 35,719 20,036 Commodity Funds (4) 15,382 — Multi-asset Funds (5) 232,465 — Other Funds (6) 336 — Total $ 557,827 $ 20,036 November 30, 2018 Fair Value (1) Unfunded Commitments Equity Long/Short Hedge Funds (2) $ 15,338 $ — Equity Funds (3) 40,070 20,996 Commodity Funds (4) 10,129 — Multi-asset Funds (5) 256,972 — Other Funds (6) 400 — Total $ 322,909 $ 20,996 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2) This category includes investments in hedge funds that invest, long and short, primarily in equity securities in domestic and international markets in both the public and private sectors. At February 28, 2019 and November 30, 2018 , approximately 94% and 0% , respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption in the first 36 months after acquisition. At the end of this restriction period, which is in approximately 34 months , these investments are redeemable monthly with 45 - 90 days prior written notice. At February 28, 2019 and November 30, 2018 , approximately 6% and 97% , respectively, of the fair value of investments in this category are redeemable quarterly with 60 days prior written notice. (3) At February 28, 2019 and November 30, 2018 , the investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are expected to be liquidated in approximately one to ten years. (4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At February 28, 2019 and November 30, 2018 , investments representing approximately 6% and 15% , respectively, of the fair value of investments in this category are redeemable monthly with 30 days prior written notice. (6) This category includes investments in a fund that invests in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt and private equity investments and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by us and have no
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2019 (in thousands): Three Months Ended February 28, 2019 Total gains/losses (realized and unrealized) (1) Net transfers into/ (out of) Level 3 For instruments still held at February 28, 2019, changes in unrealized gains/(losses) included in: Balance at November 30, 2018 Purchases Sales Settlements Issuances Balance at February 28, 2019 Earnings (1) Other comprehensive income (1) Assets: Financial instruments owned: Corporate equity securities $ 51,040 $ 4,830 $ 1,410 $ (2,411 ) $ (66 ) $ — $ (37 ) $ 54,766 $ 4,945 $ — Corporate debt securities 9,484 466 3,568 (3,233 ) (834 ) — 1,479 10,930 498 — CDOs and CLOs 25,815 (8,153 ) 49,201 (32,759 ) — — (1,538 ) 32,566 (3,814 ) — RMBS 19,603 462 975 — (27 ) — (50 ) 20,963 494 — CMBS 10,886 136 12 — (41 ) — 1,827 12,820 96 — Other ABS 53,175 (2,290 ) 29,195 (30,060 ) (12,320 ) — (1,814 ) 35,886 (1,763 ) — Loans and other receivables 46,985 814 40,061 (27,142 ) (1,990 ) — 19,323 78,051 130 — Investments at fair value 113,831 (786 ) 27,767 — — — — 140,812 (786 ) — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ — $ (2 ) $ — $ 80 $ — $ — $ — $ 78 $ 2 $ — Corporate debt securities 522 (241 ) — — — — 449 730 241 — CMBS — 70 — — — — — 70 (70 ) — Loans 6,376 (229 ) (1,411 ) 504 — — (1,820 ) 3,420 338 — Net derivatives (2) 21,614 (5,348 ) (2,804 ) 3,084 169 — 12,260 28,975 3,333 — Long-term debt 200,745 (16,701 ) — — (5,665 ) 92,016 12,744 283,139 4,045 12,656 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax. (2) three months ended February 28, 2018 (in thousands): Three Months Ended February 28, 2018 Balance at Total gains/losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at Change in unrealized gains/ (losses) relating to instruments still held at February 28, 2018 (1) Assets: Financial instruments owned: Corporate equity securities $ 22,009 $ 11,684 $ 2,733 $ (1,381 ) $ (1,687 ) $ — $ 2,054 $ 35,412 $ 10,674 Corporate debt securities 26,036 (9 ) 928 (346 ) (2,049 ) — 1,543 26,103 (1,086 ) CDOs and CLOs 30,004 (3,782 ) 43,796 (34,168 ) (3,838 ) — (5,579 ) 26,433 (3,006 ) RMBS 26,077 (3,212 ) — — (3 ) — (1,100 ) 21,762 (2,366 ) CMBS 12,419 (231 ) 1,260 (508 ) (1,285 ) — 3,448 15,103 (622 ) Other ABS 61,129 (1,385 ) 57,095 (53,459 ) (3,776 ) — (8,316 ) 51,288 127 Loans and other receivables 47,304 1,598 15,635 (803 ) (9,730 ) — 8,039 62,043 (190 ) Investments at fair value 93,454 499 240 (16,624 ) — — 2,310 79,879 (95 ) Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 48 $ 13 $ — $ — $ — $ — $ — $ 61 $ (13 ) Corporate debt securities 522 — — — — — — 522 — CMBS 105 (70 ) — — — — — 35 (35 ) Loans 3,486 6 (25 ) 3,442 — — 3,414 10,323 (6 ) Net derivatives (2) 6,746 (1,166 ) (6 ) — 1,012 296 — 6,882 (5,609 ) (1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our Consolidated Statements of Earnings. (2)
Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements	The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument ( i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period. February 28, 2019 Financial Instruments Owned: Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 48,459 Non-exchange-traded securities Market approach Price $3-$518 $ 123 Transaction level $85 — Underlying stock price $3-$11 $ 8 Corporate debt securities $ 10,930 Market approach Estimated recovery percentage 48% — Price $16-$131 $ 98 Discount rate/yield 25% — CDOs and CLOs $ 32,566 Discounted cash flows Constant prepayment rate 10%-20% 15 % Constant default rate 1%-2% 2 % Loss severity 25%-30% 27 % Discount rate/yield 10%-16% 12 % Scenario analysis Estimated recovery percentage 2% — RMBS $ 20,963 Discounted cash flows Cumulative loss rate 1%-2% 2 % Duration (years) 7-22 8 Discount rate/yield 3%-5% 3 % Market approach Price $100 — CMBS $ 11,319 Discounted cash flows Cumulative loss rate 8%-84% 28 % Duration (years) 1-2 1 Discount rate/yield 2%-26% 17 % Scenario analysis Estimated recovery percentage 15% — Price $49 — Other ABS $ 35,886 Discounted cash flows Cumulative loss rate 11%-30% 22 % Duration (years) 1-2 1 Discount rate/yield 6%-12% 10 % Market approach Price $100 — Loans and other receivables $ 78,051 Market approach Estimated recovery percentage 1% — Price $50-$100 $ 92 Scenario analysis Estimated recovery percentage 13%-117% 105 % Derivatives $ 6,552 Total return swaps Market approach Price $95-$100 $ 98 Investments at fair value $ 113,045 Private equity securities Market approach Price $3-$250 $ 116 Scenario analysis Discount rate/yield 20% — Revenue growth 0% — Financial Instruments Sold, Not Yet Purchased: Loans $ 3,420 Market approach Price $50 — Derivatives $ 37,186 Equity options Option model/default rate Default probability 0% — Volatility benchmarking Volatility 27%-82% 48 % Interest rate swaps Market approach Basis points 18-19 18 Total return swaps Market approach Price $95-$100 $ 97 Long-term debt Structured notes $ 283,139 Market approach Price $73-$95 $ 84 Price €76-€107 € 93 November 30, 2018 Financial Instruments Owned: Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 43,664 Non-exchange-traded securities Market approach Price $1-$75 $ 12 Transaction level $47 — Corporate debt securities $ 9,484 Market approach Estimated recovery percentage 46% — Transaction level $80 — CDOs and CLOs $ 25,815 Discounted cash flows Constant prepayment rate 10%-20% 18 % Constant default rate 1%-2% 2 % Loss severity 25%-30% 26 % Discount rate/yield 11%-16% 14 % Scenario analysis Estimated recovery percentage 2% — RMBS $ 19,603 Discounted cash flows Cumulative loss rate 4% — Duration (years) 13 — Loss severity 0% — Discount rate/yield 3% — Market approach Price $100 — CMBS $ 9,444 Discounted cash flows Cumulative loss rate 8%-85% 45 % Duration (years) 1-3 1 Loss severity 64% — Discount rate/yield 2%-15% 6 % Scenario analysis Estimated recovery percentage 26% — Price $49 — Other ABS $ 53,175 Discounted cash flows Cumulative loss rate 12%-30% 22 % Duration (years) 1-2 1 Discount rate/yield 6%-12% 8 % Market approach Price $100 — Loans and other receivables $ 46,078 Market approach Price $50-$100 $ 96 Scenario analysis Estimated recovery percentage 13%-117% 105 % Derivatives $ 4,602 Total return swaps Market approach Price $97 — Investments at fair value $ 113,831 Private equity securities Market approach Price $3-$250 $ 108 Transaction level $169 — Scenario analysis Discount rate/yield 20% — Revenue growth 0% — Financial Instruments Sold, Not Yet Purchased: Loans $ 6,376 Market approach Price $50-$101 $ 74 Derivatives $ 27,536 Equity options Option model/default rate Default probability 0% — Volatility benchmarking Volatility 39%-62% 50 % Interest rate swaps Market approach Price $20 — Total return swaps Market approach Price $97 — Long-term debt Structured notes $ 200,745 Market approach Price $78-$94 $ 86 Price €68-€110 € 96
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables	The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on Long-term debt measured at fair value under the fair value option (in thousands): Three Months Ended 2019 2018 Financial instruments owned: Loans and other receivables $ (7,335 ) $ 2,628 Financial instruments sold, not yet purchased: Loans $ — $ 250 Loan commitments 79 (129 ) Long-term debt: Changes in instrument specific credit risk (1) $ 23,483 $ (16,202 ) Other changes in fair value (2) (10,643 ) 41,154 (1) Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax. (2) Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings. The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables and long-term debt measured at fair value under the fair value option (in thousands): February 28, 2019 November 30, 2018 Financial instruments owned: Loans and other receivables (1) $ 907,395 $ 961,554 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 267,047 158,392 Long-term debt 128,085 114,669 (1) Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings. (2) Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $18.7 million and $20.5 million at February 28, 2019 and November 30, 2018 , respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Feb. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract	The following tables present the fair value and related number of derivative contracts at February 28, 2019 and November 30, 2018 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts). February 28, 2019 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 18,037 1 Total derivatives designated as accounting hedges — 18,037 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,417 41,436 575 28,615 Cleared OTC 444,956 2,829 443,284 2,433 Bilateral OTC 384,646 1,537 397,041 814 Foreign exchange contracts: Exchange-traded — 547 — 351 Bilateral OTC 302,480 8,837 291,008 9,050 Equity contracts: Exchange-traded 1,195,820 1,859,356 1,322,441 1,515,617 Bilateral OTC 133,461 4,461 244,470 3,334 Commodity contracts: Exchange-traded 58 5,010 158 4,431 Bilateral OTC — — 1 1 Credit contracts: Cleared OTC 2,336 13 11,424 27 Bilateral OTC 29,553 109 15,236 74 Total derivatives not designated as accounting hedges 2,494,727 2,725,638 Total gross derivative assets/ liabilities: Exchange-traded 1,197,295 1,323,174 Cleared OTC 447,292 472,745 Bilateral OTC 850,140 947,756 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (1,173,183 ) (1,173,183 ) Cleared OTC (426,011 ) (434,419 ) Bilateral OTC (694,788 ) (774,052 ) Net amounts per Consolidated Statements of Financial Condition (4) $ 200,745 $ 362,021 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. November 30, 2018 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 29,647 1 Total derivatives designated as accounting hedges — 29,647 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 924 32,159 513 66,095 Cleared OTC 422,670 2,095 411,833 2,394 Bilateral OTC 372,899 1,398 491,697 816 Foreign exchange contracts: Exchange-traded 42 538 2 690 Cleared OTC — — 36 3 Bilateral OTC 311,228 9,548 314,951 9,909 Equity contracts: Exchange-traded 1,202,927 2,104,684 2,061,137 1,779,836 Bilateral OTC 207,221 5,126 315,996 2,764 Commodity contracts: Exchange-traded 213 3,927 270 4,012 Credit contracts: Cleared OTC 11,204 7 1,556 14 Bilateral OTC 13,768 123 11,618 79 Total derivatives not designated as accounting hedges 2,543,096 3,609,609 Total gross derivative assets/liabilities: Exchange-traded 1,204,106 2,061,922 Cleared OTC 433,874 443,072 Bilateral OTC 905,116 1,134,262 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (1,190,951 ) (1,190,951 ) Cleared OTC (407,351 ) (418,779 ) Bilateral OTC (814,184 ) (901,875 ) Net amounts per Consolidated Statements of Financial Condition (4) $ 130,610 $ 1,127,651 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)
Unrealized and Realized Gains (Losses) on Derivative Contracts	The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings on a fair value hedge (in thousands): Three Months Ended Gains (Losses) 2019 2018 Interest rate swaps $ 14,587 $ (21,221 ) Long-term debt (15,556 ) 22,715 Total $ (969 ) $ 1,494 The following table presents unrealized and realized gains (losses) on derivative contracts recognized in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands): Three Months Ended Gains (Losses) 2019 2018 Interest rate contracts $ (69,831 ) $ 26,962 Foreign exchange contracts (176 ) 4,263 Equity contracts (28,481 ) (163,441 ) Commodity contracts 2,492 (177 ) Credit contracts 4,095 382 Total $ (91,901 ) $ (132,011 )
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities	The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at February 28, 2019 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 2,539 $ 17,857 $ 5,240 $ — $ 25,636 Credit default swaps 111 19,824 — (108 ) 19,827 Total return swaps 47,890 18,274 — (984 ) 65,180 Foreign currency forwards, swaps and options 65,040 11,413 — (16,118 ) 60,335 Fixed income forwards 1,645 — — — 1,645 Interest rate swaps, options and forwards 29,360 114,382 115,221 (76,899 ) 182,064 Total $ 146,585 $ 181,750 $ 120,461 $ (94,109 ) 354,687 Cross product counterparty netting (32,496 ) Total OTC derivative assets included in Financial instruments owned $ 322,191 (1) At February 28, 2019 , we held exchange-traded derivative assets and other credit agreements with a fair value of $25.7 million , which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in our Consolidated Statements of Financial Condition. At February 28, 2019 , cash collateral received was $147.1 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 30,988 $ 106,443 $ 37,837 $ — $ 175,268 Credit default swaps 1,918 10,878 — (108 ) 12,688 Total return swaps 11,553 14,057 — (984 ) 24,626 Foreign currency forwards, swaps and options 53,908 11,042 — (16,118 ) 48,832 Fixed income forwards 3,810 — — — 3,810 Interest rate swaps, options and forwards 32,805 74,816 182,540 (76,899 ) 213,262 Total $ 134,982 $ 217,236 $ 220,377 $ (94,109 ) 478,486 Cross product counterparty netting (32,496 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 445,990 (1) At February 28, 2019 , we held exchange-traded derivative liabilities and other credit agreements with a fair value of $150.8 million , which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At February 28, 2019 , cash collateral pledged was $234.8 million . (3) Derivative fair values include counterparty netting within product category. (4)
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at February 28, 2019 (in thousands): Counterparty credit quality (1): A- or higher $ 132,779 BBB- to BBB+ 55,630 BB+ or lower 88,357 Unrated 45,425 Total $ 322,191 (1)
Credit Related Derivative Contracts	The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): February 28, 2019 External Credit Rating Investment Grade Non-investment Grade Unrated Total Notional Credit protection sold: Index credit default swaps $ 90.5 $ 100.0 $ — $ 190.5 Single name credit default swaps 8.4 53.9 32.6 94.9 November 30, 2018 External Credit Rating Investment Grade Non-investment Grade Unrated Total Notional Credit protection sold: Index credit default swaps $ 25.7 $ 167.4 $ — $ 193.1 Single name credit default swaps 57.7 84.5 3.0 145.2
Derivative Instruments with Contingent Features	The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): February 28, 2019 November 30, 2018 Derivative instrument liabilities with credit-risk-related contingent features $ 32.3 $ 93.5 Collateral posted (19.2 ) (61.5 ) Collateral received 128.2 91.5 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 141.3 123.3 (1)

