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.
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