Segment information

The Company has determined its reportable segments based on the Company's method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company evaluates the performance of its segments and allocates resources to them based upon profitability.

The Company's reportable segments are:

Private Client — includes commissions and a proportionate amount of fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees, net contributions from stock loan activities and financing activities, and direct expenses associated with this segment;

Asset Management — includes a proportionate amount of fee income earned on AUM from investment management services of Oppenheimer Asset Management Inc. Oppenheimer's asset management divisions employ various programs to manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment; and

Capital Markets — includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment.

The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits.

The Commercial Mortgage Banking segment was discontinued during the second quarter of 2016. See note 3 for further details.

The table below presents information about the reported revenue and income (loss) before income taxes from continuing operations of the Company for the years ended December 31, 2018, 2017 and 2016. Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the chief operating decision maker.



(Expressed in thousands)
	For the Year Ended December 31,
	2018			2017			2016
Revenue
Private client ⁽¹⁾	$	617,871		$	592,753		$	504,192
Asset management ⁽¹⁾	71,696			89,896			92,852
Capital markets	272,719			231,632			254,933
Corporate/Other	(4,132		)	6,057			5,802
Total	$	958,154		$	920,338		$	857,779
Income (loss) before income taxes
Private client ⁽¹⁾	$	149,097		$	128,840		$	66,072
Asset management ⁽¹⁾	18,590			26,685			31,412
Capital markets	(13,416		)	(39,978		)	(17,713		)
Corporate/Other	(109,418		)	(95,811		)	(101,663		)
Total	$	44,853		$	19,736		$	(21,892	)

(1)

Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees were allocated 22.5% to the Asset Management and 77.5% to the Private Client segments. Starting January 1, 2017, the Company determined it was appropriate to change the allocation to 10.0% to the Asset Management and 90.0% to the Private Client segments due to changes in the mix of the business over time and costs associated with it.

Revenue, classified by the major geographic areas in which it was earned for the years ended December 31, 2018, 2017 and 2016 was as follows:



(Expressed in thousands)
	Year Ended December 31,
	2018		2017		2016
Americas	$	925,127	$	880,602	$	815,231
Europe/Middle East	29,292		36,364		39,048
Asia	3,735		3,372		3,500
Total	$	958,154	$	920,338	$	857,779