The fourth quarter of 2011 results included a $23.6m loss from discontinued operations related to exiting the businesses operated by LaBranche subsidiaries.
The total revenues for the fourth quarter of 2011 declined 29% to $49.5m, compared to $69.7m for the same period a year ago.
Cowen’s brokerage segment revenue decreased 22% to $21m, compared to $26.8m for the same period prior year.
Investment banking segment’ revenue was $11.1m, down 30%, compared to $15.8m for the same period in 2010.
Cowen Group chairman and CEO Peter Cohen said that the company’s fourth quarter results continue to reflect the expenses associated with the restructuring of its broker dealer, Cowen and Company.
"A very difficult market environment compounded these challenges and increased our losses," Cohen said.
