March woe for Jefferies after record Q1

摘要

jefferies financial group reported stronger than expected first-quarter results, proving timing is everything. Jefferies' first quarter ran from December through February, capturing strength in capital markets and trading. But all that changed in March when the coronavirus pandemic slammed the US economy and in effect shut capital markets and whipsawed fixed-income and equity trading markets. Jefferies said the three-week initial shock of the economic shutdown in March has adversely affected its equities and fixed-income trading business, but those businesses have begun to stabilise.