{"id":424542,"date":"2021-01-29T08:03:37","date_gmt":"2021-01-29T13:03:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=424542"},"modified":"2021-01-29T08:03:37","modified_gmt":"2021-01-29T13:03:37","slug":"oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2020-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2020-earnings\/","title":{"rendered":"Oppenheimer Holdings Inc. Reports Fourth Quarter and Full Year 2020 Earnings"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Jan. 29, 2021<\/span> \/PRNewswire\/ &#8211; Oppenheimer Holdings Inc. (NYSE: OPY) (the &#8220;Company&#8221; or &#8220;Firm&#8221;) today reported net income of <span class=\"xn-money\">$81.9 million<\/span> or <span class=\"xn-money\">$6.56<\/span> basic earnings per share for the fourth quarter of 2020 compared with net income of <span class=\"xn-money\">$25.4 million<\/span> or <span class=\"xn-money\">$1.99<\/span> basic earnings per share for the fourth quarter of 2019. Revenue for the fourth quarter of 2020 was <span class=\"xn-money\">$422.9 million<\/span> compared to revenue of <span class=\"xn-money\">$295.9 million<\/span> for the fourth quarter of 2019, an increase of 42.9%.<\/p>\n<p>For the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, the Company reported net income of <span class=\"xn-money\">$123.0 million<\/span> or <span class=\"xn-money\">$9.73<\/span> basic net income per share compared with net income of <span class=\"xn-money\">$53.0 million<\/span> or <span class=\"xn-money\">$4.10<\/span> basic net income per share for the year ended <span class=\"xn-chron\">December 31, 2019<\/span>. Revenue for the year ended <span class=\"xn-chron\">December 31, 2020<\/span> was <span class=\"xn-money\">$1.2 billion<\/span> compared to revenue of <span class=\"xn-money\">$1.0 billion<\/span> for the year ended <span class=\"xn-chron\">December 31, 2019<\/span>, an increase of 16.0%.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"13\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Summary Operating Results (Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s, except per share amounts or otherwise indicated)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Firm<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">422,908<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,881<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,198,667<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,033,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Compensation Expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">244,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">190,292<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">770,997<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">657,714<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-compensation Expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">65,040<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70,616<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">258,670<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">300,753<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pre-Tax Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,795<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,973<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,912<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income Taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,915<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,538<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,959<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,880<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,435<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,953<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Earnings Per Share &#8211; Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.56<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.99<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.73<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Earnings Per Share &#8211; Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.17<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.84<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.30<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.82<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Book Value Per Share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54.93<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46.31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54.93<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46.31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tangible Book Value Per Share<sup> (1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.03<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.03<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1) Represents book value less goodwill and intangible assets divided by number of shares outstanding<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Annual Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Record gross revenue for the fourth quarter and full year <\/li>\n<li>Record pre-tax income and net income for the fourth quarter and full year <\/li>\n<li>Record basic and diluted earnings per share for the fourth quarter and full year <\/li>\n<li>Record revenue and earnings for the fourth quarter and full year in Asset Management segment driven by record incentive fees from alternative investments <\/li>\n<li>Record revenue and earnings in Capital Markets segment for the fourth quarter and full year driven by record investment banking results <\/li>\n<li>Shareholders&#8217; Equity reached a record of <span class=\"xn-money\">$685.6 million<\/span> as of <span class=\"xn-chron\">December 31, 2020<\/span><\/li>\n<li>Book value and tangible book value per share reached record levels at <span class=\"xn-chron\">December 31, 2020<\/span><\/li>\n<li>Client assets under administration and under management were both at record levels at <span class=\"xn-chron\">December 31, 2020<\/span><\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <span class=\"xn-person\">Albert G. Lowenthal<\/span><br \/>\n        <\/b>, <i>Chairman and CEO commented, &#8220;The results for the fourth quarter and full year 2020 were outstanding and really showcased the strength of the platform and the dedication and commitment from our employees throughout this COVID-19 impacted year.\u00a0 The combination of a low interest rate environment, high volatility, and a robust rally in equities over the last nine months provided the impetus for extremely favorable results for the year.\u00a0 Our Capital Markets business continued to outperform with a record quarter and year for revenue and earnings, while the Wealth Management business continued to produce solid operating returns based on increased commission activity and higher fee income from assets under management. The Wealth Management business got a significant boost from the record performance of the hedge funds that we sponsor which led to an increase in incentive fees from alternative investments in the fourth quarter of 2020 which are measured and earned at the end of each year.