Business Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Summary of Revenues and Results of Operations of Discontinued Operations

The revenues and results of operations of discontinued operations are summarized as follows (in thousands):

	For the three months   ended June 30,						For the six months   ended June 30,
	2013			2012			2013			2012
Revenues	$	37,613		$	37,159		$	67,345		$	85,253
Expenses:
Compensation	$	38,028		$	29,914		$	68,934		$	65,721
Other expenses	9,168			9,499			19,856			18,776
Writedown of assets and lease loss accrual, net	1,514			—			23,018			—
Total Expenses	48,710			39,413			111,808			84,497
Pre-tax (loss) income from discontinued operations	(11,097		)	(2,254		)	(44,463		)	756
Income tax benefit (expense)	3,884			789			15,562			(265		)
(Loss) income from discontinued operations, net of tax	$	(7,213	)	$	(1,465	)	$	(28,901	)	$	491

Schedule of Discontinued Operations Assets and Liabilities Recorded in Other Assets and Accrued Expenses and Other Liabilities

Assets and liabilities within discontinued operations are presented in the following table (in thousands):

	June 30, 2013
Assets within discontinued operations:
Financial instruments owned, at fair value, including securities pledged	$	—
Receivable from brokers, dealers and clearing organizations	93,443
Other assets	15,361
Total assets	$	108,804
Liabilities within discontinued operations:
Financial instruments sold, not yet purchased, at fair value	$	—
Financial instruments sold under agreements to repurchase	16,251
Payable to brokers, dealers and clearing organizations	34,866
Accrued compensation expense	16,611
Accrued expenses and other liabilities	16,807
Total liabilities	$	84,535