Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations

Discontinued Operations

16. Discontinued Operations

As previously disclosed, the Company discontinued operations in its Investment Banking and Fixed Income businesses during the second quarter of 2013.  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 for the three months ended March 31, 2014 and 2013 related to these discontinued operations are presented in the following table.

	Three Months Ended March 31,
(In thousands of dollars)	2014			2013
Net revenue
Investment Banking	$	—		$	15,033
MBS & Rates	—			(723		)
Credit Products	—			11,825
ClearPoint	—			4,408
Equities division	—			76
Other items reclassified from continuing operations (Note 1)	—			632
Total net revenue	—			31,251
Total expenses (excluding restructuring expense)
Investment Banking	147			11,688
MBS & Rates	118			7,533
Credit Products	142			12,242
ClearPoint	56			6,153
Equities division	6			42
Other items reclassified from continuing operations (Note 1)	—			2,821
Total expenses (excluding restructuring expense)	469			40,479
(Loss)/income from discontinued operations before income taxes (excluding restructuring expense)
Investment Banking	(147		)	3,345
MBS & Rates	(118		)	(8,256		)
Credit Products	(142		)	(417		)
ClearPoint	(56		)	(1,745		)
Equities division	(6		)	34
Other items reclassified from continuing operations	—			(2,189		)
Subtotal	(469		)	(9,228		)
Restructuring expense (Note 15)	—			(2,459		)
Loss from discontinued operations before income taxes	(469		)	(11,687		)
Income tax expense	48			46
Loss from discontinued operations, net of taxes	$	(517	)	$	(11,733	)