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Restructuring
12 Months Ended
Dec. 31, 2011
Restructuring

Note 19    Restructuring

The Company incurred pre-tax restructuring-related expenses of $10.9 million for the year ended December 31, 2010. The majority of these expenses were incurred to restructure the Company’s European operations to focus European resources on (i) the distribution of U.S. and Asian securities to European institutional investors and (ii) merger and acquisition advisory services. As a result of the restructuring, the Company exited the origination and distribution of European securities. As of December 31, 2011, the majority of these expenses had been paid and the remaining restructuring-related liability was not material.

The Company incurred pre-tax restructuring-related expenses of $3.6 million for the year ended December 31, 2009. These expenses were incurred to restructure the Company’s operations as a means to better align its cost infrastructure with its revenues.