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 months ended March 31, 2020 and 2019. 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 March 31,
	2020			2019
Revenue
Private client ⁽¹⁾	$	141,418		$	163,527
Asset management ⁽¹⁾	19,276			16,586
Capital markets	75,542			70,961
Corporate/Other	(1,466		)	696
Total	$	234,770		$	251,770
Income (loss) before income taxes
Private client ⁽¹⁾	$	33,369		$	42,834
Asset management ⁽¹⁾	4,305			2,242
Capital markets	(143		)	(2,647		)
Corporate/Other	(27,308		)	(26,377		)
Total	$	10,223		$	16,052


(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 months ended March 31, 2020 and 2019 was:



(Expressed in thousands)
	For the Three Months Ended March 31,
	2020		2019
Americas	$	220,805	$	243,399
Europe/Middle East	12,367		7,669
Asia	1,598		702
Total	$	234,770	$	251,770