Something for the industry to celebrate at last ?
Jefferies Group’s performance “improved significantly” in March and April after its loss in the prior quarter, the investment bank’s parent company said late Wednesday.
Bloomberg News reports that the securities firm made a “range of changes” before the end of February, and market conditions are better, Leucadia National said in a statement, disclosing its own results. Jefferies had reported a loss in the fiscal first quarter ending February 29 after revenue from trading stocks and bonds tumbled 82%.
“Although we have one month to go, we expect solid results for Jefferies’s second fiscal quarter,” Leucadia said.
Jefferies’s results are closely watched by Wall Street to gauge how business is faring at bigger investment banks, which typically finish their quarters a month later. CEO Richard Handler said in mid-March he was “humbled” by the firm’s $167m first-quarter loss but that markets had since “aggressively snapped back.”
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