Special Charges, Including Business Realignment Costs, and Intangible Asset Amortization

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisition and Transition Costs and Special Charges, Including Business Realignment Costs [Text Block]

Special Charges, Including Business Realignment Costs, and Intangible Asset Amortization

Special Charges, Including Business Realignment Costs

The Company recognized $23,676 for the three months ended March 31, 2020, as Special Charges, Including Business Realignment Costs. For the three months ended March 31, 2020, these costs included $22,127 for separation and transition benefits and related costs as a result of the Company's review of its operations, described below, and $1,549 related to the acceleration of depreciation expense for leasehold improvements and certain other fixed assets in conjunction with the expansion of the Company's headquarters in New York and the Company's business realignment initiatives.

In 2020, the Company completed a review of its operations focused on markets, sectors and people which delivered lower levels of productivity in an effort to attain greater flexibility of operations and better position itself for future growth. This review generated reductions of 8% of the Company's headcount. See Note 15 for further information.

Intangible Asset Amortization

Expense associated with the amortization of intangible assets for Investment Management was $91 and $108 for the three months ended March 31, 2021 and 2020, respectively, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations. Expense associated with the amortization of intangible assets for Investment Banking was $507 for the three months ended March 31, 2020, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations.