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Discontinued Operations
 12 Months Ended
Dec. 31, 2013
Discontinued Operations  
Discontinued Operations

NOTE 22. Discontinued Operations

        As previously disclosed, the Board of Directors of the Company approved plans to discontinue its Investment Banking and Fixed Income businesses during the second quarter of 2013 (MBS & Rates revenue includes losses incurred in connection with the wind down of the division's financial instruments owned) and approved plans to discontinue its Equities business in the third quarter of 2011. In addition, during the first quarter of 2013, substantially all of ClearPoint's assets were sold to Homeward (resulting in a loss of approximately $1.1 million). As a result of these exits, the results of these businesses have been classified as discontinued operations.

        Amounts reflected in the Consolidated Statements of Operations related to these discontinued operations for the years ending December 31, are presented in the following table.

(In thousands of dollars)
  2013   2012   2011  

Net revenue

                    

Investment Banking

   $ 15,056   $ 27,441   $ 26,610  

MBS & Rates

     (4,412 )   40,638     103,858  

Credit Products

     13,049     74,432     71,056  

ClearPoint

     4,356     53,375     46,924  

Equities division

     76     54     13,064  

Other items reclassified from continuing operations (Note 1)

     574     5,627     8,660  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net revenue

     28,699     201,567     270,172  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses (excluding restructuring expense)

                    

Investment Banking

     12,633     22,863     24,320  

MBS & Rates

     11,003     40,511     70,738  

Credit Products

     14,521     70,687     61,318  

ClearPoint

     6,611     59,265     50,610  

Equities division

     169     98     31,714  

Other items reclassified from continuing operations (Note 1)

     5,752     34,532     92,828  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses (excluding restructuring expense)

     50,689     227,956     331,528  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

(Loss)/income from discontinued operations before income taxes (excluding restructuring expense)

                    

Investment Banking

     2,423     4,578     2,290  

MBS & Rates

     (15,415 )   127     33,120  

Credit Products

     (1,472 )   3,745     9,738  

ClearPoint

     (2,255 )   (5,890 )   (3,686 )

Equities division

     (93 )   (44 )   (18,650 )

Other items reclassified from continuing operations

     (5,178 )   (28,905 )   (84,168 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal

     (21,990 )   (26,389 )   (61,356 )

Restructuring expense (Note 21)

     (50,830 )   447     (7,094 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from discontinued operations before income taxes

     (72,820 )   (25,942 )   (68,450 )

Income tax expense

     185     1,802     1,925  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from discontinued operations, net of taxes

   $ (73,005 ) $ (27,744 ) $ (70,375 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​