Jefferies said to wield axe on equities trading desk

Jefferies Group has eliminated 17 positions on its equities trading desk last week after revenue fell in the first quarter, people with knowledge of the matter said.

Bloomberg News reports that the positions, which represent about 2% of total equities division jobs, were part of a periodic culling, said one of the people.

Jefferies’s first-quarter revenue from equities trading tumbled 99% from a year earlier to $1.75m. The investment bank blamed most of the decline on mark-to-market losses on two holdings, according to a March statement.

Bloomberg reported last week that Jefferies hired five senior Credit Suisse bankers as it seeks to expand its investment-banking technology business from San Francisco, according to a person with knowledge of the moves.

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

Jefferies Said to Cut 17 on Equities Desk After Revenue Drop

Jefferies Said to Hire Five Credit Suisse Technology Bankers


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