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	3 Months Ended
	Feb. 28, 2019
Banking and Thrift [Abstract]
Schedule of Collateralized Financing Transactions	The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged (in thousands): February 28, 2019 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 1,860,725 $ 277,041 $ 2,137,766 Corporate debt securities 269,547 1,915,333 2,184,880 Mortgage- and asset-backed securities — 3,277,181 3,277,181 U.S. government and federal agency securities 104,428 11,987,128 12,091,556 Municipal securities — 466,849 466,849 Sovereign obligations — 3,387,020 3,387,020 Loans and other receivables — 352,411 352,411 Total $ 2,234,700 $ 21,662,963 $ 23,897,663 November 30, 2018 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 1,505,218 $ 487,124 $ 1,992,342 Corporate debt securities 333,221 1,853,309 2,186,530 Mortgage- and asset-backed securities 249 2,820,543 2,820,792 U.S. government and federal agency securities — 8,181,947 8,181,947 Municipal securities — 604,274 604,274 Sovereign obligations — 2,945,521 2,945,521 Loans and other receivables — 300,768 300,768 Total $ 1,838,688 $ 17,193,486 $ 19,032,174 The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by remaining contractual maturity (in thousands): February 28, 2019 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,034,306 $ — $ 1,002,932 $ 197,462 $ 2,234,700 Repurchase agreements 11,379,518 4,169,261 4,223,211 1,890,973 21,662,963 Total $ 12,413,824 $ 4,169,261 $ 5,226,143 $ 2,088,435 $ 23,897,663 November 30, 2018 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 807,347 $ — $ 560,417 $ 470,924 $ 1,838,688 Repurchase agreements 7,849,052 1,915,325 6,042,951 1,386,158 17,193,486 Total $ 8,656,399 $ 1,915,325 $ 6,603,368 $ 1,857,082 $ 19,032,174
Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements	The following tables provide information regarding repurchase agreements and securities borrowing and lending arrangements that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands). February 28, 2019 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets: Securities borrowing arrangements $ 7,231,073 $ — $ 7,231,073 $ (529,874 ) $ (1,171,891 ) $ 5,529,308 Reverse repurchase agreements 15,852,250 (12,355,680 ) 3,496,570 (328,449 ) (3,137,324 ) 30,797 Liabilities: Securities lending arrangements $ 2,234,700 $ — $ 2,234,700 $ (529,874 ) $ (1,681,346 ) $ 23,480 Repurchase agreements 21,662,963 (12,355,680 ) 9,307,283 (328,449 ) (8,097,893 ) 880,941 November 30, 2018 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets: Securities borrowing arrangements $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities: Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Amounts include $5,495.4 million of securities borrowing arrangements, for which we have received securities collateral of $5,338.4 million , and $848.7 million of repurchase agreements, for which we have pledged securities collateral of $869.3 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4) Amounts include $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million

Securitization Activities (Tabl

Securitization Activities (Tables)	3 Months Ended
	Feb. 28, 2019
Transfers and Servicing [Abstract]
Activity Related to Securitizations Accounted for as Sales	The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Three Months Ended 2019 2018 Transferred assets $ 1,260.6 $ 2,757.8 Proceeds on new securitizations 1,331.2 2,758.9 Cash flows received on retained interests 14.8 9.2
Summary of Retained Interests in SPEs	The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): February 28, 2019 November 30, 2018 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency RMBS $ 12,620.2 $ 353.1 $ 13,633.5 $ 365.3 U.S. government agency CMBS 1,594.4 70.7 2,027.6 185.6 CLOs 3,522.8 23.7 3,512.0 20.9 Consumer and other loans 938.0 61.3 604.1 48.9

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Feb. 28, 2019
Equity Method Investments and Joint Ventures [Abstract]
Assets and Liabilities of Consolidated VIEs Prior to Consolidation	The following table presents information about our consolidated VIEs at February 28, 2019 and November 30, 2018 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. February 28, 2019 November 30, 2018 Securitization Vehicles Other Securitization Vehicles Other Cash $ — $ 1.1 $ — $ 1.1 Financial instruments owned 323.4 0.4 — 0.4 Securities purchased under agreements to resell (1) 936.3 — 883.1 — Total assets $ 1,259.7 $ 1.5 $ 883.1 $ 1.5 Other secured financings (2) $ 1,259.1 $ — $ 882.5 $ — Other liabilities 0.6 0.2 0.6 0.2 Total liabilities $ 1,259.7 $ 0.2 $ 883.1 $ 0.2 (1) Securities purchased under agreements to resell represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $326.6 million and $1.0 million of the secured financing represent amounts held by us in inventory and are eliminated in consolidation at February 28, 2019 and November 30, 2018
Variable Interests in Non-Consolidated Variable Interest Entities	The following tables present information about our variable interests in nonconsolidated VIEs (in millions): February 28, 2019 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 153.7 $ 3.8 $ 1,936.4 $ 4,713.4 Consumer loan and other asset-backed vehicles 445.5 — 771.6 3,491.0 Related party private equity vehicles 31.6 — 49.4 90.8 Other investment vehicles 353.9 — 357.2 5,115.5 Total $ 984.7 $ 3.8 $ 3,114.6 $ 13,410.7 November 30, 2018 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 42.1 $ — $ 568.3 $ 3,088.9 Consumer loan and other asset-backed vehicles 462.1 — 807.1 3,273.1 Related party private equity vehicles 35.5 — 53.5 108.3 Other investment vehicles 95.0 — 99.1 3,558.1 Total $ 634.7 $ — $ 1,528.0 $ 10,028.4

Investments (Tables)

