XML 68 R24.htm IDEA: XBRL DOCUMENT v3.24.2
Segment information
 6 Months Ended
Jun. 30, 2024
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, a cloud-based financial markets software service provider in Corporate/Other.

The table below presents information about the reported revenue and pre-tax income (loss) of the Company for the three months ended June 30, 2024 and 2023. 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,
 2024202320242023
Revenue
Private client (1)
$208,701 $201,245 $421,734 $404,666 
Asset management (1)
25,825 22,198 50,753 46,157 
Capital markets92,141 79,582 204,224 169,864 
Corporate/Other3,922 3,164 7,016 7,181 
Total$330,589 $306,189 $683,727 $627,868 
Pre-Tax Income (Loss)
Private client (1)
$55,537 $20,794 $123,688 $75,250 
Asset management (1)
8,694 6,533 16,328 13,014 
Capital markets(21,775)(14,051)(28,477)(29,528)
Corporate/Other(26,591)(24,975)(58,219)(51,386)
Total$15,865 $(11,699)$53,320 $7,350 
(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 June 30, 2024 and 2023 was:
(Expressed in thousands)  
 
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2024202320242023
Americas$316,467 $295,496 $657,884 $605,285 
Europe/Middle East13,394 10,108 24,168 20,968 
Asia728 585 1,675 1,615 
Total$330,589 $306,189 $683,727 $627,868