<\/i><\/p>\n<p>\n        <i>Investment banking had its best quarter ever as the Firm increased its market share during a robust period for equities issuance in the U.S. capital markets.\u00a0 M&amp;A activity also picked up significantly during the fourth quarter with several notable advisory and placement fees.\u00a0 Equities and fixed income sales and trading activity continued to be brisk as volatility remained elevated during the period.\u00a0 The broader equities markets finished the year at record levels and were up 11.7% during the fourth quarter contributing to record assets under management at <span class=\"xn-chron\">December 31, 2020<\/span>, which will drive our advisory fee revenue for the first quarter of 2021.<\/i>\n      <\/p>\n<p>\n        <i>Non-compensation expenses remained under close control and we were able to manage our operating environment throughout this year of remote work.\u00a0 At year-end we continued to operate with about 90% of our employees working from home amid the increase in the reported infection rate from COVID-19.\u00a0 We look forward to the return to some level of normalcy by the third quarter of 2021 as the rate of vaccination increases in the U.S. and around the world.&#8221;<\/i>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"13\" nowrap=\"nowrap\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Results (Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s, except per share amounts or otherwise indicated)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Private Client<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">217,743<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">175,900<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">642,083<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">653,409<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pre-Tax Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,362<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,416<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">163,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Assets Under Administration ($Bn)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">91.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">91.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Asset Management<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72,851<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,179<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">130,274<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88,755<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pre-Tax Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,911<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,114<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71,625<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,606<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset Under Management ($Bn)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Capital Markets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">131,651<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,982<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">426,752<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">290,830<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pre-Tax Income (Loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,894<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,891)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,442<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,724)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Fourth Quarter Results<\/b>\n      <\/p>\n<p>\n        <b>Private Client<\/b>\n      <\/p>\n<p>Private Client reported revenue of <span class=\"xn-money\">$217.7 million<\/span> for the fourth quarter of 2020, 23.8% higher compared with a year ago.\u00a0 Increased revenue reflected a marked increase in the transaction business, particularly in listed options as clients were encouraged by increased volatility and a particularly strong equities market, which also contributed to record high incentive fees.\u00a0 Pre-tax income of <span class=\"xn-money\">$39.4 million<\/span> in the current quarter resulted in a pre-tax profit margin of 18.1%.\u00a0 Financial advisor headcount declined amid increased retirements to 1,002 at the end of the current quarter compared to 1,032 at the end of fourth quarter of 2019, although the productivity of our financial advisors increased significantly reflecting higher individual production levels.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"7\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s, except otherwise indicated)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>217,743<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>175,900<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,383<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48,407<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Advisory Fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">133,562<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,205<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Bank Deposit Sweep Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,262<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,729<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,393<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,110<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,143<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,449<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>178,381<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>133,484<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151,774<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">103,649<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,607<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,835<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets Under Administration ($Bn)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>104.8<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>91.0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash Sweep Balances ($Bn)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7.3<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4.9<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Revenue:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Retail commissions increased 10.3% from a year ago as a result of increased volatility and client participation <\/li>\n<li>Advisory fees increased 60.5% due to higher assets under management at <span class=\"xn-chron\">September 30, 2020<\/span> compared with <span class=\"xn-chron\">September 30, 2019<\/span> as well as higher incentive fees from alternative investments <\/li>\n<ul type=\"circle\">\n<li>Incentive fees allocated to this segment were <span class=\"xn-money\">$61.6 million<\/span> for the current quarter versus <span class=\"xn-money\">$20.4 million<\/span> last year <\/li>\n<\/ul>\n<li>Bank deposit sweep income decreased <span class=\"xn-money\">$18.5 million<\/span> or 81.2% from a year ago due to lower short-term interest rates partially offset by higher average cash sweep balances <\/li>\n<li>Interest revenue declined 21.2% from a year ago due to lower short-term interest rates partially offset by higher average margin balances <\/li>\n<li>Other revenue increased 49.8% compared with a year ago primarily due to increases in the cash surrender value of Company-owned life insurance policies<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Total Expenses:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Compensation expenses increased 46.4% compared with a year ago primarily due to increased production and deferred compensation costs which are directly tied to commissionable revenue. <\/li>\n<ul type=\"circle\">\n<li>During the current quarter, the Company incurred <span class=\"xn-money\">$9.4 million<\/span> in expenses (versus a credit of <span class=\"xn-money\">$2.1 million<\/span> in the prior quarter) related to its stock appreciate rights plan which tracks the Company&#8217;s stock price<\/li>\n<\/ul>\n<li>Non-compensation expenses decreased 10.8% compared with a year ago primarily due to lower interest costs associated with the bank deposit sweep program<\/li>\n<\/ul>\n<p>\n        <b>Asset Management<\/b>\n      <\/p>\n<p>Asset Management reported revenue of <span class=\"xn-money\">$72.9 million<\/span> for the fourth quarter of 2020, 107.1% higher compared with a year ago.\u00a0 Pre-tax income was <span class=\"xn-money\">$56.9 million<\/span>, an increase of 197.7% compared with a year ago.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s, except otherwise indicated)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>72,851<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>35,179<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Advisory Fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70,847<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,176<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,004<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>15,940<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>16,065<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,104<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,806<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,836<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,259<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AUM ($Bn)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>38.8<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>32.1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Revenue:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Advisory fee revenue increased 101.4% due to higher assets under management at <span class=\"xn-chron\">September 30, 2020<\/span> compared with <span class=\"xn-chron\">September 30, 2019<\/span> as well as higher incentive fees from alternative investments <\/li>\n<ul type=\"circle\">\n<li>Incentive fees allocated to this segment were <span class=\"xn-money\">$49.2 million<\/span> for the current quarter versus <span class=\"xn-money\">$16.3 million<\/span> last year <\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Assets under Management (AUM):<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>AUM hit a record level of <span class=\"xn-money\">$38.8 billion<\/span> at <span class=\"xn-chron\">December 31, 2020<\/span>, which is the basis for advisory fee billings for the first quarter of 2021 <\/li>\n<li>The increase in AUM was comprised of higher asset values of <span class=\"xn-money\">$6.0 billion<\/span> on existing client holdings and a net contribution of assets of <span class=\"xn-money\">$0.7 billion<\/span><\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>\u00a0Total Expenses:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Compensation expenses were down 9.0% and non-compensation expenses were up 7.0% when compared with a year ago<\/li>\n<\/ul>\n<p>\n        <b>Capital Markets<\/b>\n      <\/p>\n<p>Capital Markets reported revenue of <span class=\"xn-money\">$131.7 million<\/span> for the fourth quarter of 2020, 56.8% higher compared with a year ago.\u00a0 Pre-Tax income was <span class=\"xn-money\">$41.9 million<\/span> compared with a pre-tax loss of <span class=\"xn-money\">$2.9 million<\/span> a year ago.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>4Q-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>131,651<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>83,982<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Investment Banking<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>78,048<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>40,633<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Advisory Fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,749<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,211<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Equities Underwriting<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,205<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,916<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fixed Income Underwriting<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,474<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,281<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">620<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">225<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Sales and Trading<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>52,723<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>42,903<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Equities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,546<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,859<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fixed Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,177<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,044<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>880<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>446<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>89,757<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>86,873<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,070<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,911<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,687<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,962<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Revenue:<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Investment Banking <\/p>\n<ul type=\"disc\">\n<li>Advisory fees earned from investment banking activities increased 147.9% compared with a year ago driven by increased M&amp;A activity and fees associated with a significant number of capital raising transactions (PIPEs) in the healthcare and technology sectors completed during the period <\/li>\n<li>Equities underwriting fees increased 203.5% compared with a year ago due to significantly higher levels of capital issuances in the equity markets <\/li>\n<li>Fixed income underwriting fees were down 61.7% compared with a year ago primarily due to lower levels of emerging market issuances partially offset by increases in public finance issuances<\/li>\n<\/ul>\n<p>Sales and Trading<\/p>\n<ul type=\"disc\">\n<li>Equities sales and trading increased 39.0% compared with a year ago due to continued elevated volatility in the equities markets and an increase in market share <\/li>\n<li>Fixed Income sales and trading increased 0.7% compared to the prior year<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Total Expenses:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Compensation expenses increased 11.9% compared with the prior year primarily due to increased production and incentive compensation tied to increases in revenue <\/li>\n<li>Non-compensation expenses decreased 15.9% compared with a year ago due to decreased interest costs and reduced costs associated with business travel and entertainment<\/li>\n<\/ul>\n<p>\n        <b>Full Year Results<\/b>\n      <\/p>\n<p>\n        <b>Private Client<\/b>\n      <\/p>\n<p>Private Client reported revenue of <span class=\"xn-money\">$642.1 million<\/span> for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, 1.7% lower compared with a year ago. Pre-tax income of <span class=\"xn-money\">$122.8 million<\/span> in the year end resulted in a pre-tax profit margin of 19.1%.