Jefferies Group has said fiscal fourth-quarter profit rose 48%, beating analysts’ estimates, as trading revenue surged.
Jefferies, run by Chief Executive Officer Richard Handler, said last month it would be acquired by its largest shareholder, Leucadia, in a $2.8bn. Handler, 51, will become CEO of the combined firms.
'The traditional, entrepreneurial Wall Street model has served us well historically and we believe this will continue to be an advantage into the future', Jefferies said in the statement. 'Combining our company with an extremely well-capitalized parent will allow us to continue to aggressively add value to our clients'.
Jefferies has vowed to pay year-end bonuses in immediately available cash, according to a December 7th memo obtained by Bloomberg News, distinguishing itself from larger Wall Street competitors that are paying more compensation in deferred stock.
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