Reclassified Results by Business Segment due to Business Segment Restructuring Year Over Year Comparison
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(In thousands) | | As Reported | | Amount | | Restated | | As Reported | | Amount | | Restated |
| | 2022 | | Reclassified | | 2022 | | 2023 | | Reclassified | | 2023 |
Private Banks: | | | | | | | | | | | | |
Revenues (A) | | $575,625 | | | ($5,615) | | $570,010 | | | $503,317 | | | ($7,000) | | $496,317 | |
Expenses | | 473,209 | | | ($5,388) | | 467,821 | | | 455,820 | | | ($7,330) | | 448,490 | |
Operating Profit | | 102,416 | | | (227) | | 102,189 | | | 47,497 | | | 330 | | 47,827 | |
Operating Margin | | 18 | % | | | | 18 | % | | 9 | % | | | | 10 | % |
| | | | | | | | | | | | |
Investment Advisors: | | | | | | | | | | | | |
Revenues | | 447,766 | | | — | | 447,766 | | | 436,298 | | | — | | 436,298 | |
Expenses | | 251,650 | | | — | | 251,650 | | | 259,142 | | | — | | 259,142 | |
Operating Profit | | 196,116 | | | — | | 196,116 | | | 177,156 | | | — | | 177,156 | |
Operating Margin | | 44 | % | | | | 44 | % | | 41 | % | | | | 41 | % |
| | | | | | | | | | | | |
Institutional Investors: | | | | | | | | | | | | |
Revenues | | 323,353 | | | — | | 323,353 | | | 289,708 | | | — | | 289,708 | |
Expenses | | 172,252 | | | — | | 172,252 | | | 165,455 | | | — | | 165,455 | |
Operating Profit | | 151,101 | | | — | | 151,101 | | | 124,253 | | | — | | 124,253 | |
Operating Margin | | 47 | % | | | | 47 | % | | 43 | % | | | | 43 | % |
| | | | | | | | | | | | |
Investment Managers: | | | | | | | | | | | | |
Revenues | | 624,918 | | | (25,257) | | 599,661 | | | 670,486 | | | (25,232) | | 645,254 | |
Expenses | | 404,850 | | | (22,885) | | 381,965 | | | 437,174 | | | (17,978) | | 419,196 | |
Operating Profit | | 220,068 | | | (2,372) | | 217,696 | | | 233,312 | | | (7,254) | | 226,058 | |
Operating Margin | | 35 | % | | | | 36 | % | | 35 | % | | | | 35 | % |
| | | | | | | | | | | | |
Investments in New Businesses: | | | | | | | | | | | | |
Revenues | | 19,375 | | | 30,872 | | 50,247 | | | 19,984 | | | 32,232 | | 52,216 | |
Expenses | | 45,159 | | | 28,273 | | 73,432 | | | 45,437 | | | 25,308 | | 70,745 | |
Operating Loss | | (25,784) | | | 2,599 | | (23,185) | | | (25,453) | | | 6,924 | | (18,529) | |
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Totals: | | | | | | | | | | | | |
Revenues | | $1,991,037 | | | $— | | $1,991,037 | | | $1,919,793 | | | $— | | $1,919,793 | |
Expenses | | 1,347,120 | | | — | | 1,347,120 | | | 1,363,028 | | | — | | 1,363,028 | |
Corporate Overhead Expenses | | 168,164 | | | — | | 168,164 | | | 132,241 | | | — | | 132,241 | |
Income from Operations | | $475,753 | | | $— | | $475,753 | | | $424,524 | | | $— | | $424,524 | |
(A) The 2022 full year Private Banks revenues includes one time early termination fees of $88.0 million from a significant investment processing client.