Jefferies CEO 'humbled'

Rich Handler Ice Bucket Challenge

Jefferies reported a fiscal first-quarter loss as revenue from trading stocks and bonds tumbled 82%, leaving CEO Richard Handler vowing to do better.

Bloomberg News reports that the net loss, the firm’s first for a December-to-February period since 2008, was $166.8m, the company said Tuesday in a statement. Revenue plunged by almost half from a year earlier to $299m.

“We are humbled by Jefferies’ quarterly loss and will strive to deliver the better results that our shareholders deserve and Jefferies is more than capable of achieving,” Handler, 54, said in the statement. He said trading has improved since early February.

“It appears markets have not only stabilized, but aggressively snapped back,” Handler said, citing record high-yield inflows, stabilizing hedge funds and rebounding equity and commodity markets.

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

Jefferies Reports Loss on Trading Slump as CEO `Humbled'

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