Finance
Jefferies Sees Profit Boost From Strength in Dealmaking Activity
- Firm notches record quarter for advisory thanks to M&A rebound
- Prior investments in talent help boost results, president says
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Jefferies Financial Group Inc. profit soared as a pickup in mergers and acquisitions helped the firm notch a record, a sign the long-awaited rebound in dealmaking is taking hold.
Fiscal third-quarter investment-banking revenue rose 47%, the New York-based firm said in a statement Wednesday. Earnings totaled $167.1 million, or 75 cents a share, in the three months through August, up from $51.4 million, or 22 cents, a year earlier. Advisory revenue jumped 77% jump to $592 million, making it the firm’s best quarter ever.