Key points for the nine months include:
- Investment banking revenue was $73.6 million compared with $84.9 million for the first nine months of 2011, a decrease of $11.3 million, or 13.3%, primarily due to lower capital markets revenue partially offset by higher M&A and advisory revenue.
- Commissions revenue was $74.9 million compared with $101.7 million for the first nine months of 2011, a decrease of $26.9 million, or 26.4%, on lower traded volume.
- Principal transactions revenue increased $8.2 million, or 87.9% to $17.6 million compared with $9.4 million for the first nine months of 2011. Trading revenue, including investments, was $4.4 million compared with negative $9.0 million for the first nine months of 2011.
- Non-GAAP operating total expenses (excludes restructuring charges) decreased $47.9 million, or 20.7%, for the first nine months of 2012 compared with the same period in 2011, primarily due to a decrease in non-compensation expenses excluding restructuring charges of 28.5%. Compensation and benefits expense as a percentage of revenue was 67.0%.
|(Dollars in thousands)|
|As of and for the Three Months Ended|
|September 30, 2012||June 30, 2012||September 30, 2011|
|Number of employees||448||458||593|
|Common stockholders' equity||$381,176||$380,381||$399,134|
|*excludes restructuring charges|