Jeffries Group, the investment banking unit of Leucadia National, reported net earnings of $$325mm 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 87.18 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.
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.