logo
Plus   Neg
Share
Email

Leucadia's Jefferies Posts More-than-doubled Profit In Q3 On Investment Banking

Jefferies Group LLC, a subsidiary of diversified holding company Leucadia National Corp. (LUK), reported Tuesday that its third-quarter net earnings attributable to Jefferies more than doubled to $83.82 million from $41.17 million last year.

Net revenues climbed to $800.69 million from $654.45 million last year. In the quarter, Commissions and other fees declined, while principal transactions improved. Investment banking revenues climbed to $475.70 million from prior year's $294.93 million.

Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee, said, "Our third quarter performance was led by a quarterly record $476 million in Investment Banking revenues. We have been focused on building our Investment Banking business for many years, with the last two years affording us yet another important opportunity to recruit and expand upon our already broad footprint. The continued successful development of our investment banking platform should lead to greater stability in our results and compounding benefits to our overall platform."

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Office sharing start-up WeWork said it will no longer serve meat at company events and also will not allow employee to expense meat. WeWork said it has made a commitment to be a meat-free organization. The company announced its meat-free policy in an internal memo to its global employees, saying that the move is intended to reduce the environmental impact of its business. Shares of Air Lease Corp. (AL) are 17% of their 52-week high of $50.7. With a diversified global customer base exceeding 90 airline customers in more than 50 countries, the commercial aircraft lessor seems well-positioned to benefit from a strong order book, robust asset base, domain expertise of the founder, consistent revenue growth, and upbeat long-term industry fundamentals. Bank of America Corp. (BAC) reported that its second-quarter earnings per share was up 43% year-over-year to $0.63. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.57 for the quarter. Analysts' estimates typically exclude special items. Net income...