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.

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