Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations

Schedule of amounts reflected in the Consolidated Statements of Operations related to discontinued operations

(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	)