Seeking Alpha

Jefferies FQ3 profit tumbles 83%

  • The investment bank owned by Leucadia National (LUK -0.7%) reported FQ3 profit (3 months ending on Aug. 31) of just $11.7M, the lowest since the depths of the financial crisis and down from $70.2M a year ago. Behind the numbers, is fixed income trading revenue disappearing - off 88% to $33.1M.
  • "We experienced a very challenging summer in our fixed-income businesses due to the rising-rate environment, spread widening, redemptions experienced by our client base which heavily muted trading, and related mark-to-market writedowns within our inventory,” says Jefferies CEO Richard Handler.
  • He does note that client flows have strengthened and fixed-income performance "has markedly improved" since Labor Day.
  • SEC Exhibit 99.

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