Jefferies Reports Trading Loss on One Day in Fourth Quarter
Jefferies Group Inc. (JEF), the investment bank that agreed to be acquired by Leucadia National Corp. (LUK), posted a trading loss on one day in the fiscal fourth quarter.
That brought to four the total number of days with losses in the fiscal year ended Nov. 30, New York-based Jefferies said today in its annual filing with the U.S. Securities and Exchange Commission. That compares with 44 days of losses in fiscal 2011, according to that year’s report.
Jefferies’s average daily value-at-risk, a measure of potential trading losses, was $10.7 million for the fiscal year ended Nov. 30, a 2.3 percent decline from 2011, according to today’s filing. The decrease in risk resulted from reduced positions in U.S. and European interest-rate products, Jefferies said. Excluding an investment in Knight Capital Group Inc. (KCG), average VaR was $8.75 million.
The firm, led by Chief Executive Officer Richard Handler, 51, agreed in November to sell itself to Leucadia, its largest shareholder. The deal will help the investment bank guard against market turmoil, the companies said in a statement at the time.
To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
Jan. 29 (Bloomberg) -- Kenneth Feinberg, managing partner at Feinberg Rozen LLP and former U.S. special master on executive compensation, discusses the decision by Jefferies Group Inc. to pay Chief Executive Officer Richard Handler $19 million for fiscal 2012 and to approve $39 million in restricted stock awards for the next three years. He speaks with Stephanie Ruhle and Erik Schatzker on Bloomberg Television's "Market Makers." (Source: Bloomberg)
Jan. 29 (Bloomberg) -- William Cohan, author of "Money and Power: How Goldman Sachs Came to Rule the World" and a Bloomberg View columnist, talks about Jefferies Group Inc.'s decision to pay Chief Executive Officer Richard Handler $19 million for fiscal 2012 and to approve $39 million in restricted stock awards for the next three years. Cohan speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "Market Makers." (Cohan is a Bloomberg View columnist. The opinions expressed are his own. Source: Source: Bloomberg)
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.