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 table below presents information about the reported revenue and income (loss) before income taxes of the Company for the three and six months ended June 30, 2019 and 2018. 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 Three Months Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Revenue
Private client ⁽¹⁾	$	161,928		$	156,553		$	325,455		$	310,647
Asset management ⁽¹⁾	18,622			17,706			35,208			35,350
Capital markets	71,819			68,206			142,780			129,735
Corporate/Other	(1,434		)	91			(738		)	1,354
Total	$	250,935		$	242,556		$	502,705		$	477,086
Income (loss) before income taxes
Private client ⁽¹⁾	$	43,416		$	33,513		$	86,250		$	73,675
Asset management ⁽¹⁾	5,318			3,958			7,560			7,676
Capital markets	(1,801		)	(199		)	(4,448		)	(6,256		)
Corporate/Other	(29,542		)	(24,755		)	(55,919		)	(52,957		)
Total	$	17,391		$	12,517		$	33,443		$	22,138


(1)	Clients investing in the OAM advisory program are charged fees based on the value of AUM.

Advisory fees are allocated 10.0% to the Asset Management and 90.0% to the Private Client

segments.

Revenue, classified by the major geographic areas in which it was earned, for the three and six months ended June 30, 2019 and 2018 was as follows:



(Expressed in thousands)
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019		2018
Americas	$	242,464	$	234,471	$	485,863	$	460,083
Europe/Middle East	7,666		7,222		15,335		14,745
Asia	805		863		1,507		2,258
Total	$	250,935	$	242,556	$	502,705	$	477,086