Gleacher Hires Blackstone to Advise on Potential Mergers

Gleacher & Co. Inc. has hired Blackstone Advisory Partners LP as advisors to consider potential mergers, acquisitions or other business combinations. Last Thursday the company reported a $61.5 million 2Q13 loss that included a restructuring charge of $43.6 million.

Early in the second quarter, Gleacher exited its fixed-income lines of business, MBS and rates, and credit products. Later it got out of investment banking. The restructuring charge comes from the decision to exit these businesses.

Previously, it abandoned its attempt to get into the wholesale residential channel through ClearPoint Funding. That business was sold in February to a unit of Ocwen.

Gleacher is left with “no meaningful revenue-producing operations,” the 2Q13 press release said, and is down to 20 employees.

For the quarter, the company had a pretax loss from ClearPoint of $336,000; from MBS and rates, a pretax loss of $6.6 million; credit product, a pretax loss of $1.2 million; and a $917,000 loss from investment banking.