Jeffries, the investment banking unit of Leucadia National, reported net earnings of $87.18m in Q4 2016, up from $19.96m year on year. Investment was low last year because investors were scared off by uncertainty over US interest rates, the Chinese slowdown, and a sharp drop in oil prices. Revenue from equities and fixed-income products doubled to $325m as trading surrounding the US presidential election and the Brexit vote added to market volatility. Jeffries Group is traditionally the first bank to report profits, and is viewed as a bellwether for the industry.
Jeffries Group, the investment banking unit of Leucadia National, reported net earnings of $87.18m in Q4 2016, up from $19.96m year on year. Investment was low last year because investors were scared off by uncertainty over US interest rates, the Chinese slowdown, and a sharp drop in oil prices. Revenue from equities and fixed-income products doubled to $325m as trading surrounding the US presidential election and the Brexit vote added to market volatility. Jeffries is traditionally the first bank to report profits, and is viewed as a bellwether for the industry.