Investments (Tables)	3 Months Ended
	Feb. 28, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Selected Financial Information	The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions): Three Months Ended 2019 2018 Interest income $ — $ 0.8 Unfunded commitment fees 0.3 0.2 The following is a summary of selected financial information for Jefferies Finance (in millions): February 28, 2019 November 30, 2018 Our total equity balance $ 618.6 $ 694.8 Three Months Ended 2019 2018 Net earnings (loss) $ (2.4 ) $ 42.5 The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Three Months Ended 2019 2018 Origination and syndication fee revenues (1) $ 21.9 $ 101.4 Origination fee expenses (1) 5.4 18.5 CLO placement fee revenues (2) 1.3 0.3 Derivative gains (losses) (3) — (0.3 ) Underwriting fees (4) — 0.3 Service fees (5) 27.1 26.1 (1) We engage in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2) We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At February 28, 2019 and November 30, 2018 , we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value. (3) We have entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO and we have recognized gains (losses) relating to the derivative contracts. (4) We acted as underwriter in connection with term loans issued by Jefferies Finance. (5) February 28, 2019 November 30, 2018 Our total equity balance $ 250.7 $ 245.2 Three Months Ended Net earnings $ 50.3 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in thousands): Three Months Ended December 31, 2018 (1) 2017 (1) Net increase (decrease) in net assets resulting from operations $ (8,412 ) $ 19,712 (1) Financial information for JCP Fund V within our results of operations for the three months ended February 28, 2019 and 2018 February 28, 2019 November 30, 2018 Our investment in Epic Gas (1) $ 22.1 $ 21.7 (1) Included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition. Three Months Ended December 31, 2018 (1) 2017 (1) Net earnings (losses) $ 0.9 $ (16.4 ) (1) Financial information for Epic Gas within our results of operations for the three months ended February 28, 2019 and 2018 Three Months Ended 2019 2018 Net gains (losses) from our investments in JCP Fund V $ (3.2 ) $ 6.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Feb. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill attributed to our reportable business segments are as follows (in thousands): February 28, 2019 November 30, 2018 Capital Markets $ 1,642,027 $ 1,638,778 Asset Management 3,408 3,392 Total goodwill $ 1,645,435 $ 1,642,170 The following table is a summary of the changes to goodwill for the three months ended February 28, 2019 (in thousands): Balance at November 30, 2018 $ 1,642,170 Translation adjustments 3,265 Balance at February 28, 2019 $ 1,645,435
Summary of Intangible Assets	The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at February 28, 2019 and November 30, 2018 (dollars in thousands): February 28, 2019 Weighted average remaining lives (years) Gross cost Accumulated amortization Net carrying amount Customer relationships $ 126,039 $ (61,214 ) $ 64,825 10.4 Trade name 129,010 (22,116 ) 106,894 29.0 Exchange and clearing organization membership interests and registrations 8,591 — 8,591 N/A Total $ 263,640 $ (83,330 ) $ 180,310 November 30, 2018 Weighted average remaining lives (years) Gross cost Accumulated amortization Net carrying amount Customer relationships $ 125,574 $ (58,892 ) $ 66,682 10.6 Trade name 128,348 (21,086 ) 107,262 29.3 Exchange and clearing organization membership interests and registrations 8,524 — 8,524 N/A Total $ 262,446 $ (79,978 ) $ 182,468
Future Amortization Expense Related to Intangible Assets	The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands): Remainder of fiscal 2019 $ 9,148 Year ending November 30, 2020 12,198 Year ending November 30, 2021 12,198 Year ending November 30, 2022 9,256 Year ending November 30, 2023 8,268

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	3 Months Ended
	Feb. 28, 2019
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings	Short-term borrowings at February 28, 2019 and November 30, 2018 include the following and mature in one year or less (in thousands): February 28, 2019 November 30, 2018 Bank loans $ 473,582 $ 330,942 Floating rate puttable notes 56,902 56,550 Total short-term borrowings $ 530,484 $ 387,492

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Feb. 28, 2019
Debt Disclosure [Abstract]
Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums	The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands): Maturity Effective Interest Rate February 28, November 30, 2018 Unsecured long-term debt: 8.500% Senior Notes July 15, 2019 3.80% $ 655,494 $ 699,659 2.375% Euro Medium Term Notes May 20, 2020 2.42% 568,356 564,702 6.875% Senior Notes April 15, 2021 4.40% 787,615 791,814 2.250% Euro Medium Term Notes July 13, 2022 4.08% 4,287 4,243 5.125% Senior Notes January 20, 2023 4.55% 612,214 612,928 4.850% Senior Notes (1) January 15, 2027 4.93% 725,167 709,484 6.450% Senior Debentures June 8, 2027 5.46% 373,120 373,669 4.150% Senior Notes January 23, 2030 4.26% 988,003 987,788 6.250% Senior Debentures January 15, 2036 6.03% 511,564 511,662 6.500% Senior Notes January 20, 2043 6.09% 420,531 420,625 Structured notes (2) Various Various 750,978 686,170 Total unsecured long-term debt 6,397,329 6,362,744 Secured long-term debt: Revolving Credit Facility 183,690 183,539 Total long-term debt $ 6,581,019 $ 6,546,283 (1) These senior notes with a principal amount of $750.0 million were issued on January 17, 2017. The carrying value includes a loss of $15.6 million and a gain of $22.7 million in the three months ended February 28, 2019 and 2018 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 5, Derivative Financial Instruments , for further information. (2)

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Feb. 28, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Three Months Ended 2019 2018 Revenues from contracts with customers: Commissions and other fees $ 147,326 $ 147,902 Investment banking 285,596 439,991 Asset management fees 6,669 4,930 Other 7,803 6,686 Total revenue from contracts with customers 447,394 599,509 Other sources of revenue: Principal transactions 234,298 217,473 Interest 360,975 257,816 Other 12,205 11,797 Total revenues $ 1,054,872 $ 1,086,595 Three Months Ended 2019 2018 Reportable Segment Reportable Segment Capital Markets Asset Management Total Capital Markets Asset Management Total Major business activity: Equities (1) $ 152,061 $ — $ 152,061 $ 151,630 $ — $ 151,630 Fixed income (1) 3,068 — 3,068 2,958 — 2,958 Investment banking - Capital markets 105,114 — 105,114 248,834 — 248,834 Investment banking - Advisory 180,482 — 180,482 191,157 — 191,157 Asset management — 6,669 6,669 — 4,930 4,930 Total $ 440,725 $ 6,669 $ 447,394 $ 594,579 $ 4,930 $ 599,509 Primary geographic region: Americas $ 323,376 $ 3,381 $ 326,757 $ 515,924 $ 4,930 $ 520,854 Europe 100,205 3,288 103,493 61,328 — 61,328 Asia 17,144 — 17,144 17,327 — 17,327 Total $ 440,725 $ 6,669 $ 447,394 $ 594,579 $ 4,930 $ 599,509 (1)

Compensation Plans (Tables)

Compensation Plans (Tables)	3 Months Ended
	Feb. 28, 2019
Compensation Related Costs [Abstract]
Schedule of Components of Compensation Cost	The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Three Months Ended 2019 2018 Components of compensation cost: Restricted cash awards $ 66.2 $ 68.4 Restricted stock and RSUs (1) 6.5 7.3 Profit sharing plan 3.9 3.2 Total compensation cost $ 76.6 $ 78.9 (1)
Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans	Remaining unamortized amounts related to certain compensation plans at February 28, 2019 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 60.6 3 Restricted cash awards 591.3 3 Total $ 651.9

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates	The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2015 California 2009 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2016 Hong Kong 2013 India 2010 Italy 2012

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
	Feb. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	The following table summarizes our commitments at February 28, 2019 (in millions): Expected Maturity Date (fiscal years) 2019 2020 2021 2023 2025 Maximum Payout Equity commitments (1) $ — $ 145.2 $ 0.3 $ — $ 2.9 $ 148.4 Loan commitments (1) 250.0 — 54.0 30.0 500.0 834.0 Underwriting commitments 215.4 — — — — 215.4 Forward starting reverse repos (2) 6,225.6 — — — — 6,225.6 Forward starting repos (2) 4,738.8 — — — — 4,738.8 Other unfunded commitments (1) 165.3 — 90.9 4.9 — 261.1 Total commitments $ 11,595.1 $ 145.2 $ 145.2 $ 34.9 $ 502.9 $ 12,423.3 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2) At February 28, 2019 , $6,225.4 million within forward starting securities purchased under agreements to resell and $4,736.0 million
Guarantees	The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at February 28, 2019 (in millions): Expected Maturity Date (Fiscal Years) 2019 2020 2021 2023 2025 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 9,764.7 $ 2,569.7 $ 4,148.7 $ 281.8 $ 332.3 $ 17,097.2 Written derivative contracts—credit related — 32.4 1.5 61.0 — 94.9 Total derivative contracts $ 9,764.7 $ 2,602.1 $ 4,150.2 $ 342.8 $ 332.3 $ 17,192.1

Net Capital Requirements (Table

Net Capital Requirements (Tables)	3 Months Ended
	Feb. 28, 2019
Brokers and Dealers [Abstract]
Net Capital, Adjusted and Excess Net Capital	At February 28, 2019 , Jefferies LLC’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,411,616 $ 1,303,243

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Feb. 28, 2019
Segment Reporting [Abstract]
Net Revenues, Expenses and Total Assets by Segment	Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions): Three Months Ended 2019 2018 Capital Markets: Net revenues $ 658.2 $ 810.7 Non-interest expenses 603.1 682.7 Earnings before income taxes $ 55.1 $ 128.0 Asset Management: Net revenues $ 27.5 $ 10.5 Non-interest expenses 20.0 15.8 Earnings (loss) before income taxes $ 7.5 $ (5.3 ) Total: Net revenues $ 685.7 $ 821.2 Non-interest expenses 623.1 698.5 Earnings before income taxes $ 62.6 $ 122.7 The following table summarizes our total assets by reportable business segment (in millions): February 28, 2019 November 30, 2018 Capital Markets $ 40,182.1 $ 38,700.7 Asset Management 2,951.6 2,468.1 Total assets $ 43,133.7 $ 41,168.8
Net Revenues by Geographic Region	Net revenues by geographic region were as follows (in millions): Three Months Ended 2019 2018 Americas (1) $ 508.6 $ 682.1 Europe (2) 151.5 118.2 Asia 25.6 20.9 Net revenues $ 685.7 $ 821.2 (1) Substantially all relates to U.S. results. (2)

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Feb. 28, 2019
Related Party Transactions [Abstract]
Summary of Interest Income, Other Revenues and Investment Income Attributable to Related Party Private Equity Funds	The following table presents revenues and service charges related to our investment in Private Equity Related Funds (in thousands): Three Months Ended 2019 2018 Other revenues and investment income (loss) $ (4,118 ) $ 7,022 Service charges 74 53
Schedule of related party transactions	We provide services to and receive services from Jefferies under service agreements. We also receive revenues from Jefferies under a revenue sharing agreement (in millions): Three Months Ended 2019 2018 Charges to Jefferies for services provided $ 16.5 $ 16.2 Charges from Jefferies for services received 0.7 2.4 • We provide capital markets and asset management services to Jefferies and its affiliates. The following table presents the revenues earned by type of services provided (in millions): Three Months Ended 2019 2018 Commissions and other fees $ 0.2 $ — Principal transactions — 0.1 Other revenues 0.5 0.2 • Receivables from and payables to Jefferies, included in Other assets and Accrued expenses and other liabilities, respectively, in our Consolidated Statements of Financial Condition: February 28, November 30, 2018 Receivable from Jefferies $ 2.7 $ 1.2 Payable to Jefferies 0.4 2.9 Three Months Ended 2019 2018 Net gains on our investments $ 1.0 $ 3.7

Organization and Basis of Pre_2

Organization and Basis of Presentation (Detail) $ in Thousands, € in Millions	Oct. 01, 2018USD ($)	Feb. 28, 2019segment	Dec. 28, 2017EUR (€)	Dec. 28, 2017USD ($)
Debt Instrument [Line Items]
Number of operating segments | segment		2
Affiliated Entity | Jefferies
Debt Instrument [Line Items]
Proceeds from contributions from parent	$ 598,200
Payment made in related party transaction	76,000
Related party transaction, related deferred tax liabilities transferred	$ 50,900
Berkadia Commercial Mortgage, LLC
Debt Instrument [Line Items]
Ownership percentage	50.00%
GERMANY | Pension Plan
Debt Instrument [Line Items]
Consideration for release of indemnity relating to pension obligations				$ 3,250
Jefferies Bache Limited | GERMANY | Pension Plan
Debt Instrument [Line Items]
Defined benefit pension obligations and insurance contracts transfer amount | €			€ 6.5

