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Jefferies Profit Tumbles 83% on Plunge in Bond Trading

Jefferies Group LLC, the investment bank owned by Leucadia National Corp., said profit plunged 83 percent in the fiscal third quarter as trading revenue fell to the lowest since the depths of the financial crisis.

Net income for the three months ended Aug. 31 dropped to $11.7 million from $70.2 million a year earlier, the New York-based firm said yesterday in a statement. Jefferies was acquired this year by Leucadia, whose quarter ends Sept. 30.