Gleacher & Company Announces Exit of Fixed Income Business

  Gleacher & Company Announces Exit of Fixed Income Business

                        Company provides other updates

Business Wire

NEW YORK -- April 10, 2013

Gleacher & Company, Inc. (Nasdaq: GLCH) today announced that it will exit its
MBS & Rates and Credit Products businesses effective immediately. Exiting
these businesses, together with associated rightsizing of administrative and
other support personnel, could impact up to approximately 160 employees. The
plan does not include the Company’s other business operations, principally
investment banking.

The Company also announced that it is engaged in preliminary discussions with
a third party regarding a potential business combination. There can be no
assurance that these discussions will result in a transaction.

Finally, after having reopened the period during which stockholders of the
Company could submit proposals for nominations to the Company’s Board of
Directors, the Company has received a submission from Clinton Relational
Opportunity Master Fund, L.P., a stockholder of the Company, of a slate of
individuals, including Thomas Hughes, the Company’s Chief Executive Officer
and a current director, that it intends to nominate for election to the
Company’s Board of Directors at the Annual Meeting of Stockholders scheduled
for May 23, 2013. If elected, these nominees would together constitute the
entire Board of Directors.

About Gleacher & Company

Gleacher & Company, Inc. (Nasdaq: GLCH) is an independent investment bank that
provides corporate and institutional clients with strategic and financial
advisory services, including merger and acquisition, restructuring,
recapitalization, and strategic alternative analysis, as well as capital
raising.

Forward Looking Statements

This press release contains “forward-looking statements.” These statements are
not historical facts but instead represent the Company’s belief regarding
future events, many of which, by their nature, are inherently uncertain and
outside of the Company’s control. The Company’s forward-looking statements are
subject to various risks and uncertainties, including the conditions of the
securities markets, generally, and demand for the Company’s services within
those markets and other risks and factors identified from time to time in the
Company’s filings with the Securities and Exchange Commission. It is possible
that the Company’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition indicated in
its forward-looking statements. You are cautioned not to place undue reliance
on any forward-looking statements. The Company does not undertake to update
any of its forward-looking statements.

Contact:

Investors:
Gleacher & Company, Inc.
Thomas J. Hughes, 212-273-7100
Chief Executive Officer
or
Media:
Rubenstein Associates
Marcia Horowitz, 212-843-8014
 
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