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Segment Information
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Information
Segment information
The Company has determined its reportable segments based on the Company’s method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company evaluates the performance of its reportable segments and allocates resources to them based upon profitability.
The Company’s reportable segments are:
Private Client—includes commissions and a proportionate amount of fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, net contributions from stock loan activities and financing activities, and direct expenses associated with this segment;
Asset Management—includes a proportionate amount of fee income earned on AUM from investment management services of Oppenheimer Asset Management Inc. Oppenheimer’s asset management divisions employ various programs to professionally manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment;
Capital Markets—includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company’s operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment;
Commercial Mortgage Banking—includes loan origination and servicing fees from the Company’s subsidiary, OMHHF; and
Corporate/Other—The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits.
The table below presents information about the reported revenue and net income before taxes of the Company for the three and nine months ended September 30, 2015 and 2014. The information on total assets by reportable segment is not reported, since the Company does not produce such information for internal use by the chief operating decision maker.
(Expressed in thousands)
 
 
 
 
 
 
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Revenue
 
 
 
 
 
 
 
Private client (1)
$
122,324

 
$
142,606

 
$
396,039

 
$
435,770

Asset management (1)
23,849

 
24,801

 
73,654

 
74,443

Capital markets
60,585

 
71,226

 
202,282

 
221,324

Commercial mortgage banking
6,058

 
6,349

 
25,413

 
18,179

Corporate/Other
720

 
(303
)
 
637

 
(180
)
Total
$
213,536

 
$
244,679

 
$
698,025

 
$
749,536

Income (loss) before income tax provision (benefit)
 
 
 
 
 
 
 
Private client (1)
$
14,905

 
$
18,898

 
$
45,064

 
$
36,766

Asset management (1)
7,563

 
8,264

 
23,250

 
24,300

Capital markets
(2,016
)
 
5,699

 
8,342

 
23,965

Commercial mortgage banking
1,046

 
1,815

 
8,814

 
7,269

Corporate/Other
(23,025
)
 
(23,780
)
 
(74,516
)
 
(76,159
)
Total
$
(1,527
)
 
$
10,896

 
$
10,954

 
$
16,141

(1)    Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments.
Revenue, classified by the major geographic areas in which it was earned for the three and nine months ended September 30, 2015 and 2014, was as follows:
(Expressed in thousands)
 
 
 
 
 
 
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
United States
$
204,031

 
$
234,317

 
$
666,779

 
$
711,529

United Kingdom/Israel
8,715

 
9,106

 
28,019

 
32,983

China
790

 
1,256

 
3,227

 
5,024

Total
$
213,536

 
$
244,679

 
$
698,025

 
$
749,536