- 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.
Check out Seeking Alpha’s new Earnings Center »
From other sites
at MarketRealist.com (Mar 26, 2015)
at Nasdaq.com (Mar 23, 2015)
at Nasdaq.com (Feb 23, 2015)
at CNBC.com (Jan 17, 2015)
The Sniff Test: Currency brokers’ reassurances about Swiss exposure are a red flag for the rest of usat MarketWatch.com (Jan 17, 2015)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs