---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-149012"
form_type: "8-K"
ticker: "SF"
cik: "0000720672"
company_name: "STIFEL FINANCIAL CORP"
filed_at: "2025-06-26T23:59:59+00:00"
generated_at: "2026-05-18T18:43:04.488424+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Stifel reports May client assets up 3% MoM; Q2 IB revenue seen down ~10% YoY

## Summary
- Total client assets $501.4B as of May 31, 2025, up 8% YoY and 3% from April 30.
- Fee-based client assets $199.1B, up 13% YoY and 4% MoM; PCG fee-based assets $173.6B (+12% YoY, +5% MoM).
- CEO Kruszewski expects Q2 2025 investment banking revenue down ~10% vs Q2 2024, citing April volatility.
- Client money market and insured product $25.8B, down less than 1% MoM; Smart Rate balances drove decrease.
- Bank loans net $21.2B, up 7% YoY but down 2% MoM.

## SEC filing metadata
- accession: 0001193125-25-149012
- form_type: 8-K
- ticker: SF
- cik: 0000720672
- company_name: STIFEL FINANCIAL CORP
- filed_at: 2025-06-26T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/720672/000119312525149012/0001193125-25-149012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/720672/000119312525149012/d837848d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-149012
- JSON: https://secwatch.observer/filing/0001193125-25-149012.json
- Plain text: https://secwatch.observer/filing/0001193125-25-149012.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.