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	$ 557,827	$ 322,909
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	16,341,732	16,076,617
Derivative assets	200,745	130,610
Counterparty and Cash Collateral Netting	(2,293,982)	(2,412,486)
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	10,277,724	9,478,944
Derivative liabilities	362,021	1,127,651
Counterparty and Cash Collateral Netting	(2,381,654)	(2,511,605)
Long-term debt	750,978	686,170
Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,437,835	2,077,666
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	2,808,040	1,686,515
Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,585,188	2,692,664
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,742,422	1,506,140
CDOs and CLOs
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	119,980	98,764
U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,818,204	1,846,206
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	855,042	1,384,295
Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	647,475	894,253
Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,964,194	2,812,965
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	2,934,632	2,396,337
Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,039,321	2,183,232
Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	873,685	830,292
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	70
Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	290,756	292,556
Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,223,537	2,103,578
Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	140,812	113,831
Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,575,497	1,378,006
Level 1
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	5,634,781	5,479,301
Derivative assets	5,167	12,186
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	5,446,205	4,831,079
Derivative liabilities	14,018	26,471
Long-term debt	0	0
Level 1 | Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,250,523	1,907,945
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	2,806,579	1,685,071
Level 1 | Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 1 | CDOs and CLOs
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,726,076	1,789,614
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	855,042	1,384,295
Level 1 | Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,653,015	1,769,556
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,770,566	1,735,242
Level 1 | Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0
Level 1 | Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 2
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	12,605,928	12,673,061
Derivative assets	2,481,349	2,524,988
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	7,171,689	7,125,036
Derivative liabilities	2,692,471	3,585,249
Long-term debt	467,839	485,425
Level 2 | Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	132,546	118,681
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,383	1,444
Level 2 | Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,574,258	2,683,180
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,741,692	1,505,618
Level 2 | CDOs and CLOs
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	87,414	72,949
Level 2 | U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	92,128	56,592
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 2 | Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	647,475	894,253
Level 2 | Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,311,179	1,043,409
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,164,066	661,095
Level 2 | Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,018,358	2,163,629
Level 2 | Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	860,865	819,406
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0
Level 2 | Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	254,870	239,381
Level 2 | Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,145,486	2,056,593
Level 2 | Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 2 | Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,572,077	1,371,630
Level 3
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	395,005	336,741
Derivative assets	8,211	5,922
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	41,484	34,434
Derivative liabilities	37,186	27,536
Long-term debt	283,139	200,745
Level 3 | Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	54,766	51,040
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	78	0
Level 3 | Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	10,930	9,484
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	730	522
Level 3 | CDOs and CLOs
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	32,566	25,815
Level 3 | U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 3 | Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 3 | Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 3 | Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	20,963	19,603
Level 3 | Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	12,820	10,886
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	70
Level 3 | Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	35,886	53,175
Level 3 | Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	78,051	46,985
Level 3 | Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	140,812	113,831
Level 3 | Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	3,420	6,376
Fair value based on net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	$ 557,800	$ 322,900

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Detail) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018	Feb. 28, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 557,827	$ 322,909	$ 557,827
Unfunded Commitments	20,036	20,996	20,036
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	273,925	15,338	273,925
Unfunded Commitments	$ 0	$ 0	$ 0
Percentage of investment at fair value, redemption restriction	94.00%	0.00%	94.00%
Investments redemption restriction period			36 months
Investments redemption restriction period remaining			34 months
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 35,719	$ 40,070	$ 35,719
Unfunded Commitments	$ 20,036	$ 20,996	20,036
Expected period for the liquidation of the underlying assets, minimum	1 year	1 year
Expected period for the liquidation of the underlying assets, maximum	10 years	10 years
Commodity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 15,382	$ 10,129	15,382
Unfunded Commitments	$ 0	$ 0	0
Notice period redemption of investment prior written notice period	60 days	60 days
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 232,465	$ 256,972	232,465
Unfunded Commitments	$ 0	$ 0	$ 0
Percentage of redeemable investments	6.00%	15.00%	6.00%
Notice period redemption of investment prior written notice period	30 days	30 days
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 336	$ 400	$ 336
Unfunded Commitments	$ 0	$ 0	$ 0
45 - 90 days prior written notice | Equity Long/Short Hedge Funds | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	45 days
45 - 90 days prior written notice | Equity Long/Short Hedge Funds | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investment prior written notice period	90 days
60 days prior written notice | Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	6.00%	97.00%	6.00%
Notice period redemption of investment prior written notice period	60 days

Fair Value Disclosures - Level

Fair Value Disclosures - Level 3 Rollforwards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Assets:
Total gains/losses (realized and unrealized)	$ (4,500)	$ 5,200
Liabilities:
Total gains/losses (realized and unrealized)	22,500	1,200
Corporate equity securities
Assets:
Beginning Balance	51,040	22,009
Total gains/losses (realized and unrealized)	4,830	11,684
Purchases	1,410	2,733
Sales	(2,411)	(1,381)
Settlements	(66)	(1,687)
Issuances	0	0
Net transfers into/ (out of) Level 3	(37)	2,054
Ending Balance	54,766	35,412
Change in unrealized gains/(losses) included in earnings for instruments still held	4,945	10,674
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Liabilities:
Beginning Balance	0	48
Total gains/losses (realized and unrealized)	(2)	13
Purchases	0	0
Sales	80	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	78	61
Change in unrealized gains/(losses) included in earnings for to instruments still held	2	(13)
Change in unrealized gains/(losses) included in other comprehensive income for instruments still held	0
Corporate debt securities
Assets:
Beginning Balance	9,484	26,036
Total gains/losses (realized and unrealized)	466	(9)
Purchases	3,568	928
Sales	(3,233)	(346)
Settlements	(834)	(2,049)
Issuances	0	0
Net transfers into/ (out of) Level 3	1,479	1,543
Ending Balance	10,930	26,103
Change in unrealized gains/(losses) included in earnings for instruments still held	498	(1,086)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Liabilities:
Beginning Balance	522	522
Total gains/losses (realized and unrealized)	(241)	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	449	0
Ending Balance	730	522
Change in unrealized gains/(losses) included in earnings for to instruments still held	241	0
Change in unrealized gains/(losses) included in other comprehensive income for instruments still held	0
CDOs and CLOs
Assets:
Beginning Balance	25,815	30,004
Total gains/losses (realized and unrealized)	(8,153)	(3,782)
Purchases	49,201	43,796
Sales	(32,759)	(34,168)
Settlements	0	(3,838)
Issuances	0	0
Net transfers into/ (out of) Level 3	(1,538)	(5,579)
Ending Balance	32,566	26,433
Change in unrealized gains/(losses) included in earnings for instruments still held	(3,814)	(3,006)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
RMBS
Assets:
Beginning Balance	19,603	26,077
Total gains/losses (realized and unrealized)	462	(3,212)
Purchases	975	0
Sales	0	0
Settlements	(27)	(3)
Issuances	0	0
Net transfers into/ (out of) Level 3	(50)	(1,100)
Ending Balance	20,963	21,762
Change in unrealized gains/(losses) included in earnings for instruments still held	494	(2,366)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
CMBS
Assets:
Beginning Balance	10,886	12,419
Total gains/losses (realized and unrealized)	136	(231)
Purchases	12	1,260
Sales	0	(508)
Settlements	(41)	(1,285)
Issuances	0	0
Net transfers into/ (out of) Level 3	1,827	3,448
Ending Balance	12,820	15,103
Change in unrealized gains/(losses) included in earnings for instruments still held	96	(622)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Liabilities:
Beginning Balance	0	105
Total gains/losses (realized and unrealized)	70	(70)
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	70	35
Change in unrealized gains/(losses) included in earnings for to instruments still held	(70)	(35)
Change in unrealized gains/(losses) included in other comprehensive income for instruments still held	0
Other ABS
Assets:
Beginning Balance	53,175	61,129
Total gains/losses (realized and unrealized)	(2,290)	(1,385)
Purchases	29,195	57,095
Sales	(30,060)	(53,459)
Settlements	(12,320)	(3,776)
Issuances	0	0
Net transfers into/ (out of) Level 3	(1,814)	(8,316)
Ending Balance	35,886	51,288
Change in unrealized gains/(losses) included in earnings for instruments still held	(1,763)	127
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Loans and other receivables
Assets:
Beginning Balance	46,985	47,304
Total gains/losses (realized and unrealized)	814	1,598
Purchases	40,061	15,635
Sales	(27,142)	(803)
Settlements	(1,990)	(9,730)
Issuances	0	0
Net transfers into/ (out of) Level 3	19,323	8,039
Ending Balance	78,051	62,043
Change in unrealized gains/(losses) included in earnings for instruments still held	130	(190)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Investments at fair value
Assets:
Beginning Balance	113,831	93,454
Total gains/losses (realized and unrealized)	(786)	499
Purchases	27,767	240
Sales	0	(16,624)
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	2,310
Ending Balance	140,812	79,879
Change in unrealized gains/(losses) included in earnings for instruments still held	(786)	(95)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Loans
Liabilities:
Beginning Balance	6,376	3,486
Total gains/losses (realized and unrealized)	(229)	6
Purchases	(1,411)	(25)
Sales	504	3,442
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	(1,820)	3,414
Ending Balance	3,420	10,323
Change in unrealized gains/(losses) included in earnings for to instruments still held	338	(6)
Change in unrealized gains/(losses) included in other comprehensive income for instruments still held	0
Net derivatives
Liabilities:
Beginning Balance	21,614	6,746
Total gains/losses (realized and unrealized)	(5,348)	(1,166)
Purchases	(2,804)	(6)
Sales	3,084	0
Settlements	169	1,012
Issuances	0	296
Net transfers into/ (out of) Level 3	12,260	0
Ending Balance	28,975	6,882
Change in unrealized gains/(losses) included in earnings for to instruments still held	3,333	$ (5,609)
Change in unrealized gains/(losses) included in other comprehensive income for instruments still held	0
Long-term debt
Liabilities:
Beginning Balance	200,745
Total gains/losses (realized and unrealized)	(16,701)
Purchases	0
Sales	0
Settlements	(5,665)
Issuances	92,016
Net transfers into/ (out of) Level 3	12,744
Ending Balance	283,139
Change in unrealized gains/(losses) included in earnings for to instruments still held	4,045
Change in unrealized gains/(losses) included in other comprehensive income for instruments still held	$ 12,656

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	$ 60,400	$ 31,900
Transfers of assets from Level 3 to Level 2	41,200	29,500
Transfers of liabilities from Level 2 to Level 3	36,600
Transfers of liabilities from Level 3 to Level 2	12,900
Net gains/(losses) on Level 3 assets (realized and unrealized)	(4,500)	5,200
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	22,500	1,200
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due	165,700		$ 105,300
Loans and other receivables greater than 90 days past due	43,700		19,400
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations	763,213		707,960
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	4,830	11,684
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	(2)	13
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	466	(9)
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	(241)	0
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	14,100	9,100
Transfers of assets from Level 3 to Level 2	15,700	14,700
Net gains/(losses) on Level 3 assets (realized and unrealized)	(8,153)	(3,782)
RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	462	(3,212)
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	(786)	499
Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	10,800
Transfers of assets from Level 3 to Level 2	12,600	8,300
Net gains/(losses) on Level 3 assets (realized and unrealized)	(2,290)	(1,385)
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 assets (realized and unrealized)	136	(231)
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	70	(70)
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	25,800	8,600
Transfers of assets from Level 3 to Level 2	6,500
Net gains/(losses) on Level 3 assets (realized and unrealized)	814	$ 1,598
Structured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 2 to Level 3	22,200
Transfers of liabilities from Level 3 to Level 2	9,400
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 2 to Level 3	13,900
Long-term debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	(16,701)
US Treasury securities | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations	$ 34,800		$ 34,800

