COST-SAVING INITIATIVES |
COST-SAVING INITIATIVES The Company is conducting firm-wide cost-saving initiatives including closing certain offices over the course of 2023. Expenses associated with the cost-saving initiatives for the three month and six month periods ended June 30, 2023 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Financial Advisory | | Asset Management | | Corporate | | Total | Severance and other employee termination costs (included in "compensation and benefits" expense) | $ | 81,266 | | | $ | 29,533 | | | $ | 25,809 | | | $ | 136,608 | | Technology asset impairments (included in "technology and information services") | 88 | | | 7,297 | | | - | | | 7,385 | | Other | 522 | | | 280 | | | 1,910 | | | 2,712 | | Total | $ | 81,876 | | | $ | 37,110 | | | $ | 27,719 | | | $ | 146,705 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Financial Advisory | | Asset Management | | Corporate | | Total | Severance and other employee termination costs (included in "compensation and benefits" expense) | $ | 90,043 | | | $ | 40,768 | | | $ | 26,537 | | | $ | 157,348 | | Technology asset impairments (included in "technology and information services") | 88 | | | 7,297 | | | - | | | 7,385 | | Other | 522 | | | 280 | | | 1,910 | | | 2,712 | | Total | $ | 90,653 | | | $ | 48,345 | | | $ | 28,447 | | | $ | 167,445 | |
Activity related to the obligations pursuant to the cost-saving initiatives during the six month period ended June 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | Accrued Compensation and Benefits | | Other | | Total | Balance, January 1, 2023 | $ | - | | | $ | - | | | $ | - | | Total expenses | 157,348 | | | 10,097 | | | 167,445 | | Less: | | | | | | Noncash expenses (a) | 28,481 | | | 7,490 | | | 35,971 | | Payments | 46,052 | | | 1,535 | | | 47,587 | | Balance, June 30, 2023 | $ | 82,815 | | | $ | 1,072 | | | $ | 83,887 | |
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