Jefferies Group said investment-banking revenue fell on a slump in bond underwriting, flipping a trend in recent quarters in which the business outperformed trading.
“The usual summer slowdown appeared to impact activity levels in both the primary and secondary debt markets,” CEO Rich Handler and Brian Friedman, chairman of the executive committee, said in the statement. They cited lower leveraged-finance transaction levels and “more muted” advisory activity.
Revenue from trading increased 2.4% from a year earlier, ending a decline of five straight quarters.
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