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>642,083<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>653,409<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">209,447<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">188,690<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Advisory Fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">326,858<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">264,839<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Bank Deposit Sweep Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,829<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,422<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,148<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,811<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,801<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,647<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>519,239<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>489,492<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">412,021<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">362,665<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">107,218<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,827<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Revenue:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Retail commissions increased 11.0% from a year ago as a result of increased volatility and client participation in active equities-related markets including options <\/li>\n<li>Advisory fees increased 23.4% due to increases in management fees from advisory programs and incentive fees from alternative investments during the year <\/li>\n<ul type=\"circle\">\n<li>Incentive fees allocated to this segment were <span class=\"xn-money\">$61.7 million<\/span> for the 2020 year versus <span class=\"xn-money\">$20.8 million<\/span> last year<\/li>\n<\/ul>\n<li>Bank deposit sweep income decreased <span class=\"xn-money\">$82.6 million<\/span> or 70.3% from a year ago due to lower short-term interest rates partially offset by higher average cash sweep balances <\/li>\n<li>Interest revenue declined 29.8% from a year ago due to lower short-term interest rates partially offset by higher average margin balances <\/li>\n<li>Other revenue decreased 1.8% primarily due to decreases in the cash surrender value of Company-owned life insurance policies<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Total Expenses:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Compensation expenses increased 13.6% from a year ago primarily due to increased production and share-based compensation costs partially offset by lower deferred compensation <\/li>\n<li>Non-compensation expenses decreased 15.5% from a year ago primarily due to lower interest, legal and regulatory as well as travel and entertainment costs<\/li>\n<\/ul>\n<p>\n        <b>Asset Management<\/b>\n      <\/p>\n<p>Asset Management reported revenue of <span class=\"xn-money\">$130.3 million<\/span> for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, 46.8% higher compared with a year ago.\u00a0 Pre-tax income was <span class=\"xn-money\">$71.6 million<\/span>, an increase of 126.6% compared with a year ago.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>130,274<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>88,755<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Advisory Fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">128,258<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88,748<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>58,649<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>57,149<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,128<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,180<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,521<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,969<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AUM ($Bn)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>38.8<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>32.1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Revenue:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Advisory fee revenue increased 44.5% from a year ago due to higher assets under management during the year as well as higher incentive fees from alternative investments <\/li>\n<ul type=\"circle\">\n<li>Incentive fees allocated to this segment were <span class=\"xn-money\">$49.4 million<\/span> for the 2020 year versus <span class=\"xn-money\">$16.7 million<\/span> last year <\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Assets under Management (AUM):<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>AUM hit a record level of <span class=\"xn-money\">$38.8 billion<\/span> at <span class=\"xn-chron\">December 31, 2020<\/span>, which is the basis for advisory fee billings for the first quarter of 2021 <\/li>\n<li>The increase in AUM was comprised of higher asset values of <span class=\"xn-money\">$6.0 billion<\/span> on existing client holdings and a net contribution of assets of <span class=\"xn-money\">$0.7 billion<\/span><\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Total Expenses:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Compensation expenses were down 0.2% and non-compensation expenses were up 4.9% when compared to the prior year<\/li>\n<\/ul>\n<p>\n        <b>Capital Markets<\/b>\n      <\/p>\n<p>Capital Markets reported revenue of <span class=\"xn-money\">$426.8 million<\/span> for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, 46.7% higher compared with a year ago.\u00a0 Pre-Tax income was <span class=\"xn-money\">$83.4 million<\/span> compared with a pre-tax loss of <span class=\"xn-money\">$13.7 million<\/span> a year ago.