Oppenheimer Holdings Inc. (OPY) reported Friday a net profit of $3.4 million or $0.25 per share in the fourth quarter, compared to net profit of $18.1 million or $1.30 per share last year.
Revenue for the quarter dropped to $229.4 million from $296.8 million last year.
Albert Lowenthal, Chairman of Oppenheimer, said that the results of the company were negatively impacted by the weak market environment and other factors like the intended relocation of the company's headquarters.
Lowenthal said, "We are disappointed with our earnings this quarter and for the full year of 2011 but we believe that our strong franchise will permit significant improvement as we move into the second half of 2012."
Oppenheimer, through its principal subsidiaries, Oppenheimer & Co. Inc. and Oppenheimer Asset Management Inc., offers a wide range of investment banking, securities, investment management and wealth management services.
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