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Restructuring

3 Months Ended

Mar. 31, 2012

23. Restructuring

On August 22, 2011, the Board of Directors of the Company approved a plan to exit the Equities business, effective immediately. The principal reasons for this decision were that the Equities division was an underperforming non-core asset, and that its closure would allow the Company to improve focus and invest in its core competencies. Exiting the Equities business impacted 62 employees.

The following table summarizes the changes in the Company’s liability related to this restructuring for the three months ended March 31, 2012:

(In thousands)
Balance — January 1, 2012	$	1,427
Restructuring expense	(162		)
- Less: Non-cash charges	29
Payments for severance	—
Payments for real estate	(161		)
Payments for third party vendor contracts	(308		)
Payments for legal and other related costs	—
Restructuring reserve — March 31, 2012	$	825

The restructuring reserve of $0.8 million as of March 31, 2012 is included within Accrued expenses within the Consolidated Statements of Financial Condition. The majority of this remaining reserve pertains to third party vendor contracts. Payments are expected to be substantially completed during the year ended December 31, 2012.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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