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>426,752<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>290,830<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Investment Banking<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>206,098<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>113,369<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Advisory Fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">80,534<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,424<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Equities Underwriting<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">103,276<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40,813<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fixed Income Underwriting<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,394<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,447<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,894<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">685<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Sales and Trading<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>217,711<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>175,616<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Equities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">130,668<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">99,848<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fixed Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87,043<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75,768<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,943<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,845<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>343,310<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>304,554<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">251,697<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">193,861<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">91,613<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">110,693<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Revenue:<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Investment Banking<\/p>\n<ul type=\"disc\">\n<li>Advisory fees earned from investment banking activities increased 50.7% compared with a year ago driven by increased M&amp;A activity and fees associated with a significant number of capital raising transactions (PIPES) in the healthcare and technology sectors completed during the year <\/li>\n<li>Equities underwriting fees increased 153.0% compared with a year ago due to significantly higher levels of capital issuances in the equity markets particularly in healthcare and technology sectors <\/li>\n<li>Fixed income underwriting fees were up 10.6% compared with a year ago primarily driven by public finance issuances during the year, partially offset by lower underwriting fees in emerging markets<\/li>\n<\/ul>\n<p>Sales and Trading<\/p>\n<ul type=\"disc\">\n<li>Equities sales and trading increased 30.9% compared with a year ago due to elevated volatility in the equities markets during the year <\/li>\n<li>Fixed Income sales and trading increased 14.9% compared with a year ago driven by robust trading in taxable fixed income during the year<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Total Expenses:<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Compensation expenses increased 29.8% compared with a year ago primarily due to increased production and incentive compensation tied to increases in revenue <\/li>\n<li>Non-compensation expenses were 17.2% lower compared with a year ago due to decreased interest costs and reduced costs associated with business travel and entertainment and conferences<\/li>\n<\/ul>\n<p>\n        <b>Other Matters<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"7\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(In millions, except percentages, number of shares and per share <br \/>amounts)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-20<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>FY-19<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Capital<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Senior Secured Notes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">123.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">149.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Shareholders&#8217; Equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">685.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">592.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Regulatory Net Capital <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">274.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">223.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Regulatory Excess Net Capital <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">250.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">206.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Common Stock Repurchases<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repurchases<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of Shares<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">718,522<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">323,249<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average Price<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.94<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.99<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Period End Shares<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>12,481,443<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>12,798,368<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Effective Tax Rate<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>27.2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>29.3<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen11\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>(1)<\/sup>\u00a0Attributable to Oppenheimer &amp; Co. Inc. broker-dealer<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>Shareholders&#8217; equity reached a record high of <span class=\"xn-money\">$685.6 million<\/span> at <span class=\"xn-chron\">December 31, 2020<\/span><\/li>\n<li>The Board of Directors announced a quarterly dividend in the amount of <span class=\"xn-money\">$0.12<\/span> per share for the fourth quarter of 2020 payable on <span class=\"xn-chron\">February 26, 2021<\/span> to holders of Class A non-voting and Class B voting common stock of record on <span class=\"xn-chron\">February 12, 2021<\/span><\/li>\n<li>The Company paid a special dividend of <span class=\"xn-money\">$1.00<\/span> per share to holders of Class A non-voting and Class B voting common stock on <span class=\"xn-chron\">December 30, 2020<\/span> in the amount of <span class=\"xn-money\">$12.5 million<\/span> bringing total 2020 dividends to <span class=\"xn-money\">$1.48<\/span> per share compared to <span class=\"xn-money\">$0.48<\/span> per share in 2019 <\/li>\n<li>Level 3 assets, comprised of auction rate securities, were <span class=\"xn-money\">$30.7 million<\/span> as of <span class=\"xn-chron\">December 31, 2020<\/span><\/li>\n<li>Compensation expense as a percentage of revenue was higher at 64.3% during the current year versus 63.6% last year <\/li>\n<li>The effective tax rate for the current year was 27.2% compared with 29.3% for the prior year. The lower tax rate in the current year was primarily due to significantly higher pre-tax income in the current year compared to that of the prior year while non-deductible expenses were relatively stable over the same period.<\/li>\n<\/ul>\n<p>\n        <b>Coronavirus Pandemic (&#8220;COVID-19&#8221;)<\/b>\n      <\/p>\n<p>The Company continues to monitor the effects of the pandemic both on a national level as well as regionally and locally and is responding accordingly.