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Restructuring (Tables)
 12 Months Ended
Dec. 31, 2013
Restructuring  
Summary of restructuring charges

 

(In thousands of dollars)
  2013   2012   2011  

Cash Charges:

                    

Investment Banking

                    

Severance compensation

   $ 1,417   $ —   $ —  

Third party vendor contracts and other costs

     332     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Investment Banking (cash charges):

     1,749     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Income businesses

                    

Severance compensation

     8,323     —     —  

Third party vendor contracts and other costs

     6,134     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Fixed Income (cash charges):

     14,457     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ClearPoint

                    

Severance and other compensation

     1,263     —     —  

Third party vendor contracts and other costs

     201     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—ClearPoint (cash charges):

     1,464     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equities

                    

Severance and other compensation

     —     —     2,578  

Third party vendor contracts and other costs

     —     (222 )   2,208  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Equities (cash charges):

     —     (222 )   4,786  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other

                    

Severance compensation

     712     —     —  

Reserve for lease commitments

     19,957     (133 )   597  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Other (cash charges):

     20,669     (133 )   597  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total—Cash Charges:

   $ 38,339   $ (355 ) $ 5,383  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Non-Cash Charges:

                    

Investment Banking

                    

Intangible asset impairment

   $ 2,932   $ —   $ —  

Stock-based compensation vesting

     254     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Investment Banking (non-cash charges):

     3,186     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Income businesses

                    

Goodwill & intangible asset impairment

     388     —     —  

Stock-based compensation vesting

     3,681     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Fixed Income (non-cash charges):

     4,069     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ClearPoint

                    

Intangible asset impairment

     587     —     —  

Deferred compensation and other charges

     448     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—ClearPoint (non-cash charges):

     1,035     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equities

                    

Stock-based compensation vesting

     —     (92 )   1,395  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Equities (non-cash charges):

     —     (92 )   1,395  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Other

                    

Stock-based compensation vesting

     195     —     —  

Impairment of fixed assets and leasehold improvements

     4,006     —     316  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal—Other (non-cash charges)

     4,201     —     316  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total—Non-Cash Charges:

   $ 12,491   $ (92 ) $ 1,711  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Restructuring expenses—Total:

   $ 50,830   $ (447 ) $ 7,094  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of changes in the company's liability related to restructuring

 

(In thousands of dollars)
  2013   2012   2011  

Balance—January 1

   $ 108   $ 1,427   $ —  

Restructuring expense

     50,830     (447 )   7,094  

Plus: Deferred rent obligation, prior to restructuring

     2,160     —     —  

Less: Non-cash charges

     (12,491 )   92     (1,711 )

Payment for lease termination—Company headquarters

     (19,500 )   —     —  

Payments for severance and other compensation

     (11,715 )   —     (2,578 )

Payments for third party vendor contracts and other costs

     (4,908 )   (747 )   (1,131 )

Payments for lease commitments, net of sublease income

     (1,993 )   (217 )   (247 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Restructuring reserve—December 31

   $ 2,491   $ 108   $ 1,427  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​