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2019$ / shares	Nov. 30, 2018$ / shares	Feb. 28, 2019€ / shares	Feb. 28, 2019	Feb. 28, 2019USD ($)	Nov. 30, 2018€ / shares	Nov. 30, 2018	Nov. 30, 2018USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					$ 16,899,559			$ 16,399,526
Derivative assets | $					200,745			130,610
Financial instruments sold, not yet purchased, at fair value | $					10,277,724			9,478,944
Derivative liabilities | $					362,021			1,127,651
Value of asset excluded from significant unobservable inputs | $					37,200			11,100
Value of liability excluded from significant unobservable inputs | $					900			500
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $					2,808,040			1,686,515
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $					1,742,422			1,506,140
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $					70
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $					1,575,497			1,378,006
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets | $					8,211			5,922
Financial instruments sold, not yet purchased, at fair value | $					41,484			34,434
Derivative liabilities | $					37,186			27,536
Level 3 | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					48,459			43,664
Financial instruments sold, not yet purchased, at fair value | $					78			0
Level 3 | Non-exchange-traded securities | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	3	1
Level 3 | Non-exchange-traded securities | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	518	75
Level 3 | Non-exchange-traded securities | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	123	12
Level 3 | Non-exchange-traded securities | Transaction level
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	85	47
Level 3 | Non-exchange-traded securities | Underlying stock price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	3
Level 3 | Non-exchange-traded securities | Underlying stock price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	11
Level 3 | Non-exchange-traded securities | Underlying stock price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	8
Level 3 | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					10,930			9,484
Financial instruments sold, not yet purchased, at fair value | $					730			522
Level 3 | Corporate debt securities | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	16
Level 3 | Corporate debt securities | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	131
Level 3 | Corporate debt securities | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	98
Level 3 | Corporate debt securities | Transaction level
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		80
Level 3 | Corporate debt securities | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.48			0.46
Level 3 | Corporate debt securities | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.25
Level 3 | CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					32,566			25,815
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.10			0.11
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.16			0.16
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.12			0.14
Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.10			0.10
Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.20			0.20
Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.15
Financial instruments sold, not yet purchased, measurement input							0.18
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.01			0.01
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02			0.02
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02
Financial instruments sold, not yet purchased, measurement input							0.02
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.25			0.25
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.30			0.30
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.27			0.26
Level 3 | CDOs and CLOs | Scenario analysis | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02			0.02
Level 3 | RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					20,963			19,603
Level 3 | RMBS | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term		13 years
Level 3 | RMBS | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	7 years
Level 3 | RMBS | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	22 years
Level 3 | RMBS | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	8 years
Level 3 | RMBS | Discounted cash flows | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input							0.03
Level 3 | RMBS | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.03
Level 3 | RMBS | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.05
Level 3 | RMBS | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.03
Level 3 | RMBS | Discounted cash flows | Loss severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input							0
Level 3 | RMBS | Discounted cash flows | Cumulative loss rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input							0.04
Level 3 | RMBS | Discounted cash flows | Cumulative loss rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.01
Level 3 | RMBS | Discounted cash flows | Cumulative loss rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02
Level 3 | RMBS | Discounted cash flows | Cumulative loss rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02
Level 3 | RMBS | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	100	100
Level 3 | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					11,319			9,444
Financial instruments sold, not yet purchased, at fair value | $					70
Level 3 | CMBS | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	1 year
Level 3 | CMBS | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	2 years	3 years
Level 3 | CMBS | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	1 year
Level 3 | CMBS | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.02			0.02
Level 3 | CMBS | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.26			0.15
Level 3 | CMBS | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.17			0.06
Level 3 | CMBS | Discounted cash flows | Loss severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input							0.64
Level 3 | CMBS | Discounted cash flows | Cumulative loss rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.08			0.08
Level 3 | CMBS | Discounted cash flows | Cumulative loss rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.84			0.85
Level 3 | CMBS | Discounted cash flows | Cumulative loss rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.28			0.45
Level 3 | CMBS | Scenario analysis | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	49	49
Level 3 | CMBS | Scenario analysis | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.15			0.26
Level 3 | Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					35,886			53,175
Level 3 | Other ABS | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	1 year
Level 3 | Other ABS | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	2 years	2 years
Level 3 | Other ABS | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	1 year
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.06			0.06
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.12			0.12
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.10			0.08
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.11			0.12
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.30			0.30
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.22			0.22
Level 3 | Other ABS | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	100	100
Level 3 | Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					78,051			46,078
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.13			0.13
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				1.17			1.17
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				1.05			1.05
Level 3 | Loans and other receivables | Market approach | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	50	50
Level 3 | Loans and other receivables | Market approach | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	100	100
Level 3 | Loans and other receivables | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	92	96
Level 3 | Loans and other receivables | Market approach | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.01
Level 3 | Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets | $					6,552			4,602
Derivative liabilities | $								27,536
Level 3 | Derivatives | Total return swaps | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input		97
Level 3 | Derivatives | Total return swaps | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		97
Level 3 | Derivatives | Total return swaps | Market approach | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input	95
Derivative liability, measurement input	95
Level 3 | Derivatives | Total return swaps | Market approach | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input	100
Derivative liability, measurement input	100
Level 3 | Derivatives | Total return swaps | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input	98
Derivative liability, measurement input	97
Level 3 | Derivatives | Equity options | Option model/default rate | Default probability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0			0
Level 3 | Derivatives | Equity options | Volatility benchmarking | Volatility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.27			0.39
Level 3 | Derivatives | Equity options | Volatility benchmarking | Volatility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.82			0.62
Level 3 | Derivatives | Equity options | Volatility benchmarking | Volatility | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				0.48			0.50
Level 3 | Derivatives | Interest rate swaps | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		20
Level 3 | Derivatives | Interest rate swaps | Market approach | Basis points | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				18
Level 3 | Derivatives | Interest rate swaps | Market approach | Basis points | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				19
Level 3 | Derivatives | Interest rate swaps | Market approach | Basis points | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				18
Level 3 | Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $					113,045			113,831
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0.20			0.20
Level 3 | Private equity securities | Scenario analysis | Revenue growth
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				0			0
Level 3 | Private equity securities | Market approach | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	3	3
Level 3 | Private equity securities | Market approach | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	250	250
Level 3 | Private equity securities | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input	116	108
Level 3 | Private equity securities | Market approach | Transaction level
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		169
Level 3 | Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $					3,420			6,376
Level 3 | Loans | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input	50
Level 3 | Loans | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input		50
Level 3 | Loans | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input		101
Level 3 | Loans | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input		74
Level 3 | Long-term debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $					$ 283,139			$ 200,745
Level 3 | Long-term debt | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input	73	78	76			68
Level 3 | Long-term debt | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input	95	94	107			110
Level 3 | Long-term debt | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input	84	86	93			96

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value under Fair Value Option (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Financial instruments owned:
Loans and other receivables	$ (7,335)	$ 2,628
Long-term debt
Financial instruments sold, not yet purchased and Long-term debt
Changes in instrument specific credit risk	23,483	(16,202)
Other changes in fair value	(10,643)	41,154
Loans
Financial instruments sold, not yet purchased and Long-term debt
Changes in instrument specific credit risk	0	250
Loan commitments
Financial instruments sold, not yet purchased and Long-term debt
Changes in instrument specific credit risk	$ 79	$ (129)

Fair Value Disclosures - Summ_2

Fair Value Disclosures - Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value under Fair Value Option (Detail) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Financial instruments owned:
Loans and other receivables	$ 907,395	$ 961,554
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	267,047	158,392
Long-term debt	128,085	114,669
Loans and other receivables 90 days or greater past due	$ 18,700	$ 20,500

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Detail) $ in Thousands	Feb. 28, 2019USD ($)Contract	Nov. 30, 2018USD ($)Contract
Derivatives, Fair Value [Line Items]
Net amounts per Consolidated Statements of Financial Condition, Assets	$ 200,745	$ 130,610
Net amounts per Consolidated Statements of Financial Condition, Liabilities	362,021	1,127,651
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	1,197,295	1,204,106
Fair Value, Liabilities	1,323,174	2,061,922
Amounts offset in the Consolidated Statements of Financial Condition, Assets	1,173,183	(1,190,951)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	1,173,183	(1,190,951)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	447,292	433,874
Fair Value, Liabilities	472,745	443,072
Amounts offset in the Consolidated Statements of Financial Condition, Assets	426,011	(407,351)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	434,419	(418,779)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	850,140	905,116
Fair Value, Liabilities	947,756	1,134,262
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(694,788)	(814,184)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(774,052)	(901,875)
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value, Assets	0	0
Fair Value, Liabilities	18,037	29,647
Designated as Hedging Instrument | Interest rate contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 0
Number of Contracts, Assets | Contract	0	0
Fair Value, Liabilities	$ 18,037	$ 29,647
Number of Contracts, Liabilities | Contract	1	1
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,494,727	$ 2,543,096
Fair Value, Liabilities	2,725,638	3,609,609
Not Designated as Hedging Instrument | Interest rate contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 1,417	$ 924
Number of Contracts, Assets | Contract	41,436	32,159
Fair Value, Liabilities	$ 575	$ 513
Number of Contracts, Liabilities | Contract	28,615	66,095
Not Designated as Hedging Instrument | Interest rate contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 444,956	$ 422,670
Number of Contracts, Assets | Contract	2,829	2,095
Fair Value, Liabilities	$ 443,284	$ 411,833
Number of Contracts, Liabilities | Contract	2,433	2,394
Not Designated as Hedging Instrument | Interest rate contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 384,646	$ 372,899
Number of Contracts, Assets | Contract	1,537	1,398
Fair Value, Liabilities	$ 397,041	$ 491,697
Number of Contracts, Liabilities | Contract	814	816
Not Designated as Hedging Instrument | Foreign exchange contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 42
Number of Contracts, Assets | Contract	547	538
Fair Value, Liabilities	$ 0	$ 2
Number of Contracts, Liabilities | Contract	351	690
Not Designated as Hedging Instrument | Foreign exchange contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets		$ 0
Number of Contracts, Assets | Contract		0
Fair Value, Liabilities		$ 36
Number of Contracts, Liabilities | Contract		3
Not Designated as Hedging Instrument | Foreign exchange contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 302,480	$ 311,228
Number of Contracts, Assets | Contract	8,837	9,548
Fair Value, Liabilities	$ 291,008	$ 314,951
Number of Contracts, Liabilities | Contract	9,050	9,909
Not Designated as Hedging Instrument | Equity contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 1,195,820	$ 1,202,927
Number of Contracts, Assets | Contract	1,859,356	2,104,684
Fair Value, Liabilities	$ 1,322,441	$ 2,061,137
Number of Contracts, Liabilities | Contract	1,515,617	1,779,836
Not Designated as Hedging Instrument | Equity contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 133,461	$ 207,221
Number of Contracts, Assets | Contract	4,461	5,126
Fair Value, Liabilities	$ 244,470	$ 315,996
Number of Contracts, Liabilities | Contract	3,334	2,764
Not Designated as Hedging Instrument | Commodity contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 58	$ 213
Number of Contracts, Assets | Contract	5,010	3,927
Fair Value, Liabilities	$ 158	$ 270
Number of Contracts, Liabilities | Contract	4,431	4,012
Not Designated as Hedging Instrument | Commodity contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0
Number of Contracts, Assets | Contract	0
Fair Value, Liabilities	$ 1
Number of Contracts, Liabilities | Contract	1
Not Designated as Hedging Instrument | Credit contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,336	$ 11,204
Number of Contracts, Assets | Contract	13	7
Fair Value, Liabilities	$ 11,424	$ 1,556
Number of Contracts, Liabilities | Contract	27	14
Not Designated as Hedging Instrument | Credit contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 29,553	$ 13,768
Number of Contracts, Assets | Contract	109	123
Fair Value, Liabilities	$ 15,236	$ 11,618
Number of Contracts, Liabilities | Contract	74	79

