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.

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, 2019, 2018 and 2017. 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 Years Ended December 31,
	2019			2018			2017
Revenue
Private client ⁽¹⁾	$	653,409		$	617,871		$	592,753
Asset management ⁽¹⁾	88,755			71,696			89,896
Capital markets	290,830			272,719			231,632
Corporate/Other	385			(4,132		)	6,057
Total	$	1,033,379		$	958,154		$	920,338
Income (loss) before income taxes
Private client ⁽¹⁾	$	163,917		$	149,097		$	128,840
Asset management ⁽¹⁾	31,606			18,590			26,685
Capital markets	(13,724		)	(13,416		)	(39,978		)
Corporate/Other	(106,887		)	(109,402		)	(95,995		)
Total	$	74,912		$	44,869		$	19,552

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

fees were 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 years ended December 31, 2019, 2018 and 2017 was as follows:



(Expressed in thousands)
	For the Years Ended December 31,
	2019		2018		2017
Americas	$	998,344	$	925,127	$	880,602
Europe/Middle East	31,599		29,292		36,364
Asia	3,436		3,735		3,372
Total	$	1,033,379	$	958,154	$	920,338