\u00a0 In addition, we continue to provide frequent communications to clients, employees, and regulators.\u00a0 We have adopted enhanced cleaning practices and other health protocols in our offices, taken measures to significantly restrict non-essential business travel and have practices in place to mandate that employees who may have been exposed to COVID-19, or show any relevant symptoms, self-quarantine.\u00a0 In early <span class=\"xn-chron\">March 2020<\/span>, the Company executed on its Business Continuity Plan whereby the vast majority of our employees began to work remotely with only &#8220;essential&#8221; employees reporting to our offices.\u00a0 We accomplished this by significantly expanding the use of technology infrastructure that facilitates remote operations.\u00a0 Our ability to avoid significant business disruptions is reliant on the continued ability to have the vast majority of employees work remotely.\u00a0 To date, there have been no significant disruptions to our business or control processes as a result of this dispersion of employees.\u00a0 Recent outbreaks in various states indicate that COVID-19 will continue to impact the economy and, by extension, our business, well into 2021.\u00a0 We currently anticipate that a large number of our employees will continue to work remotely for the indefinite future until vaccinations are more widely administered.<\/p>\n<p>\n        <b>Company Information<\/b>\n      <\/p>\n<p>Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services.\u00a0 With roots tracing back to 1881, the Company is headquartered in <span class=\"xn-location\">New York<\/span> and has 92 retail branch offices in <span class=\"xn-location\">the United States<\/span> and institutional businesses located in <span class=\"xn-location\">London<\/span>, <span class=\"xn-location\">Tel Aviv<\/span>, and <span class=\"xn-location\">Hong Kong<\/span>.<\/p>\n<p>\n        <b>Forward-Looking Statements<\/b>\n      <\/p>\n<p>This press release includes certain &#8220;forward-looking statements&#8221; relating to anticipated future performance including the projected impact of COVID-19 on the Company&#8217;s business, financial performance, and operating results.\u00a0 The following factors, among others, could cause actual results to vary from the forward-looking statements: the severity and duration of COVID-19; COVID-19&#8217;s impact on the U.S. and global economies; and Federal, state and local governmental responses to COVID-19.\u00a0 For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting &#8220;Forward-Looking Statements&#8221; and Part 1A \u2013 Risk Factors in the Company&#8217;s Annual Report on Form 10-K for the year ended <span class=\"xn-chron\">December 31, 2019<\/span> and Item 1 \u2013 Risk Factors in the Company&#8217;s Quarterly Reports on Form 10-Q for the quarters ended <span class=\"xn-chron\">March 31, 2020<\/span>, <span class=\"xn-chron\">June 30, 2020<\/span> and <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td colspan=\"21\" nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbb1 prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oppenheimer Holdings Inc<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"21\" nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvab prnsbbs prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Consolidated Income Statements (Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(&#8216;000s, except number of shares and per share amounts)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"9\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Three Months Ended<\/b><br \/>\n                  <br \/>\n                  <b>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Year Ended<\/b><br \/>\n                  <br \/>\n                  <b>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prnsbr1 prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>% Change<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>% Change<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>REVENUE<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97,971<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,182<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">395,097<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">320,114<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advisory fees<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">204,521<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">118,430<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">455,261<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">353,671<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investment banking<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">84,139<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,364<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,298<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">126,211<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76.1<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bank deposit sweep income<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,262<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,730<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(81.2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,829<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,422<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(70.3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,827<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,102<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27.1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,477<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,723<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(34.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Principal transactions, net<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,975<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,005<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,874<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,094<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,213<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,068<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,831<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,144<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15.1)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenue<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">422,908<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,881<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,198,667<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,033,379<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>EXPENSES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Compensation and related expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">244,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">190,292<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">770,997<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">657,714<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Communications and