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ (969)	$ 1,494
Unrealized and realized gains (losses)	(91,901)	(132,011)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(69,831)	26,962
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(176)	4,263
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(28,481)	(163,441)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	2,492	(177)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	4,095	382
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	(15,556)	22,715
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ 14,587	$ (21,221)

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Detail) $ in Thousands	Feb. 28, 2019USD ($)
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	$ 146,585
OTC derivative assets having maturity period of 1 to 5 years	181,750
OTC derivative assets having maturity period of greater than 5 years	120,461
OTC derivative assets cross-maturity netting	(94,109)
Total OTC derivative assets, net of cross-maturity netting	354,687
Cross product counterparty netting	(32,496)
Total OTC derivative assets included in Financial instruments owned	322,191
OTC derivative liabilities having maturity period of 0 to 12 months	134,982
OTC derivative liabilities having maturity period of 1 to 5 years	217,236
OTC derivative liabilities having maturity period of greater than 5 years	220,377
OTC derivative liabilities cross-maturity netting	(94,109)
Total OTC derivative liabilities, net of cross-maturity netting	478,486
Cross product counterparty netting	(32,496)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased	445,990
Exchange traded derivative assets	25,700
Cash collateral received	147,100
Exchange traded derivative liabilities, with fair value	150,800
Cash collateral pledged	234,800
Equity swaps and options
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	2,539
OTC derivative assets having maturity period of 1 to 5 years	17,857
OTC derivative assets having maturity period of greater than 5 years	5,240
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	25,636
OTC derivative liabilities having maturity period of 0 to 12 months	30,988
OTC derivative liabilities having maturity period of 1 to 5 years	106,443
OTC derivative liabilities having maturity period of greater than 5 years	37,837
OTC derivative liabilities cross-maturity netting	0
Total OTC derivative liabilities, net of cross-maturity netting	175,268
Credit default swaps
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	111
OTC derivative assets having maturity period of 1 to 5 years	19,824
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(108)
Total OTC derivative assets, net of cross-maturity netting	19,827
OTC derivative liabilities having maturity period of 0 to 12 months	1,918
OTC derivative liabilities having maturity period of 1 to 5 years	10,878
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(108)
Total OTC derivative liabilities, net of cross-maturity netting	12,688
Total return swaps
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	47,890
OTC derivative assets having maturity period of 1 to 5 years	18,274
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(984)
Total OTC derivative assets, net of cross-maturity netting	65,180
OTC derivative liabilities having maturity period of 0 to 12 months	11,553
OTC derivative liabilities having maturity period of 1 to 5 years	14,057
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(984)
Total OTC derivative liabilities, net of cross-maturity netting	24,626
Foreign currency forwards, swaps and options
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	65,040
OTC derivative assets having maturity period of 1 to 5 years	11,413
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(16,118)
Total OTC derivative assets, net of cross-maturity netting	60,335
OTC derivative liabilities having maturity period of 0 to 12 months	53,908
OTC derivative liabilities having maturity period of 1 to 5 years	11,042
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(16,118)
Total OTC derivative liabilities, net of cross-maturity netting	48,832
Fixed income forwards
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	1,645
OTC derivative assets having maturity period of 1 to 5 years	0
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	1,645
OTC derivative liabilities having maturity period of 0 to 12 months	3,810
OTC derivative liabilities having maturity period of 1 to 5 years	0
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	0
Total OTC derivative liabilities, net of cross-maturity netting	3,810
Interest rate swaps, options and forwards
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	29,360
OTC derivative assets having maturity period of 1 to 5 years	114,382
OTC derivative assets having maturity period of greater than 5 years	115,221
OTC derivative assets cross-maturity netting	(76,899)
Total OTC derivative assets, net of cross-maturity netting	182,064
OTC derivative liabilities having maturity period of 0 to 12 months	32,805
OTC derivative liabilities having maturity period of 1 to 5 years	74,816
OTC derivative liabilities having maturity period of greater than 5 years	182,540
OTC derivative liabilities cross-maturity netting	(76,899)
Total OTC derivative liabilities, net of cross-maturity netting	$ 213,262

Derivative Financial Instrume_6

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Detail) $ in Thousands	Feb. 28, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 132,779
BBB- to BBB	55,630
BB or lower	88,357
Unrated	45,425
Total OTC derivative assets included in Financial instruments owned	$ 322,191

Derivative Financial Instrume_7

Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Index credit default swaps
Derivative [Line Items]
Total Notional	$ 190.5	$ 193.1
Single name credit default swaps
Derivative [Line Items]
Total Notional	94.9	145.2
Investment Grade | Index credit default swaps
Derivative [Line Items]
Total Notional	90.5	25.7
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Total Notional	8.4	57.7
Non-investment Grade | Index credit default swaps
Derivative [Line Items]
Total Notional	100	167.4
Non-investment Grade | Single name credit default swaps
Derivative [Line Items]
Total Notional	53.9	84.5
Unrated | Index credit default swaps
Derivative [Line Items]
Total Notional	0	0
Unrated | Single name credit default swaps
Derivative [Line Items]
Total Notional	$ 32.6	$ 3

Derivative Financial Instrume_8

Derivative Financial Instruments - Contingent Features (Detail) - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 32.3	$ 93.5
Collateral posted	(19.2)	(61.5)
Collateral received	128.2	91.5
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 141.3	$ 123.3

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 2,234,700	$ 1,838,688
Repurchase Agreements	21,662,963	17,193,486
Total	23,897,663	19,032,174
Corporate equity securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,860,725	1,505,218
Repurchase Agreements	277,041	487,124
Total	2,137,766	1,992,342
Corporate debt securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	269,547	333,221
Repurchase Agreements	1,915,333	1,853,309
Total	2,184,880	2,186,530
Mortgage- and asset-backed securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	249
Repurchase Agreements	3,277,181	2,820,543
Total	3,277,181	2,820,792
U.S. government and federal agency securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	104,428	0
Repurchase Agreements	11,987,128	8,181,947
Total	12,091,556	8,181,947
Municipal securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	466,849	604,274
Total	466,849	604,274
Sovereign obligations
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	3,387,020	2,945,521
Total	3,387,020	2,945,521
Loans and other receivables
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	352,411	300,768
Total	$ 352,411	$ 300,768

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 2,234,700	$ 1,838,688
Repurchase Agreements	21,662,963	17,193,486
Total	23,897,663	19,032,174
Overnight and Continuous
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,034,306	807,347
Repurchase Agreements	11,379,518	7,849,052
Total	12,413,824	8,656,399
Up to 30 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	4,169,261	1,915,325
Total	4,169,261	1,915,325
31-90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,002,932	560,417
Repurchase Agreements	4,223,211	6,042,951
Total	5,226,143	6,603,368
Greater than 90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	197,462	470,924
Repurchase Agreements	1,890,973	1,386,158
Total	$ 2,088,435	$ 1,857,082

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Banking and Thrift [Abstract]
Fair value of securities received as collateral	$ 28,200,000	$ 23,100,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 763,213	$ 707,960

Collateralized Transactions - S

Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Detail) - USD ($) $ in Thousands	Feb. 28, 2019	Nov. 30, 2018
Securities borrowing arrangements
Gross Amounts	$ 7,231,073	$ 6,538,212
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	7,231,073	6,538,212
Additional Amounts Available for Setoff	(529,874)	(468,778)
Available Collateral	(1,171,891)	(1,193,986)
Net Amount	5,529,308	4,875,448
Reverse repurchase agreements
Gross Amounts	15,852,250	11,336,175
Netting in Consolidated Statement of Financial Condition	(12,355,680)	(8,550,417)
Net Amounts in Consolidated Statement of Financial Condition	3,496,570	2,785,758
Additional Amounts Available for Setoff	(328,449)	(609,225)
Available Collateral	(3,137,324)	(2,126,730)
Net Amount	30,797	49,803
Securities lending arrangements
Gross Amounts	2,234,700	1,838,688
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	2,234,700	1,838,688
Additional Amounts Available for Setoff	(529,874)	(468,778)
Available Collateral	(1,681,346)	(1,343,704)
Net Amount	23,480	26,206
Repurchase agreements
Gross Amounts	21,662,963	17,193,486
Netting in Consolidated Statement of Financial Condition	(12,355,680)	(8,550,417)
Net Amounts in Consolidated Statement of Financial Condition	9,307,283	8,643,069
Additional Amounts Available for Setoff	(328,449)	(609,225)
Available Collateral	(8,097,893)	(7,070,967)
Net Amount	880,941	962,877
Securities borrowing arrangements	5,495,400	4,825,700
Securities borrowing arrangements, collateral	5,338,400	4,711,700
Securities borrowing arrangements, repurchase agreements	848,700	931,700
Securities borrowing arrangements, repurchase agreements, pledged securities collateral	$ 869,300	$ 963,600

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Detail) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Transfers and Servicing [Abstract]
Transferred assets	$ 1,260.6	$ 2,757.8
Proceeds on new securitizations	1,331.2	2,758.9
Cash flows received on retained interests	$ 14.8	$ 9.2

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Detail) - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Debt and Equity Securities, FV-NI [Line Items]
Total RMBS securitization assets	$ 12,620.2	$ 13,633.5
Total CMBS securitization assets	1,594.4	2,027.6
Total Collateralized loan obligations	3,522.8	3,512
Consumer and other loans	938	604.1
U.S. government agency RMBS
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	353.1	365.3
U.S. government agency CMBS
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	70.7	185.6
CLOs
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	23.7	20.9
Consumer and other loans
Debt and Equity Securities, FV-NI [Line Items]
Retained Interests	$ 61.3	$ 48.9

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Detail) - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Securitization Vehicles
Variable Interest Entity [Line Items]
Assets	$ 1,259.7	$ 883.1
Liabilities	1,259.7	883.1
Secured financing included in inventory and eliminated	326.6	1
Securitization Vehicles | Cash
Variable Interest Entity [Line Items]
Assets	0	0
Securitization Vehicles | Financial instruments owned
Variable Interest Entity [Line Items]
Assets	323.4	0
Securitization Vehicles | Securities purchased under agreement to resell
Variable Interest Entity [Line Items]
Assets	936.3	883.1
Securitization Vehicles | Other secured financings
Variable Interest Entity [Line Items]
Liabilities	1,259.1	882.5
Securitization Vehicles | Other liabilities
Variable Interest Entity [Line Items]
Liabilities	0.6	0.6
Other
Variable Interest Entity [Line Items]
Assets	1.5	1.5
Liabilities	0.2	0.2
Other | Cash
Variable Interest Entity [Line Items]
Assets	1.1	1.1
Other | Financial instruments owned
Variable Interest Entity [Line Items]
Assets	0.4	0.4
Other | Securities purchased under agreement to resell
Variable Interest Entity [Line Items]
Assets	0	0
Other | Other secured financings
Variable Interest Entity [Line Items]
Liabilities	0	0
Other | Other liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 0.2	$ 0.2

