Gleacher & Co., the brokerage that’s closing its fixed-income business, reported a wider first-quarter loss and said its prospects are “highly uncertain.”
Net loss from continuing operations was $13.7 million, compared with $3.03 million in the same period a year earlier, the New York-based company said today in a statement. Net loss from discontinued operations was $4.3 million, the company said.
Gleacher said last month that it’s closing the credit business, which generated most of the firm’s revenue, as salesmen defected and customers suspended trading. The brokerage has had talks to combine with Sterne Agee Group Inc., people familiar with the matter said last month.