Gleacher Decides Against Merger While Selling Mortgage Unit
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Gleacher & Co., the investment bank started by Eric J. Gleacher, decided against a sale or merger after completing a six-month strategic review.
The firm will instead sell its ClearPoint mortgage unit to Ocwen Financial Corp., New York-based Gleacher said today in a statement. The company also posted a loss of $11.5 million from continuing operations in the fourth quarter of 2012 as the restructuring took up management’s time.