Jefferies Group, which was acquired by Leucadia National earlier this year, said its fiscal second- quarter profit fell 34% as fixed income revenue took a hit.
New York-based investment banking firm’s net income for the three months ended 31 May 2013, declined to US$42 million from US$63.5 million reported a year ago.
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The investment bank’s net revenue–excluding mandatorily redeemable preferred interests–fell 9% to US$643.1 million.
Jefferies reported its investment banking revenue fell 6.7% to US$277.1 million from a year ago. Fixed-income trading revenue came in at US$213.3 million in the latest period, down 27% from a year earlier.
Jefferies chairman and CEO Richard Handler said the second-quarter results show "continued strength in investment banking and the durability of our sales and trading platform despite the challenging market environment that again evolved during the quarter."
Jefferies was purchased by its biggest shareholder for US$3.2 billion in a deal that the companies said would help the firm weather market turmoil.
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By GlobalDataJefferies, while no longer a public company, still files quarterly and annual reports with the Securities and Exchange Commission separate from those of its owner, Leucadia, because it issues debt under its own name.
