Jefferies has announced financial results for its fiscal fourth quarter 2013.
Highlights for the three months ended November 30, 2013.
Net revenues of $936 million
Net earnings of $120 million
Investment banking net revenues of $417 million
Equities net revenues of $294 million
Fixed Income net revenues of $212 million
Richard Handler, Chairman and CEO of Jefferies, commented: 'Our results reflect exceptional quarterly performance in our investment banking efforts, a solid performance from our core global equity businesses, and a very significant improvement in our fixed income results versus the third-quarter. Our investment banking performance benefited from a strong equities and leveraged finance new issues market and demonstrates our significant market presence and value added capabilities. '
Our equities results include the impact of $110 million in pre-tax unrealized mark-to-market gains on our holdings of shares of Knight Capital and Harbinger Group. Fixed income customer flows improved significantly from last quarter.
'While our results for the full fiscal year 2013 were below those of 2012, primarily due to the difficult mid-year fixed income environment, we believe the strong finish to the year, combined with the continued positive momentum in all of our core businesses, positions us well for 2014. We thank our clients, our employees, our bondholders and all our business partners for their continued support'.