Segment information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment information

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 Company also includes activities associated with BondWave, LLC in Corporate/Other.

The table below presents information about the reported revenue and pre-tax income (loss) of the Company for the years ended December 31, 2023, 2022 and 2021. 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,
	2023		2022		2021
Revenue
Private client (1)	$	801,754	$	675,680	$	665,060
Asset management (1)	88,433		99,242		104,598
Capital markets	345,897		337,821		625,704
Corporate/Other	12,741		(1,802)		(1,327)
Total	$	1,248,825	$	1,110,941	$	1,394,035
Pre-Tax Income (Loss)
Private client (1)	$	194,444	$	142,250	$	101,146
Asset management (1)	24,091		35,753		35,874
Capital markets	(62,961)		(25,696)		204,090
Corporate/Other	(108,804)		(106,753)		(116,469)
Total	$	46,770	$	45,554	$	224,641

(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, 2023, 2022 and 2021 was as follows:

(Expressed in thousands)
	For the Years Ended December 31,
	2023		2022		2021
Americas	$	1,199,558	$	1,058,188	$	1,336,628
Europe/Middle East	46,490		47,080		51,698
Asia	2,777		5,673		5,709
Total	$	1,248,825	$	1,110,941	$	1,394,035