Subsequent Events	3 Months Ended
Mar. 31, 2013
Subsequent Events
Subsequent Events	*27. Subsequent Events* The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. There were no events requiring disclosure, other than the matters below. Exit of Fixed Income Businesses - MBS & Rates and Credit Products On April 5, 2013, the Company’s Board of Directors approved a plan to discontinue operations in its MBS & Rates and Credit Products divisions. The plan is expected to be completed by the end of the second quarter 2013. Exiting these businesses, together with associated rightsizing of administrative and other support personnel, could impact up to approximately 160 employees. The plan did not include the Company’s other business operations, principally Investment Banking. The Company expects the total charge in connection with this plan will be between $15 million and $20 million. Of the total charge, the Company estimates approximately $11 million to $16 million will result in future cash expenditures. The major costs associated with the plan, and an estimate of each, are as follows: · between $11 million and $13 million related to severance and other compensation costs; and · between $4 million and $7 million in costs associated with third-party vendor contracts and other costs (excluding lease commitments). The Company is currently evaluating its alternatives with respect to lease commitments, principally its headquarters in New York City, and is therefore unable to estimate a lease restructuring cost, if any, at this time. The lease on the Company’s headquarters relates to 84,000 square feet of space with an average cost per square foot of $62 and expires April 30, 2025. The Company’s plans with regards to this space are uncertain pending the change in the board of directors which will result from the 2013 Annual Stockholders Meeting to be held May 23. If the Company determines to vacate some or all of this space, it could incur substantial lease restructuring expense, which it would seek to minimize through subleasing or other cost reduction measures. Substantially all remaining financial instruments held by the MBS & Rates division have since been sold. In connection with this wind down, estimated net trading losses of approximately $3.0 million to $4.0 million are expected to be recognized in the second quarter of 2013. The results of the Company’s MBS & Rates and Credit Products divisions, including the restructuring costs mentioned above, will also be reported within discontinued operations in the second quarter 2013.

27. Subsequent Events

The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. There were no events requiring disclosure, other than the matters below.

Exit of Fixed Income Businesses - MBS & Rates and Credit Products

On April 5, 2013, the Company’s Board of Directors approved a plan to discontinue operations in its MBS & Rates and Credit Products divisions. The plan is expected to be completed by the end of the second quarter 2013. Exiting these businesses, together with associated rightsizing of administrative and other support personnel, could impact up to approximately 160 employees. The plan did not include the Company’s other business operations, principally Investment Banking.

The Company expects the total charge in connection with this plan will be between $15 million and $20 million. Of the total charge, the Company estimates approximately $11 million to $16 million will result in future cash expenditures. The major costs associated with the plan, and an estimate of each, are as follows:

· between $11 million and $13 million related to severance and other compensation costs; and

· between $4 million and $7 million in costs associated with third-party vendor contracts and other costs (excluding lease commitments).

The Company is currently evaluating its alternatives with respect to lease commitments, principally its headquarters in New York City, and is therefore unable to estimate a lease restructuring cost, if any, at this time. The lease on the Company’s headquarters relates to 84,000 square feet of space with an average cost per square foot of $62 and expires April 30, 2025. The Company’s plans with regards to this space are uncertain pending the change in the board of directors which will result from the 2013 Annual Stockholders Meeting to be held May 23. If the Company determines to vacate some or all of this space, it could incur substantial lease restructuring expense, which it would seek to minimize through subleasing or other cost reduction measures.

Substantially all remaining financial instruments held by the MBS & Rates division have since been sold. In connection with this wind down, estimated net trading losses of approximately $3.0 million to $4.0 million are expected to be recognized in the second quarter of 2013. The results of the Company’s MBS & Rates and Credit Products divisions, including the restructuring costs mentioned above, will also be reported within discontinued operations in the second quarter 2013.