Variable Interest Entities - Va

Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Detail) - Nonconsolidated VIEs - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Carrying Amount, Assets	$ 984.7	$ 634.7
Carrying Amount, Liabilities	3.8	0
Maximum Exposure to Loss	3,114.6	1,528
VIE Assets	13,410.7	10,028.4
CLOs
Variable Interest Entity [Line Items]
Carrying Amount, Assets	153.7	42.1
Carrying Amount, Liabilities	3.8	0
Maximum Exposure to Loss	1,936.4	568.3
VIE Assets	4,713.4	3,088.9
Consumer loan and other asset-backed vehicles
Variable Interest Entity [Line Items]
Carrying Amount, Assets	445.5	462.1
Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	771.6	807.1
VIE Assets	3,491	3,273.1
Related party private equity vehicles
Variable Interest Entity [Line Items]
Carrying Amount, Assets	31.6	35.5
Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	49.4	53.5
VIE Assets	90.8	108.3
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying Amount, Assets	353.9	95
Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	357.2	99.1
VIE Assets	$ 5,115.5	$ 3,558.1

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Related party private equity vehicles | JCP Entities
Variable Interest Entity [Line Items]
Equity investments	$ 139.3	$ 139.3
Funded equity commitments	121.5	121.3
Carrying amount of equity investment	31.6	35.5
Other investment vehicles
Variable Interest Entity [Line Items]
Equity investments	362.2	112.2
Funded equity commitments	358.9	108.1
Carrying amount of equity investment	353.9	95
Agency mortgage-backed securities
Variable Interest Entity [Line Items]
Carrying amount	2,821	2,913
Non-agency mortgage and other asset-backed securities
Variable Interest Entity [Line Items]
Carrying amount	$ 167	$ 170.5

Investments - Narrative (Detail

Investments - Narrative (Details)	Feb. 28, 2019
Jefferies Capital Partners V L.P.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11.00%
SBI USA Fund L.P.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

Investments - Jefferies Finance

Investments - Jefferies Finance - Narrative (Detail) - USD ($)	Mar. 28, 2019	Feb. 28, 2019	Nov. 30, 2018
Guarantee Obligations [Line Items]
Financial instruments owned, at fair value		$ 16,899,559,000	$ 16,399,526,000
Payables—brokers, dealers and clearing organizations		(2,767,623,000)	(2,448,059,000)
Financial instruments sold, not yet purchased, at fair value		(10,277,724,000)	(9,478,944,000)
Jefferies Finance, LLC
Guarantee Obligations [Line Items]
Equity commitment		750,000,000
Total committed equity capitalization of JFIN		1,500,000,000
Funded portion of equity commitment to subsidiary		622,900,000
Unfunded portion of equity commitment to subsidiary		$ 127,100,000
Extension period		1 year
Termination notice period		60 days
Funded portion of loan commitment		$ 0
Loan commitment		250,000,000
Financial instruments owned, at fair value		200,000
Payables—brokers, dealers and clearing organizations			(200,000)
Financial instruments sold, not yet purchased, at fair value			(400,000)
Jefferies Finance, LLC | Corporate debt securities
Guarantee Obligations [Line Items]
Committed line of credit facility amount		500,000,000
Jefferies Finance, LLC | Other Assets
Guarantee Obligations [Line Items]
Receivables under service agreement		10,700,000	35,200,000
Jefferies Finance, LLC | Accrued expense and other liabilities
Guarantee Obligations [Line Items]
Payables under service agreement		$ (13,900,000)	$ (14,100,000)
Subsequent Event | Promissory Note
Guarantee Obligations [Line Items]
Debt principal amount	$ 1,000,000,000
London Interbank Offered Rate (LIBOR) | Subsequent Event | Promissory Note
Guarantee Obligations [Line Items]
Basis spread on variable rate	5.00%

Investments - Summary of Select

Investments - Summary of Selected Financial Information for Jefferies Finance (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
CLO placement fee revenues	$ 147,326	$ 147,902
Jefferies Finance, LLC
Schedule of Equity Method Investments [Line Items]
Interest income	0	800
Unfunded commitment fees	300	200
Our total equity balance	618,600		$ 694,800
Net earnings (loss)	(2,400)	42,500
Origination and syndication fee revenues	21,900	101,400
Origination fee expenses	5,400	18,500
CLO placement fee revenues	1,300	300
Derivative losses	0	(300)
Underwriting fees	0	300
Service fees	$ 27,100	$ 26,100

Investments - Berkadia - Narrat

Investments - Berkadia - Narrative (Details) - Berkadia Commercial Mortgage, LLC - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2019	Nov. 30, 2018	Oct. 01, 2018
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.00%
Percentage of profits received from joint venture			45.00%
Purchase commitment amount	$ 578.5	$ 723.8
Distribution received from equity method investment	$ 17.3

Investments - Summary of Sele_2

Investments - Summary of Selected Financial Information for Berkadia (Details) - Berkadia Commercial Mortgage, LLC - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Our total equity balance	$ 250.7	$ 245.2
Net earnings (loss)	$ 50.3

Investments - JCP Fund V - Narr

Investments - JCP Fund V - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Financial instruments owned, at fair value	$ 16,899,559	$ 16,399,526
JCP Fund V
Schedule of Equity Method Investments [Line Items]
Financial instruments owned, at fair value	29,000	31,900
Unfunded portion of equity commitment to subsidiary	$ 9,500	$ 9,700
Percent of financial information presented	100.00%
Ownership percentage		35.20%
Maximum | JCP Fund V
Schedule of Equity Method Investments [Line Items]
Total committed equity capitalization	$ 85,000	$ 85,000

Investments - Summary of Sele_3

Investments - Summary of Selected Financial Information for JCP Fund V (Details) - JCP Fund V - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Dec. 31, 2018	Feb. 28, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Net gains (losses) from our investments in JCP Fund V	$ (3,200)		$ 6,800
Net increase (decrease) in net assets resulting from operations		$ (8,412)		$ 19,712

Investments - Epic Gas (Details

Investments - Epic Gas (Details) - Epic Gas - USD ($) $ in Millions	Mar. 19, 2019	Jun. 30, 2018	Mar. 31, 2018	Feb. 28, 2019	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Ownership percentage				21.10%	21.10%
Our investment in Epic Gas				$ 22.1	$ 21.7
Net earnings (losses)		$ 0.9	$ (16.4)
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of Epic Gas	$ 23.7
Gain on sale of Epic Gas	$ 1.6

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Detail) $ in Thousands	3 Months Ended
	Feb. 28, 2019USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,642,170
Translation adjustments	3,265
Goodwill, Ending Balance	1,645,435
Capital Markets
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,638,778
Goodwill, Ending Balance	1,642,027
Asset Management
Goodwill [Roll Forward]
Goodwill, Beginning Balance	3,392
Goodwill, Ending Balance	$ 3,408

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table] [Line Items]
Goodwill	$ 1,645,435	$ 1,642,170
Total gross costs - intangible assets	263,640	262,446
Accumulated amortization - finite lived intangible assets	(83,330)	(79,978)
Total net carrying amount - intangible assets	180,310	182,468
Exchange and clearing organization membership interests and registrations
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table] [Line Items]
Gross costs - indefinite lived intangible assets	8,591	8,524
Net carrying amount - indefinite lived intangible assets	8,591	8,524
Customer relationships
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table] [Line Items]
Gross costs - finite lived intangible assets	126,039	125,574
Accumulated amortization - finite lived intangible assets	(61,214)	(58,892)
Net carrying amount - finite lived intangible assets	$ 64,825	$ 66,682
Weighted average remaining lives (years)	10 years 5 months	10 years 7 months
Trade name
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Table] [Line Items]
Gross costs - finite lived intangible assets	$ 129,010	$ 128,348
Accumulated amortization - finite lived intangible assets	(22,116)	(21,086)
Net carrying amount - finite lived intangible assets	$ 106,894	$ 107,262
Weighted average remaining lives (years)	29 years	29 years 4 months

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 3,000	$ 3,000
Estimated future amortization expense
Remainder of fiscal 2019	9,148
Year ending November 30, 2020	12,198
Year ending November 30, 2021	12,198
Year ending November 30, 2022	9,256
Year ending November 30, 2023	$ 8,268

Short-Term Borrowings (Detail)

Short-Term Borrowings (Detail) - USD ($)	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Dec. 27, 2018	Nov. 30, 2018
Short-term Debt [Line Items]
Short-term borrowings	$ 530,484,000			$ 387,492,000
Interest rate on short-term borrowings outstanding	3.69%
Average daily short-term borrowings	$ 477,600,000	$ 488,100,000
Credit facility maximum borrowing capacity			$ 135,000,000
Floating rate puttable notes
Short-term Debt [Line Items]
Short-term borrowings	56,902,000			56,550,000
Bank loans
Short-term Debt [Line Items]
Short-term borrowings	473,582,000			$ 330,942,000
Revolving Credit Facility | Intraday Credit Facility
Short-term Debt [Line Items]
Credit facility maximum borrowing capacity	$ 150,000,000
Revolving Credit Facility | Intraday Credit Facility | Federal funds effective rate
Short-term Debt [Line Items]
Basis spread on variable rate	0.50%

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Detail) - USD ($)	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018	May 16, 2018	Jan. 17, 2017
Debt Instrument [Line Items]
Long-term debt	$ 6,581,019,000		$ 6,546,283,000
Gain (loss) associated with an interest rate swap based on its designation as a fair value hedge	(969,000)	$ 1,494,000
Structured notes
Debt Instrument [Line Items]
Debt principal amount	79,900,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	6,397,329,000		6,362,744,000
Unsecured Debt | 8.500% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 655,494,000		699,659,000
Debt instrument interest rate	8.50%
Effective Interest Rate	3.80%
Unsecured Debt | 2.375% Euro Medium Term Notes
Debt Instrument [Line Items]
Long-term debt	$ 568,356,000		564,702,000
Debt instrument interest rate	2.375%
Effective Interest Rate	2.42%
Unsecured Debt | 6.875% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 787,615,000		791,814,000
Debt instrument interest rate	6.875%
Effective Interest Rate	4.40%
Unsecured Debt | 2.250% Euro Medium Term Notes
Debt Instrument [Line Items]
Long-term debt	$ 4,287,000		4,243,000
Debt instrument interest rate	2.25%
Effective Interest Rate	4.08%
Unsecured Debt | 5.125% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 612,214,000		612,928,000
Debt instrument interest rate	5.125%
Effective Interest Rate	4.55%
Unsecured Debt | 4.850% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 725,167,000		709,484,000
Debt instrument interest rate	4.85%
Effective Interest Rate	4.93%
Debt principal amount					$ 750,000,000
Unsecured Debt | 6.450% Senior Debentures
Debt Instrument [Line Items]
Long-term debt	$ 373,120,000		373,669,000
Debt instrument interest rate	6.45%
Effective Interest Rate	5.46%
Unsecured Debt | 4.150% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 988,003,000		987,788,000
Debt instrument interest rate	4.15%
Effective Interest Rate	4.26%
Debt principal amount		1,000,000,000
Unsecured Debt | 6.250% Senior Debentures
Debt Instrument [Line Items]
Long-term debt	$ 511,564,000		511,662,000
Debt instrument interest rate	6.25%
Effective Interest Rate	6.03%
Unsecured Debt | 6.500% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 420,531,000		420,625,000
Debt instrument interest rate	6.50%
Effective Interest Rate	6.09%
Unsecured Debt | Structured notes
Debt Instrument [Line Items]
Long-term debt	$ 750,978,000		686,170,000
Debt principal amount		154,400,000
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	183,690,000		$ 183,539,000
Debt principal amount				$ 185,000,000
Interest rate swaps | Unsecured Debt | 4.850% Senior Notes
Debt Instrument [Line Items]
Gain (loss) associated with an interest rate swap based on its designation as a fair value hedge	$ (15,600,000)	$ 22,700,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 05, 2018	Feb. 28, 2019	Nov. 30, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Increase (decrease) of long-term debt		$ 34,700
Long-term debt		6,581,019	$ 6,546,283
Redemption price as percentage of principal amount redeemed	100.00%
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		$ 6,397,329	6,362,744
4.850% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument interest rate		4.85%
Long-term debt		$ 725,167	709,484
Structured notes | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		750,978	686,170
3.875% Convertible Senior Debentures | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt				$ 324,800
8.500% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Repayments of debt		$ 36,000
Debt instrument interest rate		8.50%
Long-term debt		$ 655,494	699,659
4.150% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument interest rate		4.15%
Long-term debt		$ 988,003	987,788
Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Long-term debt		$ 183,690	$ 183,539

