Jefferies Revenue Hits Record, Hinting at Wall Street’s Results
(Bloomberg) -- Jefferies Financial Group Inc. reported record investment-banking revenue for the third quarter and said its dealmaking backlog for the current period also reached an all-time high.
Investment-banking revenue for the period ended Aug. 31 doubled from a year earlier to $1.18 billion, the New York-based firm said Thursday in a statement. Historic performance across equity and debt underwriting as well as strength in the advisory practice drove the increase.
The results stem from a “relentless client focus,” Chief Executive Officer Rich Handler and President Brian Friedman said in the statement. “Our market position has reached a new level, particularly in investment banking.”
The results echoed the company’s performance last quarter, which saw its dealmakers outperform thanks to a merger-and-acquisition boom fueled by the economic recovery. Other Wall Street firms reaped similar rewards. Jefferies earnings are closely watched as a harbinger of results from larger rivals such as JPMorgan Chase & Co. and Bank of America Corp., which report earnings later.
Jefferies shares slipped 1.5% to $37.13 Thursday in regular New York trading. They have surged about 51% this year.
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