Finance
Jefferies Profit Drops on Pullback in Deals, Capital Markets
The results indicate that the anticipated uptick in investment returns and turnaround for deals may be further away than projected.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Jefferies Financial Group Inc.’s fiscal first-quarter earnings declined amid a drop in investment-banking and capital-markets revenue, with activity hurt by uncertainty around US policy and geopolitics.
Total revenue slipped 8.4% to $1.59 billion in the three months through February, the New York-based firm said in a statement Wednesday. The results mark a reversal from a year ago, when momentum in trading and deals was starting to build.