Profits are up, but revenue and headcount continue to shrink at Oppenheimer, which has faced increased regulatory scrutiny over the past few years. The brokerage realized a quarterly profit on the back of the sale of its commercial mortgage banking business.
Despite bringing its year-over-year bottom line further into the black and recording a $5.2 million net profit, the brokerage firm’s core business continues to suffer. Revenue is down year-over-year as commission revenue fell to $92.6 million, a 10.6% decrease from the same quarter a year ago. Private client revenue dropped to $121 million, a 9.3% decrease.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access