Revenues and Business Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reportable Segment Financial Results

Reportable financial results from continuing operations are as follows:

	Three Months Ended
	March 31,
(Amounts in thousands)	2020			2019
Investment banking
Advisory services	$	111,226		$	114,879
Corporate financing	25,176			13,516
Municipal financing	22,596			12,666
Total investment banking	158,998			141,061
Institutional brokerage
Equity brokerage	47,853			15,906
Fixed income services	41,290			19,059
Total institutional brokerage	89,143			34,965
Interest income	6,065			7,567
Investment income/(loss)	(13,826		)	1,592
Total revenues	240,380			185,185
Interest expense	4,212			2,643
Net revenues	236,168			182,542
Non-interest expenses (1)	270,197			159,405
Pre-tax income/(loss)	$	(34,029	)	$	23,137
Pre-tax margin	(14.4		)%	12.7		%

(1) Non-interest expenses include intangible asset amortization of $9.9 million and $0.8 million for the three months ended March 31, 2020 and 2019, respectively.