Revenues from Contracts with _3

Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 447,394	$ 599,509
Revenues	1,054,872	1,086,595
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	147,326	147,902
Investment banking
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	285,596	439,991
Asset management fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,669	4,930
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,803	6,686
Principal transactions
Disaggregation of Revenue [Line Items]
Revenues	234,298	217,473
Interest
Disaggregation of Revenue [Line Items]
Revenues	360,975	257,816
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 12,205	$ 11,797

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 447,394	$ 599,509
Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	440,725	594,579
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,669	4,930
Americas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	326,757	520,854
Americas | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	323,376	515,924
Americas | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,381	4,930
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	103,493	61,328
Europe | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	100,205	61,328
Europe | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,288	0
Asia
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	17,144	17,327
Asia | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	17,144	17,327
Asia | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Equities
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	152,061	151,630
Equities | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	152,061	151,630
Equities | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Fixed Income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,068	2,958
Fixed Income | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,068	2,958
Fixed Income | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Investment banking - Capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	105,114	248,834
Investment banking - Capital markets | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	105,114	248,834
Investment banking - Capital markets | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Investment banking - Advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	180,482	191,157
Investment banking - Advisory | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	180,482	191,157
Investment banking - Advisory | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,669	4,930
Asset management | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset management | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 6,669	$ 4,930

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligations satisfied	$ 14.7	$ 11.7
Revenue associated with distribution services, a portion of which related to prior periods	4.9	4.6
Receivables related to revenue from contracts with customers	184.8		$ 199
Deferred revenue	7.7		10.6
Deferred revenue, revenue recognized	4.3	0.2
Capitalized contract cost	4		$ 4.7
Expenses related to capitalized costs to fulfill a contract	$ 2.1	$ 2.4

Compensation Plans - Compensati

Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Compensation Related Costs [Abstract]
Restricted cash awards	$ 66.2	$ 68.4
Restricted stock and RSUs	6.5	7.3
Profit sharing plan	3.9	3.2
Total compensation cost	$ 76.6	$ 78.9

Compensation Plans - Remaining

Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions	3 Months Ended
	Feb. 28, 2019USD ($)
Compensation Plans [Line Items]
Remaining Unamortized Amounts	$ 651.9
Non-vested share-based awards
Compensation Plans [Line Items]
Remaining Unamortized Amounts	$ 60.6
Weighted Average Vesting Period (in Years)	3 years
Restricted cash awards
Compensation Plans [Line Items]
Remaining Unamortized Amounts	$ 591.3
Weighted Average Vesting Period (in Years)	3 years

Income Taxes (Detail)

Income Taxes (Detail) - USD ($)	3 Months Ended		15 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 125,700,000		$ 125,700,000	$ 125,600,000
Unrecognized tax benefits that would impact effective tax rate in future	99,500,000		99,500,000	99,400,000
Accrued interest on unrecognized tax benefits	51,900,000		51,900,000	49,300,000
Accrued penalties on unrecognized tax benefits	0		0	$ 0
Increase of provisional tax charge related to the Tax Act during period	200,000
Total tax charge related to Tax Act		$ 163,700,000	165,300,000
Total tax charge related to write down of deferred tax asset as a result of the Tax Act			$ 112,700,000
Income tax expense	$ 16,220,000	$ 183,557,000
Effective income tax rate	25.90%	149.60%

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Commitments (Detail) $ in Millions	Feb. 28, 2019USD ($)
Commitments and Guarantees Obligations [Line Items]
2019	$ 11,595.1
2020	145.2
2021 and 2022	145.2
2023 and 2024	34.9
2025 and Later	502.9
Maximum Payout	12,423.3
Equity commitments
Commitments and Guarantees Obligations [Line Items]
2019	0
2020	145.2
2021 and 2022	0.3
2023 and 2024	0
2025 and Later	2.9
Maximum Payout	148.4
Loan commitments
Commitments and Guarantees Obligations [Line Items]
2019	250
2020	0
2021 and 2022	54
2023 and 2024	30
2025 and Later	500
Maximum Payout	834
Underwriting commitments
Commitments and Guarantees Obligations [Line Items]
2019	215.4
2020	0
2021 and 2022	0
2023 and 2024	0
2025 and Later	0
Maximum Payout	215.4
Forward starting reverse repos
Commitments and Guarantees Obligations [Line Items]
2019	6,225.6
2020	0
2021 and 2022	0
2023 and 2024	0
2025 and Later	0
Maximum Payout	6,225.6
Forward starting repos
Commitments and Guarantees Obligations [Line Items]
2019	4,738.8
2020	0
2021 and 2022	0
2023 and 2024	0
2025 and Later	0
Maximum Payout	4,738.8
Other unfunded commitments
Commitments and Guarantees Obligations [Line Items]
2019	165.3
2020	0
2021 and 2022	90.9
2023 and 2024	4.9
2025 and Later	0
Maximum Payout	261.1
Forward starting securities purchased under agreements to resell settled within three business days
Commitments and Guarantees Obligations [Line Items]
Maximum Payout	6,225.4
Forward starting securities purchased under agreements to repurchase settled within three business days
Commitments and Guarantees Obligations [Line Items]
Maximum Payout	$ 4,736

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Additional Information (Detail) $ in Millions	3 Months Ended
	Feb. 28, 2019USD ($)
Loss Contingencies [Line Items]
Loan commitments outstanding to clients	$ 584
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee	161.7
Standby Letters of Credit
Loss Contingencies [Line Items]
Letters of credit commitments	37.1
Jefferies Capital Partners LLC
Loss Contingencies [Line Items]
Outstanding equity commitments	17.9
Other Investments
Loss Contingencies [Line Items]
Outstanding equity commitments	$ 3.3
Maximum | Standby Letters of Credit
Loss Contingencies [Line Items]
Standby letters of credit expiration period	1 year

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Guarantees (Detail) $ in Millions	Feb. 28, 2019USD ($)
Derivative contracts—non-credit related
Guarantee Obligations [Line Items]
2019	$ 9,764.7
2020	2,569.7
2021 and 2022	4,148.7
2023 and 2024	281.8
2025 and Later	332.3
Notional/ Maximum Payout	17,097.2
Written derivative contracts—credit related
Guarantee Obligations [Line Items]
2019	0
2020	32.4
2021 and 2022	1.5
2023 and 2024	61
2025 and Later	0
Notional/ Maximum Payout	94.9
Total derivative contracts
Guarantee Obligations [Line Items]
2019	9,764.7
2020	2,602.1
2021 and 2022	4,150.2
2023 and 2024	342.8
2025 and Later	332.3
Notional/ Maximum Payout	$ 17,192.1

Net Capital Requirements (Detai

Net Capital Requirements (Detail) - Jefferies LLC $ in Thousands	Feb. 28, 2019USD ($)
Net Capital Requirements [Line Items]
Net Capital	$ 1,411,616
Excess Net Capital	$ 1,303,243

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Feb. 28, 2019segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Reporting - Net Revenue

Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 685,718	$ 821,246
Non-interest expenses	623,133	698,508
Earnings before income taxes	62,585	122,738
Segment assets	43,133,748		$ 41,168,773
Capital Markets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	658,200	810,700
Non-interest expenses	603,100	682,700
Earnings before income taxes	55,100	128,000
Segment assets	40,182,100		38,700,700
Asset Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	27,500	10,500
Non-interest expenses	20,000	15,800
Earnings before income taxes	7,500	$ (5,300)
Segment assets	$ 2,951,600		$ 2,468,100

Segment Reporting - Net Reven_2

Segment Reporting - Net Revenues by Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Revenues:
Net revenues	$ 685,718	$ 821,246
Americas
Revenues:
Net revenues	508,600	682,100
Europe
Revenues:
Net revenues	151,500	118,200
Asia
Revenues:
Net revenues	$ 25,600	$ 20,900

Related Party Transactions - Je

Related Party Transactions - Jefferies Capital Partners Related Funds (Detail) - Equity Method Investee - Equity Investments in Jefferies Capital Partners Related Funds - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Related Party Transaction [Line Items]
Equity investments loans in related funds	$ 31,600		$ 35,500
Other revenues and investment income (loss)	(4,118)	$ 7,022
Service charges	$ 74	$ 53

Related Party Transactions - Of

Related Party Transactions - Officers, Directors and Employees (Details) - USD ($) $ in Millions	Feb. 28, 2019	Nov. 30, 2018
Related Party Transaction [Line Items]
Loans outstanding to certain employees	$ 38.3	$ 39.3
Director | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party	$ 3.6	$ 4.6

Related Party Transactions - _2

Related Party Transactions - Jefferies (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Feb. 28, 2018	Jan. 29, 2019	Nov. 30, 2018	Jan. 11, 2018
Related Party Transaction [Line Items]
Payables-brokers, dealers and clearing organizations		$ 2,767,623,000			$ 2,448,059,000
Financial instruments owned, at fair value		16,899,559,000			16,399,526,000
Jefferies | Other Assets
Related Party Transaction [Line Items]
Net current tax receivable		9,900,000
Jefferies | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Net current tax payable					34,100,000
Payment made to related party related to tax sharing agreement	$ 35,000,000
Payments to acquire investments		885,600,000
Net gain (loss) on investments		0
Payables-brokers, dealers and clearing organizations		13,800,000			9,900,000
Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Charges to Jefferies for services provided		16,500,000	$ 16,200,000
Charges from Jefferies for services received		700,000	2,400,000
Receivable from Jefferies		2,700,000			1,200,000
Payable to Jefferies		400,000			2,900,000
Distribution to affiliates, approved amount				$ 100,000,000		$ 200,000,000
Payments of distributions to affiliates		30,700,000
Distribution payable accrued during period		23,000,000
Jefferies | Affiliated Entity | Commissions and other fees
Related Party Transaction [Line Items]
Charges to Jefferies for services provided		200,000	0
Jefferies | Affiliated Entity | Principal transactions
Related Party Transaction [Line Items]
Charges to Jefferies for services provided		0	100,000
Jefferies | Affiliated Entity | Other revenues
Related Party Transaction [Line Items]
Charges to Jefferies for services provided		500,000	200,000
Hedge Fund Managed By Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Net gain (loss) on investments		1,000,000	$ 3,700,000
Investment in related party		219,700,000			218,700,000
Corporate debt securities | Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Financial instruments owned, at fair value		1,400,000			300,000
Director | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party		3,600,000			4,600,000
Director | Hedge Fund Managed By Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party		$ 2,500,000			$ 2,700,000