Revenues and Business Information |
Revenues and Business Information The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S.
Reportable financial results are as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (Amounts in thousands) | 2022 | | 2021 | | 2020 | Capital Markets | | | | | | Investment banking | | | | | | Advisory services | $ | 776,428 | | | $ | 1,026,138 | | | $ | 443,327 | | Corporate financing | 125,342 | | | 362,797 | | | 295,333 | | Municipal financing | 107,739 | | | 164,284 | | | 119,816 | | Total investment banking | 1,009,509 | | | 1,553,219 | | | 858,476 | | | | | | | | Institutional brokerage | | | | | | Equity brokerage | 210,314 | | | 154,067 | | | 161,445 | | Fixed income services | 194,953 | | | 233,510 | | | 196,308 | | Total institutional brokerage | 405,267 | | | 387,577 | | | 357,753 | | | | | | | | Interest income | 20,365 | | | 6,967 | | | 13,164 | | Investment income/(loss) | (23) | | | 94,032 | | | 23,265 | | | | | | | | Total revenues | 1,435,118 | | | 2,041,795 | | | 1,252,658 | | | | | | | | Interest expense | 9,480 | | | 10,734 | | | 14,445 | | | | | | | | Net revenues | 1,425,638 | | | 2,031,061 | | | 1,238,213 | | | | | | | | Non-interest expenses | 1,291,269 | | | 1,589,549 | | | 1,169,665 | | | | | | | | Pre-tax income | $ | 134,369 | | | $ | 441,512 | | | $ | 68,548 | | | | | | | | Pre-tax margin | 9.4 | % | | 21.7 | % | | 5.5 | % |
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