Jefferies trading revenues drop a warning to Wall St

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The sharp decline in trading revenue at Jefferies Group is a sign of more pain to come on Wall Street.

Bloomberg News reports that Jefferies, owned by Leucadia National, posted a 73% plunge in fixed-income trading revenue in the quarter ended November 30, while equity-trading revenue fell 45%, the firm said today in a statement.

The drop was steeper than bigger firms have told investors to expect when they report fourth-quarter results next month.

“You’re going to see weaker trading results because of what I’d call bad volatility,” Charles Peabody, a Portales Partners analyst, said in a phone interview. Swings in prices also may mean that companies postpone stock and bond offerings, cutting underwriting revenue, he said.

To access the complete Bloomberg News article hit the link below:

Trading Plunge at Jefferies Seen as Bad Sign for Wall Street

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