Jefferies takes fixed income hit

摘要

Boutique investment bank jefferies saw revenues from fixed income trading fall by 17% to US$280m in its first quarter ended February 28, compared with the same period a year ago. The investment bank, now part of Leucadia National, typically reports its results a month before its larger rivals, helping to shape expectations for the wider investment banking sector. The firm released its preliminary results last week to coincide with an investor conference marking the first anniversary of its merger with Leucadia. Despite offering an even earlier preview of the quarter than normal, JP Morgan and Citigroup, had already shaped expectations. The banks used similar investor conferences to warn that fixed income trading in the quarter would be down more than 15%.