Jefferies Trading Revenue Falls 36% as Fixed Income Tumbles
- Investment-banking gains contribute to earnings rebound
- Bond-trading revenue plunges 83%, equity trading down 22%
Jefferies Vows Rebound After Trading Revenue Falls 36%
This article is for subscribers only.
Jefferies Group, the investment bank whose trading results are seen as a bellwether for Wall Street firms, said fourth-quarter revenue from that business fell 36 percent as fixed-income sank for a fourth straight quarter.
Revenue from trading stocks and bonds dropped to $132.1 million as fixed-income tumbled 83 percent and equities declined 22 percent in the three months ended Nov. 30, the New York-based company said Tuesday in a statement. Firmwide revenue slipped 2.2 percent to $513.1 million. Gains from investment banking and lower costs helped push net income to $24.7 million, compared with a loss in the prior year’s fourth quarter.