||Revenues improved as compared to the fourth quarter of 2011. Core business unit results were weaker year-over-year, largely in MBS/ABS & Rates, particularly in asset-backed securities trading.|
|•||New leadership appointments in the Corporate Credit business and the MBS/ABS & Rates business.|
|•||Continued planned compensation adjustments, particularly for senior management, to better align employee and stockholder returns, and drive targeted compensation/revenue ratio.|
|•||The Company’s ClearPoint subsidiary experienced a number of issues, including covenant pressure and outright breaches, mismatch in loan originations and sales, and curtailment events that required the Company to provide payment guarantees. In response to these issues, the following adjustments were made to ClearPoint’s business:|
|-- Restructured senior management|
|-- Implemented limit methodologies to manage the originations/sales imbalance|
|-- Adjusted operational procedures to improve the pace at which loans are sold|
|These actions have stabilized ClearPoint’s business operations, and have substantially diminished the Company’s exposures under the payment guarantees.|
Gleacher & Company Reports First Quarter 2012 Financial Results
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