they have really focused on the low-margin businesses and have close to nothing in higher margin advisory. cowen didn't manage a single tranactino this quarter in advisory. meanwhile jmp, a bank with much smaller footprint, did $12M in advisory. cowen is so far from 10% rote that its really kind of embarrassing.
the conf call was brutal . . . they are on borrowed time, management is as far away from 10% ROTE as ever. they need to do something like tender offer.
that's for the rest of 2016