technology<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,443<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,131<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">82,132<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,588<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Occupancy and equipment costs<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,741<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,342<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,352<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,198<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Clearing and exchange fees<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,483<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10.3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,978<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,962<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,779<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,978<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(65.2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,680<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,687<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(65.7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,160<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,682<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7.0)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75,528<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,318<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15.4)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">309,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">260,908<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,029,667<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">958,467<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pre-tax income<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,795<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,973<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">225.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,912<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">125.6<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income taxes<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,915<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,538<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">234.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,959<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">109.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,880<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,435<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">221.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,986<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,953<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">132.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Earnings per share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.56<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.99<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">229.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.73<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">137.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.17<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.84<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">235.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.30<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.82<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">143.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average number of common shares outstanding<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,483,038<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,798,368<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.5)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,642,576<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,904,397<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.0)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbls prnpr8\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,263,754<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,860,637<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,217,335<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,851,832<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnrbrs prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.6)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=TO63272&amp;sd=2021-01-29\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2020-earnings-301217787.html\">http:\/\/www.prnewswire.com\/news-releases\/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2020-earnings-301217787.html<\/a><\/p>\n<p>SOURCE  Oppenheimer Holdings Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=TO63272&amp;Transmission_Id=202101290800PR_NEWS_USPR_____TO63272&amp;DateId=20210129\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, Jan. 29, 2021 \/PRNewswire\/ &#8211; Oppenheimer Holdings Inc. (NYSE: OPY) (the &#8220;Company&#8221; or &#8220;Firm&#8221;) today reported net income of $81.9 million or $6.56 basic earnings per share for the fourth quarter of 2020 compared with net income of $25.4 million or $1.99 basic earnings per share for the fourth quarter of 2019. Revenue for the fourth quarter of 2020 was $422.9 million compared to revenue of $295.9 million for the fourth quarter of 2019, an increase of 42.9%. For the year ended December 31, 2020, the Company reported net income of $123.0 million or $9.73 basic net income per share compared with net income of $53.0 million or $4.10 basic net income per share for the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2020-earnings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Oppenheimer Holdings Inc. Reports Fourth Quarter and Full Year 2020 Earnings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-424542","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oppenheimer Holdings Inc. 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(NYSE: OPY) (the &#8220;Company&#8221; or &#8220;Firm&#8221;) today reported net income of $81.9 million or $6.56 basic earnings per share for the fourth quarter of 2020 compared with net income of $25.4 million or $1.99 basic earnings per share for the fourth quarter of 2019. Revenue for the fourth quarter of 2020 was $422.9 million compared to revenue of $295.9 million for the fourth quarter of 2019, an increase of 42.9%. For the year ended December 31, 2020, the Company reported net income of $123.0 million or $9.73 basic net income per share compared with net income of $53.0 million or $4.10 basic net income per share for the &hellip; Continue reading &quot;Oppenheimer Holdings Inc. 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Revenue for the fourth quarter of 2020 was $422.9 million compared to revenue of $295.9 million for the fourth quarter of 2019, an increase of 42.9%. For the year ended December 31, 2020, the Company reported net income of $123.0 million or $9.73 basic net income per share compared with net income of $53.0 million or $4.10 basic net income per share for the &hellip; Continue reading \"Oppenheimer Holdings Inc. 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